The trend of using credit cards has surged with the rise of online shopping ๐Ÿ›’. Typically, those with a stable income and proof of earnings find it easy to get a credit card. Banks and financial institutions prioritize applications from individuals with steady and good salaries.

But what about freelancers, students, homemakers, or retirees who don’t have income proof? They often face challenges in getting a credit card. If you fall into this category and need a credit card, here are some methods to help you obtain one without income proof.

Get a Credit Card Against a Fixed Deposit (FD) ๐Ÿ’ณ

You can use your FD to get a credit card. In such cases, income proof is not required. Banks or financial institutions easily issue credit cards against FDs, known as secured cards.

The FD acts as collateral, and the card limit can be up to 90% of the FD amount. While you continue to earn interest on the FD, the bank can adjust any overdue payments from the FD if you miss paying your bills.

Apply for an Add-On Credit Card ๐Ÿ‘ซ

Spouses can apply for an add-on card. In this case, the primary (husband) and secondary (wife) cardholders share the credit limit equally. For instance, if the card limit is โ‚น1 lakh, the husband can use โ‚น50,000, and the wife can use the remaining โ‚น50,000.

Parents can also get an add-on card for their children under 18 by converting their primary card. The primary cardholder (parent) is responsible for any loans taken using the add-on card. This option allows you to get a card for your spouse or child without income proof.

Secured Credit Card ๐Ÿ”’

A secured credit card is an excellent option for those without a full-time job or income proof. To get this card, you need to deposit funds as collateral. This deposit acts as a security for the credit card. If you miss payments, the funds can be used to pay the outstanding balance.

Student Credit Card ๐ŸŽ“

College students can apply for credit cards from various banks. Many banks offer credit cards specifically designed for students. To qualify, students generally need a trust fund, financial assets, or investments.

Some banks also prefer to issue student credit cards to those with a bank account that maintains a sufficient balance, ensuring their repayment capacity.

It’s advisable to research and compare student credit card offers from different banks to find the best option that suits your needs.

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