Credit Card Without Bank Account: In the digital age, credit cards are not just a means of payment, but have become an integral part of your financial identity. While previously, a bank account was considered essential to obtain a credit card, this perception has now changed. Today, many fintech companies, NBFCs, and independent financial institutions are issuing credit cards that do not require a bank account. These cards not only meet modern financial needs but also help connect users to the digital economy.
How did a credit card become possible without a bank?
With the expansion of technology and digital finance, the dependence on traditional banking to obtain a credit card is diminishing. Many fintech startups and non-banking financial institutions issue cards that are available in both virtual and physical forms. These cards function exactly like bank cards and can be used for a variety of services, including shopping, online payments, travel, and bill payments.
Who Can Apply
To apply for a credit card without a bank account, a person must be at least 21 years old and have a stable source of income. However, some institutions also offer cards with a lower starting limit to new users or customers with limited credit history. A credit score of 750 or higher is generally considered appropriate. Documents such as a PAN card, Aadhaar card, address proof, and income certificate are required for the application.
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Advantages of a Credit Card Without a Bank Account
The biggest advantage of credit cards without a bank account is that users are not required to open a bank account or maintain a minimum balance. Payments can be made easily through UPI, digital wallets, or cash.
Rewards and an Improved Credit Score
These credit cards offer users reward points, cashback, and discounts. Timely bill payments improve a user’s credit score, which in turn helps them access other financial products such as loans or higher credit limits.