Credit card without proof of income

You may have noticed that almost all credit card companies require a proof of income when applying for a card. And those most affected are informal workers, self-employed workers, and university students without formal employment.

How Credit Assessments Work

Financial institutions that offer credit cards prioritize their customers' credit history. Therefore, in many cases, their evaluations are quite rigorous, resulting in numerous denied applications. Review procedures may vary by institution.

Cards that do not require proof of income

Nubank credit card

The most popular purple card of the moment! For a while, the Nubank credit card was all the rage! Everyone wanted one. The card, which is international, carries the MasterCard logo, and requires no minimum income to apply.

Besides having no fees or annual fees and being accepted at millions of establishments around the world, Nubank pioneered the emergence of digital banking. This has made the bank a major player in the financial world!

Neon Credit Card

Another prominent representative of the digital banking movement, Neon Card is also international, accepted at Visa-accepting establishments worldwide! Plus, there's no fee for issuing the card.

Digio Credit Card

For those looking to opt for a digital bank, the Digio credit card may be the ideal option for you! It offers all the accessibility of the Visa brand, plus no annual fee and no minimum income requirement.

The service also offers 24-hour support for situations like travel assistance or emergency withdrawals, for example. Another very positive aspect of Digio is the ease of obtaining a card with a good limit right away, even without proof of income.

Next International Credit Cardl

Another very interesting option is the Next card. Available in the Next Visa Platinum and Next International models, the card is one of the best options for cashback. The interest rates are low compared to other options on the market, which is a huge plus for self-employed individuals. Plus, the International model has no annual fee!

Why can't I get approved?

As mentioned previously, financial institutions can be quite rigid and systematic in their approval criteria.

Not everyone can meet the requirements to acquire a card right away.

Take a look at two factors that tend to contribute significantly to this:

Very low score:

Your score level may be the main reason for the negative responses you've received. The value, which can range from 0 to 1,000, is a strong indicator of the customer's default risk. The closer you are to the maximum value, the greater the chances of your application being approved quickly—and with a high limit.

When your score is very low, the institution understands that there is a high chance of default if a card is released to that customer, resulting in the denial of the card application.

Negative status due to some previous debt:

Did you know that many people live with a negative CPF without even knowing it?
The main reason for this is debts that are left behind, and in many cases, end up being forgotten.

Even though these debts may seem small initially, over time, they can snowball into interest payments. You only realize it when you try to apply for a credit card and realize it's been denied due to a negative CPF.

Proof of income:

Another criterion institutions consider is income. Unlike the banks discussed throughout this text, the lack of proof of income can make all the difference when evaluating your card application.

When reviewing a customer's proof of income, financial institutions want to ensure that credit card installments are affordable and that the credit limit is compatible with their salary. To avoid compromising the budget, ideally, these expenses should not exceed 30% of the applicant's salary.

This ends up being a major obstacle for professionals who do not have proof of income – such as informal workers, self-employed workers, and university students without formal employment.

When applying, the applicant often has a stable source of income but is unable to obtain their card due to this bureaucracy.

Conclusion

To conclude: it's safe to say that the days when having a credit card was a luxury are long gone. Nowadays, having a credit card—even if only for urgent situations—is practically indispensable, although many people still don't like the idea.

And fortunately, some companies have already begun to realize this. The companies mentioned today are examples of this. We hope that, after reading this, you've been able to decide which credit card is best for you and your needs.

We suggest you carefully evaluate the company that best suits you among the companies mentioned in this article! One of them could be the path to your dream credit card approval!

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Take the opportunity to read more about the subject in “Credit card for self-employed people with bad credit”.