Credit cards provide housewives with financial freedom and the ability to increase their savings. Also, with offers like reward points and cashback, they can shop easily. The credit limit of a credit card depends on the amount secured in your fixed deposit.
If you are working or doing business, you can apply for a credit card based on your income, but can a housewife also apply for a credit card? The answer is yes. Housewives can also use a credit card in their name. Yes, there are some conditions of banks or credit card issuers for this. There are some rules, following which any housewife can get a credit card.
Can apply with conditions
According to IDFC First Bank, any housewife should be at least 18 years old while applying for a credit card. Also, she should be an Indian citizen. They should have a fixed deposit account (FD account) in cumulative, reinvestment and auto renewal mode. Credit cards provide housewives financial freedom and the ability to grow their savings.
Also, with offers like reward points and cashback, they can make purchases easily. The credit limit of a credit card depends on the amount secured in your fixed deposit. A credit card offers a minimum credit limit of 100% of your FD value and can go up to 200% of your FD value.
Can apply as an add-on card or secured card
Eligibility for a credit card for housewives depends on the type of card. Firstly, a housewife can apply for an add-on card linked to her husband’s credit card. The husband’s income will determine the credit limit for the add-on card. Second, a housewife can get a secured card backed by a fixed deposit (FD). Fixed deposits act as security against the credit limit. Some credit cards require a minimum income. Housewives can also show alternate income sources to apply for a credit card.
One thing to keep in mind
With a credit card, you can avail the facility of buying now and paying later. One thing to note here is that if you use a credit card responsibly, it will prove to be helpful for you. If you are careless in this, it can also increase your financial burden, because if you do not pay the bill on time, you have to pay a hefty interest on it.
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