How to Apply for a Credit Card Without Income Proof

Credit cards often provide a variety of perks and incentives, such as a one-time sign-up bonus if you are a new cardholder. You get cash back on purchases, rewards points, and frequent-flyer miles. Credit cards offer you a level of security against fraud that debit cards and cash cannot.

They offer ease and flexibility by letting you pay for products and services without the need for cash right away. Traditional credit card application processes, on the other hand, often need evidence of income or a wage slip, providing a problem for people who do not have a consistent source of income or find it difficult to offer such documents. Let us explore more about how to get a credit card without income proof.

Also Read: How to apply for a loan without income proof?

Ways to Apply for Credit Card Without Income Proof

Here are a few ways to apply for credit card without income proof-

• Apply with a Co-signer

Applying for a credit card with a co-signer who has a stable income, and a solid credit score can also help you.

For example, if you are a stay-at-home mom with no steady income, you can have your husband or a parent co-sign your credit card application. Because the co-signer is legally bound to pay if you default on your credit card debt, the bank sees this as a safety net.

• Alternative Income Documents

You can use this as proof if you do not have a regular salary but have a stable income from other sources.

For example, if you are a landlord with rental income or have investments with a consistent return, you can offer these as income evidence. You might also apply for an add-on card if your spouse has a consistent salary. However, always verify with the bank beforehand since various banks have different requirements for alternative income proofs.

• Evidence of Savings or Investments

Individuals with considerable savings or investments are often seen favourably by banks. If you have a sizable savings account or significant investments in stocks, mutual funds, or other assets, you may be able to obtain a credit card without providing monthly income verification.

For example, if you have a savings account with a balance of Rs.15,000 or shares worth Rs.1,000,000, you may use them to obtain a credit card without providing proof of income.

Also Read: Difference Between Personal vs Corporate Business Credit Card

• Credit Cards for Students

Being a student does not exclude you from having a credit card. Several banks provide credit cards created exclusively for students, recognizing that they may not have a consistent source of income.

Student credit cards provide students with the benefits of a credit card but with a smaller credit limit. While the credit limit is minimal, this is a good chance to begin developing your credit history.

• Minimal Documentation Credit Card Companies

Certain credit card issuers have more flexible standards and accept less paperwork. This makes it simpler to obtain a credit card without providing proof of income. However, such cards may have higher interest rates or annual fees, so always carefully read the terms and conditions before applying.

• Supplementary or add-on cards

If a family member already possesses a primary credit card, they can apply for a secondary or add-on credit card on your behalf. In this instance, the primary cardholder’s income and credit score are considered, and you may enjoy the benefits of a credit card without having to present income evidence.

• Make use of existing banking relationships.

Using your existing banking relationship might also help you in getting a credit card without income proof. If you have been a customer of a bank for several years and have a strong financial history, the bank may consider issuing you a credit card based on their internal rating system. This score takes into consideration a variety of characteristics, including your transaction history, average account balance, and ability to stay out of debt.

• Fixed Deposit vs. Credit Card

A credit card against fixed deposit is a financial product that allows people to get a credit card without having to provide proof of income. Several banks provide credit cards in exchange for fixed deposits that do not require any proof of income.

Obtaining a credit card against a set deposit is a pretty simple process. The applicant must open a fixed deposit account with the bank, and a credit card is given in exchange for this deposit. The credit card is secured by this set deposit. The credit limit on the credit card is often established at a proportion of the amount put in the fixed deposit account.

On that note, head over here and check out the Airtel Axis Bank Credit Card that offers a hosts of benefits to the users.