Getting a credit card without opening a bank account is not only possible now, but it’s also a crucial step towards financial independence for many. Used in the right way, this card can help strengthen your credit profile.
In today’s digital age, credit cards are not only a convenient payment tool but have also become an essential part of your credit history and financial profile. But can you really get a credit card without a bank account? Are there options available that take a different approach than traditional banks? Yes, such options do exist today. Here, we’ll explore how, in this changing financial ecosystem, it’s possible to obtain a credit card without opening a savings account, and what important things to keep in mind.
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Bank account is no longer required to have a credit card
If applicants understand a few basics and take the right steps when applying for a credit card, it’s possible to obtain a credit card without opening a bank account. However, before applying for any credit facility, such as a credit card or personal loan, it’s crucial to obtain complete information about the repayment process and the product itself. Professional advice is also recommended if needed.
Alternatives beyond banks
According to Livemint, many independent financial institutions, non-banking financial companies (NBFCs), and fintech platforms are offering credit cards that don’t require a bank savings account. These credit cards allow customers to enjoy shopping, bill payments, and travel bookings, just like traditional bank cards.
These cards also help users strengthen their credit scores. Customers with a good credit history generally have a better credit score, making it easier to obtain loans or other credit products in the future.
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Who can get such a credit card?
Eligibility Criteria:
- The applicant must be at least 21 years of age.
- He must have a stable source of income, whether it is from a job or business.
- Typically, you should have a credit score of 750 or higher. The better the score, the greater the chances of approval.
Required documents
- PAN card and Aadhaar card
- Recent passport size photograph
- Utility bills (electricity, water, etc.) for address proof
- Income proof like salary slips for salaried individuals and bank statement or income tax return for self-employed applicants.
Benefits of a credit card without a bank account
No minimum balance requirement
The biggest advantage is that you don’t have to maintain a minimum balance in your bank account. Often, there are penalties for not maintaining a minimum balance in a bank account, but with these cards, you don’t have to worry about that. You can use them with complete freedom.
Easy ways to pay bills
Paying bills with these cards is also incredibly simple. You can pay your bill using UPI, payment apps (like PhonePe, Google Pay, Paytm), or directly over-the-counter at stores. Even without a linked bank account, you have several easy and secure options.
Perfect for beginners and cash-strapped users
These cards are especially useful for those new to the world of credit. Gig workers—freelancers, delivery partners, or those who earn daily or weekly—can easily use them. Even if you conduct most transactions in cash, this card gives you the experience of digital payments and helps build your credit score. This is a great starting point for those just starting to earn and want to build their credit score.
Rewards and improved credit score
Even without a bank account, these cards offer all the benefits of a regular credit card, such as the ability to pay at your convenience. You earn points or cashback on purchases. By paying bills on time, you can improve your credit score, making it easier to obtain a larger loan or another credit card in the future. Overall, these cards are a great option for those who want to enjoy the benefits of credit without the hassle of a bank account.
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