2 min read
05 Jan 2021

Credit cards are powerful financial instruments that allow you to spend instantly, offer impressive deals and are at times necessary for subscription-based transactions. While getting your hands on a feature-rich card does seem attractive, you must remember that issuers scrutinise your application before dispatching a card.

One of the main factors issuers look into is your current income, determining how easily you can make repayments. Obtaining a credit card without a steady income is difficult, but not impossible. There are a few methods you can use to procure a credit card without being employed. Read on to find out.

Steps to obtain a credit card without any income proof

Show an employment letter if you are due to start working

After interviewing you, companies issue offer letters or joining letters that state your monthly salary. While it does not qualify as a confirmation letter, it indicates your earning potential, which may benefit your credit card application. If you’re in between jobs, this approach could come handy.

Consider getting a secured credit card

Many issuers allow you to obtain a credit card by pledging a fixed deposit or bank account as collateral. Here, the FD acts as security, assuring the issuer of repayment if you fall short of finances. In such cases, your credit limit will be capped between 75% to 90% of your FD’s value. Similarly, when your bank account serves as collateral, your credit limit is capped, keeping the account’s balance in mind.

Additional Read: Credit card against FD

Get an add-on card

Often, credit card issuers let you get a card against a primary credit card that another family member possesses. For example, you can get an add-on card if your spouse, parent or sibling is a primary cardholder. And there’s a possibility that you may be able to enjoy the full range of benefits that come with the primary credit card. This can be an attractive solution, especially if the primary cardholder has a good credit history.

Display a bank account with a generous balance

At times you may find yourself with no current income but with a healthy bank balance. This may be the case when you retire early or if you’ve earned sufficiently well and decide to take a break from work. Here, the availability of funds offers the assurance that you will make repayments without defaulting.

Get a credit card jointly

Whether you are a young professional teaming up with your father or a non-salaried person applying jointly with your spouse, getting a creditworthy co-signer is a smart way to secure a credit card. Here, the creditworthiness and financial power of the other individual is leveraged to your advantage.

Additional Read: Important things to know before applying for a Credit Card

Acquiring a credit card opens a world of financial possibilities. Consider the Bajaj Finserv RBL Bank SuperCard as it lets you make 50-day, interest-free cash withdrawals at ATMs, obtain a 90-day, interest-free loan from your credit limit and even convert purchases above Rs. 3,000 into easy-to-manage EMIs.

Additionally, the SuperCard gives you access to jaw-dropping credit card deals and discounts on movie tickets, food, travel, hotel bookings, groceries, apparel, and more.

You earn reward points with every transaction and enjoy significant savings of around Rs. 55,000 annually. Depending on the SuperCard variant, you get complimentary airport lounge access. What’s more? You can obtain this card on simple eligibility terms when you check your pre-approved offer from Bajaj Finserv. Doing so gives you instant approval and helps you get a card through a customised deal.
 

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