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Opting for various forms of credit such as loans or credit cards, requires a steady income. After all, credit card issuers assess the creditworthiness of the applicants with their income details. This may be difficult for those who don't have any verification proof. However, most issuers provide an alternate option that allows you to apply for a credit card without income proof.

Procedure to Apply for a Credit Card without Income or Salary Proof

Not all lending institutions ask for income proof while issuing a new credit card. Nevertheless, knowing how to get a credit card without income proof is beneficial, as this increases your chances of approval.

  • Create a Bank Account

Having a bank account serves as a credible source for issuers if the applicant defaults on payments.

  • Opt for a Joint Applicant

If your spouse or an immediate family member earns well and has a good credit history, you can include them as a joint applicant. The issuing entity will assess their income and creditworthiness. Hence, the issuer may allow you to apply for a credit card without income proof.

  • Be Responsible

While a credit card empowers you to purchase expensive items, it is crucial that you handle your credit responsibly. You must ensure that there is no debt and that you monitor your expenses. Additionally, have a plan in place to keep your spending in check. You can do this by opting for a secured credit card or by applying for an entry-level credit card.

  • Debt Consolidation

If you do not have a regular income source or earn less, then you must focus on debt consolidation to manage your debt better. This way, you can streamline your debt payments, reduce the interest rate, and simplify the repayment process. This will reduce your debt-to-income ratio, ensuring that your debt does not go out of hand.

  • Check Your Credit Report

Your credit report is the most important document that summarises your financial health and determines your creditworthiness. Lenders will assess your credit report when you apply for a credit card and decide based on the information provided in your credit report. For this reason, check your credit report occasionally to ensure there are no errors. This also helps you obtain the best credit card without income proof.

  • Report Income Through All Sources

To build credit, report income through all the sources, especially if you are a freelancer. This way, you can get a credit card, even though you may not be able to provide proof of income. Furthermore, there are a few ways in which you can secure a credit card, even if you cannot provide income proof.

Credit Card Options Available Without Providing Income Proof

Here are certain credit cards that you can opt for without providing proof of income

  • Secured Credit Cards

You can apply for a secured credit card by providing a security deposit as collateral. Thus, you do not need income proof for this credit card, and the credit limit depends on the security deposit. Various banks and financial institutions in the country offer credit cards against fixed deposits. You get a credit limit that translates to 75-80% of the FD amount.

  • Student Credit Cards

If you are a student currently enrolled in a college or university, you can apply for and get a credit card for students. Such cards typically come with lower credit limits.

  • Credit Cards Against a Primary Card

You can also get a credit card against a primary credit card owned by a family member. To get this add-on credit card, the primary credit cardholder must have a good credit history and a decent annual income. Thus, applying for a credit card without salary slips is possible.

Frequently Asked Questions

Can I get a credit card without income proof?

Yes. You can apply for a credit card with a co-applicant or opt for a secured credit card against collateral, such as your FD. You can get these credit cards without income proof.

Can I get a credit card without providing my income tax returns?

Yes. You can apply for and get a credit card without providing your income tax returns. Typically, financial institutions do not ask for ITRs at the time of application.

Is a credit card available for unemployed individuals?

Yes. Whether you are self-employed, salaried, or unemployed, you can get a credit card without income proof by applying for a secured credit card. You only need to have the funds available as collateral or security, and you can get a credit card against the fixed deposit amount.

Can I apply for an HDFC Credit Card without a salary slip or an ITR?

No, HDFC Bank does not allow you to apply for a credit card without submitting your income proof. If you are a salaried individual, getting a credit card without a payslip as income proof will not be possible. Self-employed individuals must apply with the latest copy of their Income Tax Returns.

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