Having basic knowledge of financial markets is a key. Not keeping track of financial products may result in an individual deprived of important things such as buying stuffs, paying for utility bills, saving money on purchases, etc.

This situation is very common in case of credit card. Many individuals think that having consistent income is a mandatory requirement to own a credit card. However this is not true. There are credit cards with no income requirement. Meaning, card applicant is not required to furnish income proof such as salary slip, IT return, Form-16, etc.

So how to get credit card with no income requirement?

There are two ways to get credit card without income proof or documents:

1. Credit card against fixed deposit: Also called as secured card. In finance industry, security means collateral which lender takes from the borrower and in return bank offers them money for respective purpose. Common examples of securities are home, car, bike, etc. When an individual wants finance/loan to buy these things, then bank will give you money to buy but in return they will keep these items as a security until the full amount is repaid along with other applicable charges. A secured credit card also works on similar concept. Card applicant has to keep minimum deposit amount in bank account called as fixed deposit account (FD account). And against this deposit, get credit card. Listed in the below table are the credit card against FD:

   Sr. No.	Credit Card Name	Minimum Fixed Deposit Amount Required	Issuing Bank
   1	Signature	Rs. 10,000	Andhra Bank
   2	Payless	Rs. 15,000	Development Credit Bank
   3	Aspire	Rs. 16,000	Central Bank
   4	Coral	Rs. 20,000	ICICI Bank
   5	Instant Platinum	Rs. 20,000	ICICI Bank
   6	Insta Easy	Rs. 20,000	Axis Bank
   7	Assure	Rs. 25,000	Bank of Baroda
   8	Usecure	Rs. 25,000	Union Bank of India
   9	Unnati	Rs. 25,000	State Bank of India
   10	Solaris	Rs. 25,000	Kotak Mahindra Bank
   11	Aqua Gold	Rs. 25,000	Kotak Mahindra Bank
   12	Advantage Plus	Rs. 25,000	State Bank of India
   13	Galaxia	Rs. 1,00,000	Kotak Mahindra Bank
   14	Prosperity Reward Plus	Rs. 25,000	YES Bank

2. Add-on credit card: If any of your family member (father, mother, children, spouse) holds credit card and has been a regular payer then individual with no income can get add-on credit card. These cards are also called as supplementary card and are offered purely on the basis of primary card owners’ credit usage and repayment history with no additional cost i.e. they are free. Most of the banks offer add-on cards to their card customers. Prominent banks offering add-on cards with no income requirement/documents are:
   • State Bank of India – Air India Signature Card
   • Citibank – Premier Miles
   • IDBI Bank – Aspire Platinum, Royale Signature, Imperium Platinum
   • HDFC Bank – Regalia First

Advantages

• Access to recurring free credit after regular monthly repayment
• No interest for limited period also called as interest free credit period
• Interest rate is low compared to unsecured card
• Helps to build or improve credit history
• Credit limit can be increased by depositing more money into the FD account
• Good for first time applicant who are joining their first job, retired individuals with no fixed monthly income, housewives, low income earners.

Author Bio:

Hi, I am Nikesh Mehta owner and writer of this site.

I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.

I can be reached at nikeshmehta@allonmoney.com. You may also visit my LinkedIn profile.