One of the top banks in India, HDFC Bank, offers credit cards to both salaried employees and self-employed people. However, since the bank wants evidence of income and financial stability, obtaining a credit card as a self-employed person can be a little more difficult. This article will go over how self-employed people can apply for an HDFC credit card.
1. Keep Your Credit Score in Good Standing When applying for a credit card, especially as a self-employed person, a strong credit score is necessary. An application for a credit card from HDFC Bank must have a minimum credit score of 750 in order to be considered. As a result, it’s critical to keep a high credit score by making on-time payments on credit, lowering credit utilization, and avoiding loan defaults.
2. Present evidence of income You must present HDFC Bank with documentation of your income if you are self-employed in order to be approved for a credit card. Along with your bank statements, you can submit your income tax return (ITR) from the preceding year. Other financial records like balance sheets and profit and loss statements may also be requested by the bank.
3. Make an application for a secured credit card. You can apply for a secured credit card if you are unable to offer adequate proof of income. Your credit limit will be determined by the amount of your fixed deposit (FD), which you must open with HDFC Bank in this situation. For independent contractors with little or no credit history, this is a smart choice.
4. Select the Best Credit Card
It’s critical to pick the best credit card from HDFC Bank’s selection based on your needs and spending patterns. For instance, if you travel regularly, you might want to think about getting the HDFC Regalia credit card, which provides perks like access to airport lounges and points for flights. On the other hand, you might want to think about the HDFC Moneyback credit card if you’re looking for a card with low interest rates. Which Bank Issues Credit Cards the Quickest?
Fast credit card processing is available from a number of Indian banks, including HDFC Bank, ICICI Bank, and Axis Bank. However, processing times may change based on bank policies and the requirements for the application. For some of its credit cards, HDFC Bank offers a fast credit card approval function that enables applicants to receive their credit card within a few hours. Does FD Raise Your CIBIL Score?
Undoubtedly, creating an FD account will help you raise your CIBIL rating. The bank will notify credit bureaus when you open an FD account, which could improve your credit score. To avoid any adverse effects on your credit score, it is crucial to keep the FD account and make timely payments. Which Bank Credit Card is Best Against FD, then?
Credit cards are available from a number of banks, including HDFC Bank, ICICI Bank, and Axis Bank. The greatest bank credit card for using with FDs may depend on your spending patterns and needs. Choose the credit card that best meets your needs by comparing its features and advantages with those of others. The HDFC Regalia and HDFC Moneyback credit cards are just two of the credit cards against FD that HDFC Bank provides.