In today’s time, a credit card is one such financial product that is owned by almost every individual irrespective of the fact that which profession an individual is engaged in. Banks or financial institutions issue credit cards to an individual on the basis of their income and credit history. The individuals will have to submit a proof of income to the bank to get a credit card so that the bank can well determine if the applicant will be able to repay the bills or not. But what about those who do not have income proof? In this article, we are going to guide you on how to get credit card without income proof.
Lenders generally keep a check on an individual’s income before approving or rejecting his credit card application. It is on the basis of income only that the lenders decide the individual’s repayment capacity. This is because the credit card is an unsecured debt and the lenders will have to be very sure of the applicant’s repayment ability before granting him approval for the credit card. But what happens in the case where an individual does not have any income proof with him. How will an applicant get a credit card in the absence of this document or is it even possible to have a credit card without income proof.
So the answer to this question is Yes. An applicant is still eligible to get a credit card even if he does not have a credit card. Though these credit cards may not be as luxurious as compared to premium credit cards, they do provide you with the basic features that a credit card brings along with it.
Ways to get a credit card in the absence of income proof
Either of the following ways can be chosen to obtain a credit card in the absence of income proof:-
Apply for a secured credit card
One of the best ways to get a credit card without income proof is to get a secured credit card. In this type of credit card, the fixed deposit in your name is kept as collateral with the bank against which a credit card is issued to you. This credit card will work in the same way that normal credit cards work. You will get a credit limit of 70% – 80% of the value of the fixed deposit.
Check here: List of Best Secured Credit Cards in India
Show the employment letter
Now if you have been newly appointed to a job and it is your first job, you will not have any income proof. Hence, in this case, you can always show your employment letter or offer letter to the bank officials which mentions your annual package. This depicts your earning potential and gives the lenders a sense of security that the amount used through the credit card will be repaid.
Good banking relationship
At times, you may not have any current income but you surely have a wealthy account balance. This might happen in the case where an applicant has retired at an early age or has earned well and for the time being has decided to take a break from work. But he has a great account balance and a healthy relationship with the bank. Hence. The availability of funds in the borrower’s account gives an assurance to the card issuer that the repayments will be made without any default.
Get an add-on credit card
An individual who does not have income proof can also apply for an Add-on credit card on the primary credit card that is owned by one of his family members. For this purpose, the primary applicant will need to have a good credit history. Add-on credit cards have similar benefits as that of a primary credit card and this is one good way in which an individual can have a credit card without income proof.
Getting a credit card without income proof can be a bit tough task but is not impossible. An individual can still get a credit card but those cards will not have all those premium features. These credit cards will be quite basic credit cards but will be able to fulfill your daily requirement. If you would want to have a premium credit card that offers exclusive features and benefits, you will need to have income proof to become eligible for such cards.