Salaried employees do not face many challenges when applying for credit cards or loans when compared to self employed individuals. This is because of the fact that self employed individuals generally face difficulties while providing fixed income proofs. This increases the risk for lenders in providing you credit cards. However, many lenders offer credit cards designed specifically for self employed individuals offering exclusive rewards and perks.
Eligibility criteria for credit cards for self employed individuals
Although the eligibility criteria varies as per lender’s policies and market condition, there is a general eligibility criteria which lenders usually follow:
- You must have a credit score above 750
- It is advisable that you have maintained a good repayment history and creditworthiness
- There is a minimum income criteria which is followed by lenders that you need to qualify
- Your age must be between 25 years and 60 years old
Credit cards are no more a luxury but have become a necessity in our day to day lives. However, before you sign up for one, it is crucial that you analyse your financial situation and whether you can really afford a credit card. With this you will be able to save yourself from any unwanted financial burden.
(Note:The list is indicative and not exhaustive)
