Many people believe you can’t get a credit card unless you already hold a savings or current account with the issuing bank. While that’s true for most traditional cards, the financial landscape in India is changing. Fintechs, NBFCs, and even traditional banks now offer ways to get credit cards — or card-like products — even without an existing account. This guide explains exactly how it works, the types of cards available, and what you should know before applying.
Why Banks Usually Link Credit Cards to Bank Accounts
Banks prefer issuing cards to their own customers because:
They already have your KYC documents and income information.
It’s easier to assess your repayment capacity and offer a limit.
They can cross-sell other products and recover dues directly from your account if needed.
But this isn’t a regulatory requirement — it’s just a risk-management practice.
1. Standard (Unsecured) Credit Cards
These are the most common cards. You apply, the bank checks your credit score, income, and repayment history.
If you’re not an account holder: You can still apply online or in-branch. You’ll have to submit full KYC, income proofs (salary slips, ITR), PAN, and sometimes additional documentation.
Approval chances: Higher if your credit score is 750+, you have steady income, and a strong CIBIL record.
2. Secured or Fixed Deposit (FD)-Backed Credit Cards
This is the easiest route for people without any existing banking relationship or low credit score.
You open a fixed deposit with the bank (e.g., ₹25,000–₹1,00,000).
The bank issues a credit card with a limit of ~75–90% of your FD.
Your FD acts as collateral; if you default, the bank can recover from it.
These cards report to credit bureaus, so paying on time helps build your credit history.
Example: IDFC FIRST, SBI, Axis Bank and many others offer FD-backed cards.
3. Prepaid or Virtual Cards
These aren’t true credit cards but can work similarly for online and POS transactions.
You load money in advance (wallet, prepaid account).
You spend from your own funds (no credit facility).
Good for online shopping or travel but won’t build your credit score.
Offered by fintech apps, NBFCs, and even airlines or retailers.
4. Co-Branded or Retail Cards
Banks partner with brands like airlines, fuel companies, or shopping apps.
You can apply even without being an existing account holder.
If you meet the income/credit criteria, the bank issues the card directly.
Often come with brand-specific rewards like flight miles, cashbacks, or discounts.
5. Why Some Cards Still Require a Bank Account
If the card needs auto-debit for bill payment or if it’s a “combo product” linked to a savings account, you may have to open a minimal account. Even then, it’s often a zero-balance or basic account.
Key Takeaways
Yes, you can get a credit card without holding a bank account with that issuer.
You can’t skip KYC or income verification completely. RBI mandates due diligence for all credit products.
FD-backed cards are your best bet if you’re new to credit or don’t want to open a full account.
Prepaid cards aren’t true credit cards. They’re useful but won’t build your credit score.
FAQs:
Q1. Can I get a credit card without having any bank account at all?
No. You need at least some bank account somewhere for KYC, fixed deposit (if applicable), or for receiving refunds. But it doesn’t have to be with the credit card issuer.
Q2. Which is the easiest credit card to get without an existing account?
FD-backed credit cards are usually the easiest. You place a deposit, and the bank issues a secured card.
Q3. Will an FD-backed card improve my credit score?
Yes. It reports to credit bureaus like any regular credit card. Timely payments help build or improve your credit score.
Q4. Do prepaid cards build credit history?
No. Since they’re not actual credit products, they don’t affect your credit report.
Q5. Are co-branded cards risky if I’m not a customer of the bank?
Not inherently. You’ll just have to go through full KYC and income verification, and you won’t have the convenience of linked auto-debits.
Q6. Is there any card where I can completely skip KYC?
No. RBI mandates all card issuers to complete KYC for every credit product.
Published on : 19th September
Published by : SMITA
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