Credit cards for college students with no income: Nowadays, credit cards have become an integral part of everyone’s life. People use them for shopping and financial transactions anywhere. Typically, banks issue credit cards to individuals with a substantial income. But can young people with zero income get a credit card? College students often need credit cards for online shopping, travel bookings, and other essential tasks. Fortunately, options exist for students without a monthly income to obtain credit. Let’s explore this in detail.
How to Get a Credit Card Against an FD
One easy way to get a credit card without a job or regular income is to open a Fixed Deposit (FD). This is a secured card backed by the FD. You simply need to make a fixed deposit, and the bank issues the credit card based on that amount. You don’t need a salary slip or proof of regular income for this type of card. Your FD remains secure with the bank and continues to earn interest. However, the minimum FD amount and the card’s credit limit depend on the bank’s specific policies.
How to Get an add-on card linked to your parents’ card
If your parents already hold a credit card, they can obtain an add-on credit card in your name linked to their account. You do not need to provide separate proof of income. Since the add-on card is linked to the primary cardholder’s account, it is important to understand the responsibilities regarding spending and repayment.
Required documents
Banks generally require the following documents: Aadhaar card, PAN card, college ID, passport-sized photograph, FD receipt (or related bank documents), and proof of address. In some cases, the bank may request additional documents.
These Things to keep in mind
Once you receive the credit card, making timely payments is crucial. If you pay only the minimum amount due, interest and other charges will be levied on the remaining balance. In such a scenario, students should use the card according to their needs and repayment capacity. For a fixed deposit (FD), gather information about the bank’s interest rates, applicable charges, and all terms and conditions.
Conclusion
If you are a student without a regular income, you can obtain a credit card against a fixed deposit. You can also use add-on cards. Before applying, familiarise yourself with the eligibility criteria and repayment rules.