Can I Get Credit Card Without Bank Account?

In this evolving world of fintech, financial management could not be more convenient. Everything is possible, including getting a credit card without a bank account.

While 89% of India’s population now has a bank account, it might sound unusual that someone could have a credit card but not a bank account. So why do people still choose this option?

Well, the major reason is accessibility. Now you have your answer on whether can I get credit card without bank account? However, keep reading this blog to know more about such cases.

Can I Get Credit Card Without Bank Account?

Well, various methods like getting secured credit cards, prepaid credit cards and store credit cards are some of the ways you can get a credit card without directly linking it to a savings account. This financial flexibility allows people to enjoy the numerous benefits of having a credit card without having to use their bank account for personal purposes.

Secured Credit Cards as a Go-To Way for Credit Cards Without a Bank Account

Credit cards without a bank account require security or collateral to make up for the increased risk to the lender. In such cases, banks generally issue a secured credit card against a Fixed Deposit (FD).

The credit limit on these credit cards is generally around 70–90% of your FD amount, depending on your issuing bank. This type of credit card is a viable option for low-income individuals as it has a low entry barrier, and people can get a credit limit of as low as ₹90.

Key Features:

• Easily accessible even for lower-income levels.
• In case of a fault, the bank will directly recover the amount from your FD.
• Offers facilities like rewards, cashback and lounge access.
• Helps boost your credit score.

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Prepaid Cards as a Viable Replacement for Credit Cards Without a Bank Account

Prepaid credit cards work in the same way as a prepaid mobile recharge. You deposit a certain amount of money on your credit card to use it later to spend on miscellaneous expenses.

This type of credit card has zero risk for the issuer, as you can only spend as much as you deposit. With zero risk factor for the issuer, this type of credit card is accessible for all income levels.

Key Features:

• Issuance fee, annual fee and loading fee are common additional charges included in this card.
• It does not have an impact on your credit scores.

What are the Steps to Apply for a Credit Card Without Having a Bank Account?

Step 1: Research various financial institutions that provide credit cards without the obligation of having a bank account.

Step 2: Narrow down the list by finding out their individual features and choose the one that suits you.

Step 3: Make sure you come under their eligibility criteria. Generally, components of the eligibility criteria include age, source of income, monthly income, proof of ownership of securities, etc.

Must Know: Secured credit cards are a common choice for people who are looking for a credit card without a bank account. These credit cards generally have very low eligibility criteria.

Step 4: Prepare the documents such as KYC, income proof and any other paperwork that your issuer might ask for.

Step 5: Apply for the credit card that you selected as per your research. You can apply for it online, or going to the nearest branch is a better option.

Step 6: Your issuer will assess your payback capacity, credit score and other factors before approving your request.

Eligibility Criteria for Getting a Credit Card Without a Bank Account in India

• Applicant must be 21 years of age or older.
• The applicant must have a regular source of income.
• Must have a good credit score of 700 or above.

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Documents Required for Getting a Credit Card Without a Bank Account in India

• Aadhaar card
• Pan card
• Voter’s ID card
• Address proof (eg, utility bills, house rent papers, passport, aadhaar card, etc).
• Recent months’ payslips or income statements in case of business.
• Passport-sized photographs.

Benefits of Getting a Credit Card Without a Bank Account in India

1. Accessibility and Convenience

When you are getting a secured credit card, by keeping an FD as security, you can get 70% - 90%  of the FD amount as credit. Getting a large credit limit allows you to consolidate all your needs. With this, you don't need to manage multiple cards at once with different due dates and credit limits.

2. Rewards and Benefits

Getting a credit card without having a bank account offers similar rewards and cashback as a bank account-linked credit card. They include dining discounts, fuel surcharge waiver, reward points, gift cards, complementary airport lounge access, etc.

3. Boosts Credit Scores

Using a credit card and paying the due amount on time always has a positive impact on your credit score, regardless of having a bank account.

💡For timely credit card payments, use the PICE App.

Conclusion

By now, you must have had the answer to your question, “can I get credit card without bank account?” However, the features of such cards are different from those of a basic credit card with bank accounts. It involves the requirement of a security collateral and a large credit limit. This is a convenient way to handle finances. All you need to ensure is that you spend on that credit card as per your payback capacity.

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