How To Get Your First Credit Card With No Credit Score In India.

Full guidance About credit cards Uses

When you apply for a credit card, your issuing bank checks your credit score to determine whether or not you are a creditworthy person. Credit cards are a form of unsecured lending that financial institutions provide based on your creditworthiness. Generally, applicants with excellent credit scores qualify for the best credit cards in India. The minimum requirement to get a credit card that comes with reward points, cashback, bonuses, and other benefits is 750.

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Also, if you have a bad credit score, you will struggle to qualify for a credit card, as it involves the risk of defaults on payments. Banks check your credit report and score when you apply for a credit card. They analyse your record of late payments and defaults as well as the record of any credit card you might currently have before making a decision.

The minimum CIBIL score requirement

A CIBIL score is a three-digit number that generally ranges between 300 to 900. The closer you are to the 900 range, the greater are your chances of availing yourself of one of the best credit cards in India. As mentioned earlier, you need to maintain a minimum CIBIL score of 750 to get a credit card.

However, your credit score is not the only factor that banks consider before approving your application. Banks usually provide credit cards to individuals with low or no credit history as well. So, if you have no credit history, do not lose hope. You can still get a credit card, but you will not be able to avail maximum benefits.

How to get a credit card with no credit history in India?

It may be difficult to get a credit card with a low or no CIBIL score. However, it is not impossible. Here are the top ways to get a credit card without having a CIBIL score:

Secured credit card

If you are looking for a credit card without having a credit score, it would be wise to get a secured credit card. It has the easiest and most convenient process. Anyone with a low or no credit score can apply for a secured credit card.

Add-on credit card

Getting a supplementary credit card is another way to build your credit score. You can get an add-on credit card if you have a primary credit cardholder in your family.

Credit card against savings account

Some banks offer credit cards against savings accounts as well. It is another way of getting a credit card when you do not have a CIBIL score. To apply for a credit card against your savings account, you will need to deposit a certain amount in your savings account.

Prepaid credit card

Prepaid credit cards are similar to fixed deposit credit cards. If you have a bad credit score, you can get a prepaid credit card by prepaying a certain amount of money to the bank.