Are Credit Cards Available for People with No Credit?

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Shopping via credit cards is increasingly becoming the go-to-do-thing in today’s world of credit-hungry people. Doesn’t matter if it is about paying the petty expenses of mobile recharges to a purchase of as big as iPhone, it’s credit cards that do the rounds more often than not. A world of discounts, reward points, cashback, surcharge waiver and much more creates goosebumps and, thus a flurry of credit card applications visit the desk of banks on a regular basis. The banks, in turn, check the credit history, income, residence and age of an individual before saying ‘Yes’ to the application. Of these, credit history is something not integral to everyone, right! Listening to this, you could question, whether people with no credit history stand a chance to get credit cards. Well, the answer is Yes subject to certain conditions.

Secured Credit Cards

It is possible that in the absence of credit history, the bank may not offer you unsecured credit cards requiring no security. So, what comes as the recourse? Well, secured credit cards are the answer to the question. The term may sound little new to you, but is in the existence for years. These cards are given against a fixed deposit of specific amount to be notified by the bank. Credit limit is set as a certain percentage of the fixed deposit balance you keep with the lender. For example- SBI Unnati Card recently made strong headlines owing to the numerous benefits in terms of reward points, cashback and waivers, at par with most unsecured cards available in the banking landscape.

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Employees of Top Companies

If you are working in the established names of the corporate world, the prospects of getting a credit card even without a record of credit could brighten. Working in a top-notch firm instils confidence among the lenders about your ability to pay off the bills on time and thus plays a big role in getting the application approved.

Salary Account Holders

The corporate salary account holders stand a great chance to be the beneficiary of credit card services even if they do not have the credit history under their belt. They just need to earn reasonably higher for a period of say 1-2 years on a regular basis.