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How to Get a Credit Card for a Self Employed Person

As per reports from the RBI, the usage of credit cards has witnessed a growth of 54% in the past couple of years. The primary reason behind this growth is that card issuers have also simplified the process to avail credit cards. Individuals can avail credit card for self-employed or salaried employees by meeting the essential eligibility criteria.

Furthermore, these cards come with a plethora of perks that make it beneficial to avail them.

Application procedure

 Self-employed individuals can apply for a credit card online by following the steps mentioned below.

  • Step 1 – Applicants are required to visit the official website of a lender or visit their nearest branch.
  • Step 2 – They are required to fill out an online application form.
  • Step 3 – Applicants are required to submit the necessary documents with an application form.

Upon verification of the submitted documents and approval of the application, individuals can receive their credit card.

Eligibility criteria

 Self-employed applicants are required to visit the website of a card issuer to check the eligibility criteria. Generally, the requirements that they must meet are as follows –

  • They must maintain a decent CIBIL score, preferably over 750.
  • Applicants must be aged between 25 and 65 years
  • They must have a regular source of income to avail a credit card for self-employed.

Along with meeting the eligibility criteria, applicants are required to submit the documents mentioned below.

  • Identity proof
  • Address proof
  • Income proof
  • Proof of business existence
  • Bank account statements
  • Passport size photographs

Benefits of a credit card for self-employed

The various benefits that a card-holder can enjoy with a credit card are mentioned below.

  1. It makes expensive purchases affordable

 Credit cards are a beneficial tool to make a big-ticket purchase. Card-holders can use it to make any transaction they require up to their credit limit and repay the debt conveniently in affordable EMIs.

2. Reward points

Credit cards offer reward points on every transaction. Card-holders can redeem these reward points on their future purchases. The reward points depend on the nature of transaction that a cardholder makes.

Along with reward points, cardholders can also avail cash back on certain transactions. For instance, there are various credit cards that offer cash back on fuel purchases. Furthermore, there are multiple benefits that a cardholder can avail by making transactions with a preferred partner merchant of a card issuer.

3. Grace period

Card issuers usually provide a period of 30 days and an additional 15 days to a cardholder to repay their credit card debt. Interest is charged on the utilised amount if an individual fails to pay the bill within the specified grace period.

4. ATM withdrawal facility

Cardholders can also withdraw a limited amount from ATMs using a credit card. Card issuers may charge an interest rate and a minimal transaction fee for such withdrawals.

The Bajaj Finserv RBL Bank Super Card is one such credit card that offers zero interest rate on ATM withdrawals for up to 50 days.

They also provide pre-approved offers on credit cards to simplify the process of availing these and to reduce the time required. These offers are valid on a plethora of financial products and services including home loans, personal loans, business loans and more. You are required to provide some essential details to check your pre-approved offer.

5. Emergency loans

Cardholders can also avail a loan on their credit card limit if they require. Usually, card issuers do not charge an interest rate for a specific period. An individual can avail such credits by paying a nominal processing fee.

6. It improves credit score

A credit card for self-employed is an effective way to improve the CIBIL score of an individual. Timely repayment of the credit card bills ensures that their credit rating improves significantly.

You will get a proper idea of how to avail a credit card for self-employed individuals. Also, some card issuers offer credit card against FD, which these persons can avail if they have a low CIBIL score.

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