It is now possible to get a credit card without opening a bank account. Several NBFCs and fintech platforms are offering such cards, which can be used like traditional bank cards. For eligibility, the applicant must be at least 21 years old, have a stable income, and a good credit score. These cards make bill payments easier and strengthen the credit score.
CREDIT CARD: In today's digital age, it is possible to obtain a credit card even without opening a bank account. Many non-banking financial companies and fintech platforms are offering such cards, which provide facilities like shopping, bill payments, and travel. For this, the applicant must be over 21 years old, have a stable income, and a good credit score. These cards can be used without worrying about a minimum balance, bill payments are easy, and timely payments also strengthen the credit score.
Credit Card Even Without a Bank Account
If applicants take the right steps and meet the necessary criteria, a credit card can be obtained even without a bank account. However, before using this card, it is crucial to understand its repayment process and other terms and conditions. Using the card without proper information can also be risky.
Alternative to Banks
According to a Livemint report, many NBFCs and fintech platforms are now providing credit cards that do not require a mandatory bank account. With these cards, customers can avail facilities like shopping, bill payments, and travel bookings. Furthermore, these cards also help strengthen your credit score.
A better credit score makes it easier to obtain loans or other credit products in the future. Therefore, this is an attractive option for new investors or users with less experience.
Who Can Get the Card
Eligibility Criteria:
- The applicant must be at least 21 years old.
- A stable source of income is necessary, whether from employment or business.
- Typically, a credit score of 750 or higher is required. The better the score, the higher the chances of approval.
Required Documents:
- PAN Card and Aadhaar Card
- Recent passport-sized photograph
- Utility bills for address proof
- Salary slips for salaried individuals and bank statements or income tax returns for business owners as income proof
Benefits of Cards Without a Bank Account
- No Minimum Balance Worries
These cards do not have the obligation to maintain a minimum balance like a bank account. Investors do not have to worry about penalties associated with a bank's minimum balance and can use the card with complete freedom.
- Easy Bill Payments
Bills for these cards can be paid via UPI, payment apps, or directly over-the-counter at a store. Even without a bank account, several easy and secure options are available for paying bills.
- Suitable for New Users and Cash-Preferred Individuals
These cards are extremely useful for individuals who are new to the digital world. Gig workers, freelancers, delivery partners, or those with daily or weekly earnings can easily use them.
Rewards and Credit Score Improvement
Cards without a bank account offer all the features found on standard credit cards. Timely bill payments strengthen your credit score. Additionally, cashback and reward points are also received on purchases.
These cards are a great start for those beginning to earn and looking to build a credit profile. With timely payments and judicious use, it becomes easier to obtain other loans or cards in the future.
