This article is for freelancers who struggle to get a credit card in India. Open is a Bangalore based fintech company providing business banking solutions for startups. But I'm not covering the business part. Let see how to get a credit card without income proof for new-to-credit people.
If you are a freelancer in India who is just starting out, you know it is impossible to get a credit card. Because to get a credit card, it is necessary to have a good credit history, But people who are starting out will have no credit history, also known as new-to-credit. Follow the steps below.
- Signup at 🏦 Open Bank
- You will have to submit 🆔 Aadhaar & PAN documents.
- As soon as you finish signing up, your credit card 💳 will be ready with a checking account.
- To activate your card, you have to unlock the credit limit by subscribing to Open's standard plan. (It 💲 cost's Rs.6000/year, ). Don't worry; it is just One Time Payment to Unlock your credit limit.
- The Founder One VISA credit card 💳 will become immediately active. So you can start spending.
- To get the Physical credit card, submit your Aadhaar in a zip file with a password in the Get Card section.
Open will deliver the physical credit card in 10-12 business days. This way, you get a new credit card to build your credit history. You will get a minimum of Rs.5000 credit limit to spend. After continuous usage, your credit card limit will automatically increase. Since you subscribe to Open's standard plan, you can either choose or not choose to use their business banking features is entirely up to you. After a year, you can switch to the free plan and still have a usable credit card.
Article Update: 02-01-2021
Disadvantages of Open Founder One Credit Card
Many users have reported that they are not receiving any Refunds or Transactions that are reversed. Basically, if you buy something using this founder-one credit card and decide to request-a-refund from canceling service or returning an order from Amazon; You won't receive your money spent within the maximum timeframe. In my case, I got a refund after 30 days of waiting. If a service says you will get the refund in 2-7 days, it will take three times than that.
If you have any questions about the open bank, Google search about `Neobanking.`
Article Update: 20-07-2022
They have improved the refund time, even forex conversion charges, card verification charges, gets refunded quicker now.