2 min read
05 Jan 2021

With the cost of living increasing every day, you tend to spend more than you can save. Fortunately, you can use credit cards to bridge those gaps. That said, it is vital to have a healthy credit score to apply for a credit card, as a poor score indicates that you aren’t creditworthy and may not be able to repay the borrowed amount on time.

A low credit score means you aren’t eligible for a credit cardaren’t eligible for a credit card; however, there are other ways to obtain one. It is important to note that credit cards for bad credit score applicants don’t offer the same perks or benefits as a regular credit card. Usually, the credit limit is also lower.

On the bright side, you can use this as a tool to build your credit score over time. That said, before you apply for a credit card with a bad credit score, you should be able to prove that you can repay the amount comfortably. Failing to do so further hampers your chances of approval.

Available Credit Cards for Low CIBIL Score

What kind of credit cards are meant for people with a bad credit score? Here’s a closer look at the three main alternatives to a regular credit card.

Secured credit cards

Credit cards are an unsecured form of credit. This means that issuers grant you a limit based on your creditworthiness. Most financial institutions will not approve your credit card application if your score is too low. There are many websites available where you can check your credit score.

However, you can pledge a high-value asset, such as an investment, as collateral with a secured credit card. Based on its value, you’ll be assigned a credit limit.

This secured variant is the best credit card for bad credit score individuals as it serves as an efficient way to build your score. You can slowly transition to an unsecured form of borrowing by making consistent and timely repayments.

Shopping online is made easy with the SuperCard

Credit card issued by your primary bank

Your bank will offer you a free credit card, and in most cases, this is an excellent way to get started with using credit. These offers are especially beneficial if you’re young, have never handled debt and thus, have no score, to begin with. Also, your primary bank may approve a credit card application if you’ve been a long-term customer, as they have a better understanding of your finances and risk profile.

High-fee unsecured credit card

If you’re genuinely in dire need of a credit card, a quick fix is to look for an issuer that offers you the card without the need for a high credit score. These credit cards do not require any deposit but charge a high-maintenance levy fee in exchange for the facility. You can use these cards to build a healthy credit score of 750 or more and then transition to a more suitable credit card.

Additional Read: How to get the most out of your credit card

The options for credit cards for poor credit score individuals are limited and, in most cases, unfavourable. However, even in this situation, it is imperative to scout the market for the best offers. Consider looking at pre-approved offers to see if you are eligible for a top credit card. Reputed lenders like Bajaj Finserv allow you to check your offer to know your customised credit card offering.

Furthermore, you can gain instant approval for the Bajaj Finserv RBL Bank Credit Card without any added hassles. You can use the SuperCard to meet any, or all needs comfortably and affordably. Benefits include a 90-day interest-free emergency loan based on the available credit limit -- a feature that’s handy during a cash crunch. It’s also an affordable option thanks to nominal joining and annual fees. Best of all, the SuperCard is efficient for tackling big-ticket purchases as it lets you split any purchase over Rs. 2,500 into easy EMIs.

Submit your name and contact number, choose a pre-approved offer and apply for expedited access to a credit card.

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Frequently asked questions

What credit card options are available for individuals with a low CIBIL Score?

Individuals with a low CIBIL Score can opt for secured credit cards or become an authorised user on the credit card of a family member or friend. This can help them rebuild their credit score over time.

How can someone with a low CIBIL Score improve their chances of getting approved for a credit card?

Regular repayment of existing loans, timely payment of bills, and maintaining a low credit utilisation ratio can improve one’s CIBIL Score, thereby increasing the chances of credit card approval.

Do credit cards for low CIBIL score individuals have higher fees or interest rates?

Credit cards designed for individuals with a low CIBIL score may have slightly higher fees or interest rates. This is to offset the risk associated with lending to individuals with a lower credit score. However, responsible usage can lead to improved terms over time.