A credit card is highly valuable for shopping, travelling, and dining out. It saves you from carrying excess cash, and the credit limit is often more than enough to cover your expenses. Still, for most credit card aspirants, particularly youngsters, the question that often comes to mind is: Can we get credit card without bank account?
Fortunately, the answer’s yes! You don’t need a bank account to avail of credit card services. Throughout this guide, we’ll cover the basics of operating such a credit card and the criteria that make you eligible for it.
Procuring a secured credit card without a bank account is very easy. Firstly, the bank requests a security deposit from the applicant as collateral to ensure financial security. If the customer falls behind on their bills during the billing period, the money is directly recovered from their security deposits. Banks also offer the opportunity to hold money in mutual funds and recurring deposits as collateral.
A person with zero credit history can easily have a secured credit card in their name. In fact, people often utilise credit cards as a means to enhance their credit scores safely.
Certain eligibility criteria need to be fulfilled first by an applicant to get a credit card without a bank account. The compulsory eligibility requirements for credit card approval are:
Recently, a few banks have launched Supercards to enable the use of credit cards for different purposes like travelling, shopping, meeting emergency healthcare expenses, and fine dining, among others. Moreover, making repayments on such card accounts is also easier without linking them to a bank account. Here’s how you can apply for one:
Having a credit card without a bank account yields its own set of benefits. Yet, it’s best to operate an account with the same bank to avail of exclusive offers and discounts. A well-maintained bank account also allows you access to low-interest loans.
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HDFC Bank, Kotak, Bajaj Finserv, Standard Chartered Bank, RBL Bank, SBI and Axis Bank are some of the banks with a convenient credit card application card process.
Yes, but you need to disclose other assorted income sources or even a substantial bank balance. Secured credit cards are available against mutual funds or fixed deposits.