How can a freelancer get a credit card? (India)
I work freelance for clients, in other countries, and paid via Paypal and other methods. When I applied for a credit card in my country, it was rejected.
They mention as I don't get a salary and I don't own any business they can't provide me with a credit card.
I know many people who make half as much as I do but have credit cards because they have full time jobs in companies and have salary accounts.
I need a credit card to buy things online because my Debit card doesn't work at many places online and Net banking is also not available at every site for shopping.
How can I get a credit card?
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The OP might have obtained his credit card by now but I'm answering now as there is one more easy way to get a credit card. All major Indian banks like SBI, ICICI, HDFC and Axis issue instant credit cards on opening a FD (Fixed Deposit).
For instance ICICI offers one for FD amount of as less as ?20000. The credit limit on such cards will be 85% of the deposit amount. Another advantage of these kind of cards is customer won't be charged any annual fees and at the same time interest will be paid on original FD.
Typically Banks look for a steady source of income or savings based on which they issue a credit card. If you can't show that build a cash balance and show it.
For Example if you have an PPF account with say SBI, they issue you a card with a limit of around 50% of the balance in PPF. No other documentation is required.
Similarly if you have Fixed Deposits for a large amount quite a few Banks would give you a Credit Card. My wife has a credit card because she had a good balance [around 100,000 INR] for around a year, the Bank kept calling her and offered her a card.
I don't know about India, but here in the US banks, and more friendly institutions such as credit unions, use to offer the option of a 'secured' credit card where the card was secured by placing a lock on money in a savings account equal to the credit limit on the card.
So for example, if you had 00 in savings, you could have them lock say 00, which you would not be able to withdraw from savings, in return for a credit card account with a credit limit of 00. Typically you still earned interest on the full amount of the savings, you were just limited to having to maintain a minimum balance in that account of 00.
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