Top 4 credit cards with exclusive rewards for self-employed professionals

Salaried employees do not face many challenges when applying for credit cards or loans when compared to self employed individuals. This is because of the fact that self employed individuals generally face difficulties while providing fixed income proofs. This increases the risk for lenders in providing you credit cards. However, many lenders offer credit cards designed specifically for self employed individuals offering exclusive rewards and perks.

Top credit cards for self employed individuals

1. Yes Bank Prosperity Rewards credit card

Key features:

• Earn 2 reward points for every ₹200 spent on the retail transactions
• Get 5X reward points on the first 3 transactions for 5 registered biller via YES PayNow
• Avail 10,000 bonus reward points on an annual usage of ₹1.8 lakh
• Get 1% fuel surcharge waiver for payment between INR 400 and INR 5,000 at all fuel stations
• Enjoy first year fee waiver on spending over ₹5,000 within 90 days of card activation
• Get renewal fee waiver after spending over ₹25,000 or more in the preceding year.
• Forex mark up fee of 3.40%

2. SimplyCLICK SBI Card

Key features:

• Earn 10 points for every ₹100 spent at the partner brands including BookMyShow, Cleartrip, Apollo24x7, Swiggy, Domino’s, Netmeds, Myntra and Yatra
• Earn 5 points for every ₹100 spent on other online products and services.
• Get Cleartrip e-vouchers worth ₹2000 on crossing spending milestones of ₹1,00,000 and ₹2, 00,000
• Enjoy a complimentary Amazon gift voucher worth ₹500 after paying joining fee of the card
• Avail 1% waiver on fuel transactions between ₹500 to ₹3000 at any petrol station in India
• Enjoy an annual fee waiver of worth ₹499 after spending over ₹1 lakh in a year

3. HDFC Freedom credit card

Key features:

• Get 10X CashPoints on transactions with Big Basket, BookMyShow, OYO, Swiggy, and Uber (up to 2,500 CashPoints per month)
• Enjoy 5X CashPoints on EMI spends (up to 2,500 CashPoints per month)
• Avail 1 CashPoint for every ₹150 made on any other transactions not including fuel, wallet or vouchers
• Get 500 CashPoints on payment of joining and renewal fee
• Receive an annual fee waiver on completing an annual purchase of ₹50,000
• Enjoy 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000. You can get a maximum waiver of ₹250 per statement cycle.
• Avail up to 15% off on dining bills at over 2000+ restaurants and bars through Dineout membership

4.HDFC Diners Club Miles credit card

Key features:

• Get 4 reward points on every ₹150 spent at the stores.
• Each reward point = 1 air mile or Re. 0.50, which can be redeemed for partnered airlines including British Airways, InterMiles, KrisFlyer and Club Vistara
• Enjoy up to 15% off and other benefits at more than 1,400 restaurants worldwide
• Enjoy 6 complimentary visits to over 1000 lounges worldwide
• Avail an annual fee waiver after completing an expense of ₹ 1,00,000 in a single calendar year
• Receive concierge services for arranging airline tickets, accommodation, restaurants bookings and other services
• Enjoy ₹1 crore air accident cover
• Avail emergency medical coverage with a maximum limit of ₹25 lakh
• Receive credit liability cover of ₹ 9 lakh
• Get travel insurance cover of ₹50,000 for delay of baggage (up to 8 hours, $10 per hour maximum)

Eligibility criteria for credit cards for self employed individuals

Although the eligibility criteria varies as per lender’s policies and market condition, there is a general eligibility criteria which lenders usually follow:

• You must have a credit score above 750
• It is advisable that you have maintained a good repayment history and creditworthiness
• There is a minimum income criteria which is followed by lenders that you need to qualify
• Your age must be between 25 years and 60 years old

Credit cards are no more a luxury but have become a necessity in our day to day lives. However, before you sign up for one, it is crucial that you analyse your financial situation and whether you can really afford a credit card. With this you will be able to save yourself from any unwanted financial burden.

(Note:The list is indicative and not exhaustive)