5 ways Anyone can get a credit card
even if do not have a job
by Mr. Rajiv Raj, Creditvidya.Com
Here are 5 ways you can get a credit card even if you do not have a job.
In the contemporary world, credit card has become quite an important thing
to have. Large number of transactions would rather become extremely difficult
unless you have a credit card.
For instance, if you are planning to make the
online booking, without a credit card you may not be able to do so through some
of the websites.
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| Rajiv Raj, Creditvidya.Com |
Most of the financial institutions or / banks require the
employment proof to approve your credit card request.
Therefore, it becomes a
little hassle for many self-employed or unemployed people to obtain a credit
card. Fortunately, it is not completely impossible.
Here are Five ways you can get
a credit card even if you do not have a job.
1. By showing proof of income
Income is more important than the job. If you do not have a job, but
substantial inflow of money to your account, you are as much eligible to apply
for a credit card. You will need to submit the proof of income to the bank with
your credit card request.
The income could be from royalty, child support,
alimony, or your business profits. Some banks may ask you for the income tax
return records for the credit card eligibility.
2. Credit card for students
Those studying in a college are also eligible to apply for a credit card.
However, they need to have trust fund, investment, or some financial assets to
qualify. There are some banks that would be willing to give you a credit card
if you already have an account with them with sufficient funds. Some banks
offer online application of the credit card.
However, you may still need to
visit the bank at least once for identity verification. It is best to review
the student credit card offers available with different banks and then choose
the one that sounds more apt for you.
3. Using the community property
Community property refers to all the financial assets and liabilities that
the spouses own together. It could be the total monthly income, any debts, or
the purchased properties.
If one of the spouses is working and the other is
not, the latter can still apply for the credit card on account of the community
property. However, remember that not all the states consider community property
for credit card requests. It would be best to confirm before applying. If the
state or region of your residence allows it, it would be pretty easy for you to
apply for the card.
4. With the help of the co-signer
A co-signer is indeed a guarantor who has a good credit. When the co-signer
approves you for the credit card, he or she becomes equally responsible for
payments as you. In the event of payment default, the credit of the co-signer
also gets affected. This is the reason why a co-signer is mostly the person who
trusts you completely and is ready to take the full responsibility of the
payments.
Usually, only guardians or parents are considered as co-signers by the
banks. However, there are some banks that might accept a non-related co-signer
as well.
5. Applying for a secured credit card
If you do not have a job or are self-employed, you can still get a secured
credit card. For this, you will need to have the funds available. The fund
works as the collateral against the credit line.
You will need to pre-pay the
amount that equals the credit line. This amount acts as the security deposit
for your credit card.
In the event of failure to make the payment for the balance,
the amount will be deducted from the security deposit. This is a wonderful
option for those who have exhausted all other avenues for obtaining a credit
card.
About the author..
The author is a credit expert with 10 years of experience in personal
finance and consumer banking industry and another 7 years in credit bureau
sector.
Mr. Rajiv was instrumental in setting up India's first credit bureau,
Credit Information Bureau (India) Limited (CIBIL).
He has also worked with
Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.
Mr. Rajiv Raj
Co-Founder & Director at Creditvidya.com
- Mumbai Area, India
- Banking
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