Credit Cards for self employed: Simple tips to pick best credit cards for self-employed professionals in India

For self-employed professionals, securing a credit card can be more complicated than it is for salaried individuals. Unlike those with fixed monthly salaries, freelancers and business owners often deal with inconsistent income, making them appear riskier to lenders. As a result, the credit card application process for the self-employed involves additional scrutiny and different documentation requirements.

This doesn’t mean getting a credit card is out of reach. Let’s find out how self-employed individuals can not only qualify for a credit card but also use it for financial growth.

What Is A Credit Card For The Self-Employed?

Unlike standard credit cards tailored mainly for salaried professionals, credit cards for the self-employed are designed for those running their own businesses, freelancing, or working independently. If you can show a steady flow of income, these cards can be relatively easy to obtain.

Besides offering a financial safety net for emergencies and simplifying payments, self-employed credit cards come with added benefits. From cashback and rewards to vouchers and lifestyle perks, these cards are more than just a convenience.

You can apply for multiple credit cards through Moneycontrol’s app and website. In partnership with leading credit card companies, Moneycontrol offers access to lifetime-free credit cards as per your income and credit score. You can apply for these cards in a 100% paperless process.

Benefits Of Credit Cards For The Self-Employed

• Better Financial Management: Managing both personal and business expenses from a single credit card can get messy. A dedicated credit card for your business helps you keep work-related transactions separate, making it easier to track spending, control costs and simplify your bookkeeping.


• Improved Credit Score: Your credit score plays a vital role in accessing loans, subsidies and future credit options. A self-employed credit card gives you a structured way to build or improve your credit score, just by paying your bills on time and using your card responsibly.


• Rewards, Perks, Lifestyle Benefits: Beyond making payments seamless, these cards often come with strong reward programs. Every rupee spent could earn you points, which can be redeemed for vouchers, travel perks, dining deals, or even lounge access.

Check Your Credit Card Offer

Top credit cards for self-employed individuals

1) Yes Bank Prosperity Rewards credit card

• Earn one Reward Point for every Rs 200 spent on select categories.


• Earn two Reward Points for every Rs 200 spent on various other select categories.


• 1% waiver on fuel surcharge at all fuel stations across India for transactions between Rs 400 and Rs 5,000.


• Enjoy a preferential markup rate of 3.4% on foreign currency transactions


• Get protection of up to Rs 50,000 against accidental damage for six months on mobiles and electronics purchased online.

2) SimplyCLICK SBI Card

• Receive an Amazon.in gift card worth Rs 500 on payment of the annual fee of Rs 499 + taxes.


• Earn 10X Reward Points on online spends with select partners, such as Apollo 24x7, BookMyShow, Cleartrip, Dominos, IGP, Myntra, Netmeds and Yatra.


• Get 5X Reward Points on all other online purchases. Receive e-vouchers worth Rs 2,000 each on reaching annual online spends of Rs 1 lakh and Rs 2 lakh.


• Avail 1% fuel surcharge waiver on transactions between Rs 500 and Rs 3,000.


• Spend Rs 1 lakh in a year and get your annual fee of Rs 499 reversed for the SimplyCLICK SBI Card in the following year.

3) HDFC Freedom credit card

• Earn 10X CashPoints on merchants like Big Basket, BookMyShow, OYO, Swiggy and Uber (up to a maximum of 2,500 CashPoints per calendar month).


• Get ONE CashPoint per Rs 150 spent on all other eligible purchases (excluding EMI, fuel, wallet/prepaid card loads, and voucher purchases).


• Enjoy an extra 10% discount on Swiggy Dineout by using a coupon code.

4) HDFC Diners Club Miles credit card

• Complimentary lounge access in over 1,000 lounges worldwide with six complimentary visits per year.


• Restaurant benefits include 15% discount and other perks at select restaurants.


• Earn four Reward Points for every Rs 150 spent.


• Reward points can be redeemed for air tickets and hotel accommodations.


• Redeem up to 70% of the booking value for flights and hotel bookings using Reward Points.


• Earn up to 50,000 Reward Points per statement cycle for Diners ClubMiles.

*For the latest information on credit card offers and details please refer to the websites of card issuers.

Eligibility Requirements For Self-Employed Credit Card Applications

• Income Verification: Self-employed individuals need to provide evidence of a consistent income stream. Common documents include income tax returns, bank statements, and profit and loss statements. You might also want to consult with an accountant to ensure your income is accurately verified.


• Credit History: Credit card providers assess your creditworthiness based on your payment history and debt-to-income ratio. Maintaining a healthy credit score ensures better approval chances and favourable terms for your credit card for self-employed business.

Common Mistakes To Avoid When Applying For A Credit Card

• Skipping research: Always research eligibility and documentation requirements before applying. A rejection can hurt your credit score.


• Applying for multiple cards: Don’t apply for several cards quickly after a rejection. Understand the reason for rejection and improve your credit score first.


• Neglecting credit history: A solid credit history is key. Make timely payments and manage existing credit responsibly to improve approval chances.


• Not tracking finances: Keep organised records of income and expenses. Issuers may ask for these during the application process.

How To Choose The Right Credit Card For Your Business

1. Evaluate features: Look for cards with rewards, cashback, travel benefits, and competitive interest rates that match your needs.


2. Consider annual fees: Compare the card’s benefits with its annual fees. Some cards offer waivers or introductory offers.


3. Check interest rates: Low rates and longer grace periods can save you money if you carry a balance.


4. Be aware of additional fees: Watch for hidden fees like late payment or foreign transaction charges.


5. Customer service: Choose an issuer with responsive customer support, like ICICI Bank, for a better experience.

By keeping these factors in mind, you can find the right credit card for self-employed business and make the application process smoother and more efficient.

If you are looking for a credit card for the self-employed, Moneycontrol could be a suitable platform. Moneycontrol, in partnership with top card issuers, offers access to multiple credit cards. You can apply for the credit cards as per your needs. The application process is entirely digital and come without any annual or joining fee.