How to Get a Credit Card Without Income Proof

Have you just begun a new job and started earning income? If yes, there is a high chance that you did not get a chance to build a credit score. If so, you might find it difficult to get a credit card. 

Normally, banks issue credit cards depending on the applicant’s monthly income and credit history. The applicant’s monthly salary determines their capability to repay the borrowed amount, and their credit history determines their moral behaviour towards repayment of the credit amount. 

If you have just begun your career, you might have to wait for months to have a credit card and enjoy its benefits. However, don’t be disappointed! 

There are still various ways to apply online for a credit card without income proof or an excellent credit score. Many banks offer credit cards against fixed deposits. It is helpful for applicants who want to get a credit card without a CIBIL score and income proof.

Credit card issuers want applicants to get a credit card, but not at the cost of non-repayment or delayed credit card bill payments. Hence, they need to ensure how you are going to repay. Once they are sure about repayment, they can offer a credit card to an applicant.

If you want a credit card, apply online without a salary slip by choosing any of the following ways:

Student Credit Card: Some credit card providers extend the facility of student credit cards. These cards usually come with lower credit limits and help college students meet their specific requirements. 

However, these no-income-proof credit cards have limitations on their usage and usually require collateral. So, students will be required to show proof of a part-time job or avail of a credit card against any fixed deposit/savings account with the card issuer. 

Student credit cards do not have many features, unlike other cards. However, they come with zero or very low joining and annual fees.

Secured Credit Card against Fixed Deposit: Getting a credit card against a fixed deposit is one of the best solutions if you want a credit card without income proof. When you avail of a credit card against a fixed deposit, it is known as a secured credit card. 

In the usual scenario, the credit card issuer acts as the lender who lends to the credit card user on the basis of income. However, in the case of a secured credit card, there is no other security for the lender apart from fixed deposits of the applicant if they delay or miss payments. 

Credit card issuers usually cap the secured card’s limit at 75% to 90% of the fixed deposit’s balance amount.

Secured Credit Card against Mutual Funds: You can also apply for a credit card without a salary slip against your mutual funds. This also comes under the secured credit card category as card issuers can use the mutual fund returns of the defaulters. 

They can acquire those returns to get the money back for credit lent by them to those who fail to repay.

Savings Account with Sufficient Balance: Credit card providers also offer credit cards on bank statements that show a sufficient balance. 

If you don’t have salary proof, you can get the best credit card without income proof by showing a healthy balance in your bank account. This shows you have monetary inflows in your account, maintain a proper credit and debit ratio, and have sufficient funds for repayments. 

Add-On Card: An add-on credit card is an additional credit card. If anyone in your family owns a credit card, they can get a secondary credit card or add-on credit card for you without income proof. 

The first cardholder should be a family member such as your parent, sibling, or spouse. Also, the primary cardholder must have a good credit history. Most likely, the add-on card comes with the same benefits as the primary card. You might even get a lifetime free credit card without income proof or a free credit card without income proof.

Joint Credit Card: Just like a joint savings account, you can also apply for a joint credit card. To apply for this credit card no income proof is required. In simple terms, if you want a credit card without income proof, apply with someone who has income proof. 

If the co-applicant’s creditworthiness qualifies for the credit card, you may apply jointly with your partner. The card issuers leverage the financial power of the creditworthy cosigner to your advantage of having a joint card.

Therefore, you become an authorized card user if you apply with an eligible co-applicant. Credit card issuers decide the limit of each card in these cases based on the income of the earning partner.

Credit cards are a useful financial instrument in current times as they help you to deal with a short-term cash crunch like paying a dining bill, booking a trip, or other bearing other crucial expenses at the end of the month. With credit cards, you can take care of your small expenses, which can be repaid with your next month’s salary. 

Credit cards open up a lot of financial possibilities. They have reward points for every transaction and are packed with amazing features. Although most credit card providers require income proof, you can still get a credit card by providing other modes of repayment, such as fixed deposits, mutual funds, bank accounts, etc.