There was a time when the world of credit only favoured those with promising jobs and steady sources of income. However, times are changing, and the Indian economy is now welcoming entrepreneurs with open arms. With more and more individuals kick-starting their entrepreneurial journey, even the credit industry has far come out in their support! Hence, if self-employed individuals wish to acquire some capital to help the cause of their business, or hopes for day-to-day credit, they can conveniently Get a Credit Card. Not only can the Credit Cards help resolve their funding issues to a certain extent, but also assist them in building a better credit history, which will further benefit their business. If you happen to be a self-employed individual, here is all that you need to know about getting a Credit Card!
All you need to do is get in touch with a trusted bank or a Credit Card company and request them for a Credit Card. In most cases, you will be required to submit certain documents to prove your eligibility.
More often than not, the eligibility criteria will include the following aspects:
Some banks may need you to have savings or at least a current account with them, for you to be eligible for a Credit Card.
To acquire a Credit Card of your choice, you will be required to fill out an application form and submit the same, along with the below-mentioned documents:
Landline Telephone Bill
Depending on your needs, preferences, and spending behaviour, you can conveniently choose a card that offers you niche benefits.
The most commonly provided benefits of Credit Cards come in the form of:
As is the case with almost everything in the world, even when choosing the Best Credit Card for Yourself, you must carefully analyse the following aspects:
While there are cards available for free, some cards come with an annual fee, which you should choose only if the benefits exceed the amount that you are paying for the card.
To discourage customers from closing their cards, some companies charge a high cancellation fee. If possible, you should steer clear of them.
The higher your credit limit, the lower your Credit Utilisation Ratio, and the higher your credit score. Simple. Isn’t it?
The longer the billing cycle, the higher is the interest-free period you enjoy on your spending.
In today’s time of convenience, it will be in your best interest if the Credit Card provider offers more than just a couple of payment methods. These should primarily include, net banking, and electronic transfers apart from others.
Since you will already be paying additional interest on delayed payments, make sure you pick a card that doesn’t charge any late fee, or if it does, the fee is minimal.
You should only choose a Credit Card provider which offers round the clock customer service.
Now that you know all about a Credit Card for a Self-Employed Person, we are sure you will be able to choose the card that best suits your needs, effortlessly!
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.