How to Get a Credit Card with No Income Proof?

15 January, 2024

For the longest time people believed that owning a Credit Card was a bad idea. They believed that it would instigate them to give into their impulses and get embroiled in a debt trap. This is far from the truth. In fact a Credit Card can help you manage and simplify your payments, make purchases during emergencies and build your credit score. Yes, in today’s world, owning a Credit Card is better than not having one. But can you get a Credit Card without income proof? Let’s find out.

Obtaining a Credit Card – An Overview

Credit Card providers typically need to assess whether you have the capacity to repay the debts you would accrue on your card. As such, they check if you are eligible for a Credit Card by asking you to provide certain details. One of the most vital criteria you need to comply with is that you need to show proof of income. A fixed monthly income coming from a stable employment source instils confidence in creditors about your ability to repay your debts. That said, you can still obtain a Credit Card without income proof through various methods.

How to Get a No Income Proof Credit Card?

To enjoy the convenience and flexibility of a Credit Card without having no income proof to show, you can consider employing the following strategies.

1. Apply for a Credit Card Against Fixed Deposits (FD) -
   
   One of the easiest ways to get a without income proof Credit Card is to pledge your existing Fixed Deposits as collateral with your bank and obtain a Credit Card against it. Most banks in India offer this facility. The bank typically gives you a credit limit of 75% to 85% of your FD amount. Plus, you can continue earning interest on your FD. If you fail to repay the Credit Card bills, the bank adjusts the payment against the FD amount.
   
   

2. Show Your Investments –
   
   Besides Fixed Deposits, you may have various other investments which you can show to Credit Card providers to ensure them of your secure financial situation. Having enough funds in your Savings Account, along with investments like a significant portfolio of Shares, Mutual Funds, Certificates of Deposits, Bonds, and other such assets, may convince creditors of your financial stability. In such scenarios, they may be inclined to offer you a Credit Card without income proof.
   
   

3. Show Your Alternative Income Sources – 
   
   Most self-employed individuals often rely on different income sources, which may not be fixed or stable every month. This does not mean that they do not have any income at all. Such individuals may also have some alternative income sources such as passive income earned from hobbies, or home-based services they may be providing, e.g., home chefs. They can show these alternative income sources and present them as proof of their credit repaying ability and apply for a Credit Card.
   
   

4. Consider Applying For An Add-On Card With a Card-Holding Family Member – 
   
   Even if you are unemployed, there is a way for you to get a without income proof Credit Card. You simply need to get your spouse or parents to apply for an add-on card for you. To get such a card, the primary cardholder has to provide your ID and address proof details, which typically should be the same as the primary cardholder’s. In case of add-on cards, the credit limit remains the same for the primary and secondary cardholders, and the primary cardholder is obligated to make the payments.
   
   

5. Apply for Student Credit Cards – 
   
   If you are a student, there is a good chance that you would not have the opportunity to earn an income. And yet, many banks in India offer Student Credit Cards. This type of Credit Card without income usually comes with a lower credit limit due to your limited access to income. However, it comes loaded with various benefits for students which can generate lots of savings. Plus, Student Credit Cards present an excellent opportunity for cardholders to start building their credit history.
   
   

6. Approach Your Bank – 
   
   Yet another way to get a Credit Card without income proof is to approach the bank with which you have an existing relationship. If you have banked with the same bank for a long time, your chances of getting a Credit Card are enhanced significantly, especially if you can show good banking history. The bank has its own internal scoring system based on which it can give you a Credit Card. This score takes several of your factors into account like the average balances in your account, your transaction history, your previous debts, etc.
   
   

Get Credit Cards Without Income Proof with HDFC Bank
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As one of India’s most reputed and recognised banks, HDFC Bank offers its customers some of the best financial products. As an existing customer, you can check if you are eligible for a Credit Card without income proof. You can apply for all kinds of Credit Cards ranging from basic to privileged cards with exclusive benefits.

Apply for a Credit Card with HDFC Bank to manage your finances effectively.

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Credit Card approvals at the sole discretion of HDFC Bank Limited. Credit Card approvals is subject to documentation and verification as per Bank’s requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.