All About Credit Card For Self Employed

Are you a self-employed individual seeking quick and convenient financial assistance? Do you wish you were better equipped to streamline and keep your business's finances separate from your personal expenses? While you might not have thought of it, a Credit Card can be a solution that addresses all your concerns. Today, you can apply for a Credit Card designed for self-employed individuals and avail of a credit line that doubles as short-term financing. Additionally, you can avail of plenty of other perks that make a self-employed card a must-have while running your business. Here's everything you need to know about Self-Employed Credit Cards. 

Unlike regular Credit Cards geared more towards salaried professionals, a self-employed card is specifically designed for those working for themselves. So, if you’re a freelancer, running a small business, or working for yourself in any capacity, you can apply for a self-employed card. As long as you can show the issuer a steady flow of monthly income, applying for a self-employed card is straightforward, and approval is quick to follow. 

Apart from allowing you to fall back on a line of credit when you’re strapped for cash and enabling you to pay for transactions with a single swipe, self-employed cards also help in other ways. Depending on the issuer, you may enjoy various benefits, from lifestyle perks and vouchers on essentials to reward points and cashback. A self-employed card can also help you create a reliable repayment record and work towards a good credit score. 

If you’re a self-employed individual and are on the fence about getting a Credit Card for freelancers, here are a few benefits that will tip the scales in favour of doing so:

• Management of Finances: 

As an individual working for yourself, preventing your professional life from spilling over into your personal life can be challenging. The same goes for your finances as well. Instead of using the same Credit Card for both work and personal expenses, you can segregate the two by applying for a self-employed card. Whether paying vendors and suppliers or travelling for work, a self-employed card can help streamline your business finances. You can also use the card to limit business expenses, keep track of your funds, and simplify accounting. 

• Bolstering Credit Score: 

Your credit score is a numerical snapshot of your credit history and repayment record. Whether you apply for loans, subsidies, or other Credit Cards, your credit score always factors in during the approval process. As a self-employed professional, you can rely on a Freelancer Credit Card to help bolster your credit score. All you must do is pay your Credit Card dues on time and use the card within the limit set by the issuer. 

• Rewards and Perks:

Whether you swipe, tap, or plugin key information, paying with a Credit Card is unimaginably simple. However, apart from facilitating easy transactions, a self-employed card can offer much more. Issuers offering Business Credit Cards also provide a robust rewards system. You can rack up reward points with every spend and use the collected points to enjoy perks. Business Credit Cards also offer many other lifestyle benefits, such as vouchers and offers on restaurants and retailers, airline miles, access to airport lounges, and so on.

• Higher Credit Limits:

Although a personal Credit Card may seem suitable for your business needs, it often falls short. One key benefit of a self-employed Credit Card is its higher credit limit compared to personal cards. This increased line of credit can provide essential funds for your venture, enhance cash flow, and help manage larger business expenses more effectively.

Before applying for a self-employed card, check your eligibility. While specific criteria vary by issuer, you'll generally need to meet these prerequisites:

• You should have a good credit score, preferably over 750.
• You must be at least 25 years old and, at the most, 65 years old.
• Your repayment record must reflect timely payments.
• You should maintain a minimum annual income. The exact amount will vary depending on the issuer.

After confirming your eligibility, you'll need to submit specific documents to complete the application process. While the exact requirements vary by issuer, you typically need to provide the following:

• Passport-size photographs
• ID proof via Aadhar Card, PAN Card, or Voter’s ID.
• Proof of income.
• Statement of bank accounts.
• ID proof for your business.

Applying for a self-employed Credit Card has become incredibly straightforward in the digital age. Follow these simple steps to get started:

• Step 1: Start by navigating to the website of the Credit Card issuer you're interested in.
• Step 2: Click the "Credit Card" tab and choose the specific card you wish to apply for.
• Step 3: Fill out the online application form with the necessary details.
• Step 4: Upload or submit the required documents to support your application.

At HDFC Bank, we offer a range of business Credit Cards that help you inject funds into your operations and address specific concerns. While the HDFC Bank UPI RuPay Biz Credit Card lets you pay for transactions and vendor/supplier payments using UPI, the Business Regalia Credit Card is the perfect combination of luxury and practicality. With CashBack, reward points, revolving credit, and interest-free periods, the HDFC Bank Business Credit Card helps you streamline cash flow and run your venture with greater efficiency. 

Watch your business soar to new heights with the HDFC Bank Business Credit Cards by applying for one today!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Credit Card approvals at the sole discretion of HDFC Bank Limited. Credit Card approvals are subject to documentation and verification per the bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.