Credit Card for Self-Employed Individuals

A credit card is an excellent option for a salaried or self-employed individual, thanks to the benefits it has to offer. However, the application process and acquisition may differ based on the issuer.

As a self-employed professional, you can pick from a plethora of credit card offers. Hence, it’s essential to do your due diligence before applying to get the best benefits at a minimal cost.

Here are the key points that will help you pick the best credit card for a self-employed individual.

Credit card for self-employed

As mentioned earlier, a credit card is an effective tool when used wisely. You can apply for one as a self-employed individual, as long as you receive a regular income every month.

A credit card doubles up as an efficient way to build your credit score, making it a handy resource.

On the other side, if you’re self-employed, your credit card application requirements may differ based on the issuer, so we’d suggest you check all the details beforehand.

Benefits of Self-Employed Credit Cards

For self-employed individuals, having a dedicated credit card for business expenses can offer several benefits, including:

1. Streamlining finances: A self-employed credit card can help keep business expenses separate from personal expenses. It makes it easier to track expenses and simplify accounting procedures.
2. Building credit scores: Self-employed credit cards also help establish and improve credit scores by making timely credit card payments.
3. Rewards: Business credit cards offer rewards and incentives specially curated to cater to business-related expenses, such as cashback options, airline miles, and hotel rewards.
4. Increased credit limits: Self-employed credit cards typically offer higher credit limits than personal credit cards. This can improve cash flow and help businesses finance larger expenses.

Eligibility criteria for a self-employed credit card

You can check credit card eligibility for self-employed individuals by either visiting the issuer’s website or contacting a representative. This is obligatory as you may face rejection if you fail to meet the criteria. Generally, they are as follows.

• You must maintain a high credit score, preferably over 750
• You must be between the ages of 25 and 65 years
• You must have a good repayment record
• You must maintain a minimum annual income. This varies depending on the issuer.

Additionally, to prove your eligibility, you must submit relevant documents, which are as follows:

• Passport-size photographs
• Identity proof in the form of Aadhaar card, PAN card or voter’s ID
• ID proof of residence in the form of utility bills or Aadhaar card
• Income proof
• Statement of bank accounts
• ID proof of business

How to apply for a self-employed credit card?

If you are self-employed, applying for a credit card is simple. Here are the steps you need to follow:

• Visit the issuer’s website or branch
• Fill out the application form
• Submit all the necessary documents
• Submit the filled form and the documents

Use the application ID that’s given to you to track the status of your application.

Additional Read: How to apply for a Credit Card online?

Using this simple guide, you can easily get a card for self-employed individuals. You can expedite this process altogether by opting for an issuer with lenient eligibility criteria and a short approval timeframe. The Bajaj Finserv RBL Bank SuperCard is one such option that checks both boxes.

The RBL credit card for self-employed individuals gives you a wide range of offers that helps you save money. Moreover, the reward points system lets you earn on every transaction and purchases milestones. You can use these points to pay for future expenses, allowing you to save up to Rs. 55,000 annually. To unlock the full potential of the SuperCard today, check your pre-approved offer for a tailored deal and apply without any hassles.