Applicants need to maintain a good credit score while applying for a credit card. A high credit score depicts your worthiness for getting a credit card. The minimum credit score required to obtain a credit card is 750.
If you wish to apply for a credit card but your credit history is not good, there is a high chance that banks will reject your application. But, there is no need to anymore, there are some ways you can adopt to get a credit card even if you have a bad credit score. Let’s talk about it in detail:
What is Credit History?
Credit history involves the record of borrowing and repayment of your loans. The credit history starts building when to take loans or get credit cards. Your repayment habits decide whether your credit history will be good or bad. A good credit score shows a responsible financial habit which allows you to get a credit card without any problem. A minimum of 750 credits score is mandatory to apply for a credit card and get good offers and rewards and a high credit limit.
However, there are ways to get a credit card with no credit history.
Ways to Get a Credit Card with No Credit History
Getting a credit card with a low CIBIL score is difficult but not impossible. Here are the ways you can adopt:
1. Secured Credit Card
Secured credit cards are a good option to apply for a credit card without a credit score. These credit cards do not provide you rewards, bonuses, and cashback. However, it can help you build your credit history. To apply for a credit card, you need to open a FD account in a bank and get the credit card up to a limit of 100% of the total deposit amount.
2. Add-on Credit Card
A supplementary credit card is also one of the ways to build your credit score. You can apply for a supplementary credit card if there is a credit card holder in your family. It offers you the same features and benefits as the primary credit card but the credit card limit will be half.
3. Credit card against savings account
Many banks provide you a credit card against your savings account even if you don’t have a credit score. If you want to apply for a credit card against your savings account, you need to deposit an amount in the account as mentioned by the bank.
4. Prepaid credit card
With a bad credit history, you can apply for a prepaid credit card. You should be a salaried employee of the private or public sector and prepay a certain amount in your bank.
5. Credit card as per your salary statement
If you have no credit history and still want to apply for a credit card, you need to get a letter of appointment from your company’s HR with a salary statement. You must be an employee of the private or public sector for at least 6 months. It is recommended to apply for a credit card in the bank where you get your salary, the process will be easier and faster.
Conclusion
Obtaining a credit card in India requires a good credit score. Banks usually reject credit card applications if the applicant has a low or no credit history. However, there are various options for people with no credit history to apply for a credit card. You might get no rewards or minimum benefits, but will help you to build your credit history.
FAQs
What is the minimum credit score required to get a good credit card?
Ans. You must have a credit score of a minimum of 750 to get a good credit card.
What are the benefits I can get with a credit card with no credit score?
Ans. If you apply for a credit card without a credit history, you will get no reward or bonuses and the credit limit will be low. If you maintain the repayment habit, you will eventually enhance your credit score and start getting benefits.
