If you are a freelancer, a gig worker, a homemaker or a student, you can still get a credit card without having the coveted proof of income, i.e., a salary slip. Here are a few ways that you can get a credit card without having a salary slip.
Credit Cards Secured With Fixed Deposits
Various banks, including HDFC Bank, and ICICI Bank, offer secured credit cards. These credit cards will be safeguarded by fixed deposits (FDs). Thus, by pledging your FD, which starts with an amount of Rs 10,000 can get a credit card.
The limit is usually between 75 per cent and 90 per cent of the amount you have deposited in your FD account. For the HDFC Bank credit card, the minimum FD amount is Rs 15,000.
Note: The terms and conditions for every bank are changing and can be different for every bank. It is important to check with the bank counsellors before choosing the card provider.
2. Add-on Credit Cards
This is a feasible option for you if you have family members who have a credit card already. Your cardholding family member can raise a request for an add-on credit card. However, the new add-on credit card will be linked to their account only.
Non-banking financial companies (NBFCs), and banks including HDFC Bank, Axis Bank, Kotak Bank, etc, offer this facility, letting partners, children, and parents avail of the benefits of credit card usage. These cards can be availed with no need for income evidence.
3. Credit Card For Students
These credit cards are ideal for college students. They do not require income proof, but it comes with the liability of high interest rates on repayment, along with strict terms and conditions.
Banks, including ICICI Bank, Axis Bank, are some of the few banks that issue credit cards for students based on academic enrollment and existing bank relationships.
4. With Alternative Documents Other Than a Salary Slip
If you are self-employed, a freelancer, or a small business owner, thanks can accept alternative income proofs, including tax returns, bank statements, and Form 16, to assess the creditworthiness and credit history to release the credit card without a salary slip.
Additionally, regular and consistent income flows for years from other income sources, including rental yield, can serve as income proof for a credit card application.
5. With Guarantor Or Co-signer
You can also apply for a credit card with a guarantor or co-signer for your credit card application. The guarantor or co-signer needs to have a stable source of income along with a clean credit history.
