October 17, 2024 · 11 mins read
Santosh Kumar
In our modern world, financial independence is necessary for all women, even homemakers managing their families. A great way of enjoying financial advantages, even without having a traditional source of income, is to own a credit card. Having a credit card allows housewives to manage their household finances in a better way, build a credit history and enjoy many other benefits. This article will explore everything housewives need to know about credit cards, from eligibility and benefits to tips on managing credit smartly.
Credit Cards for housewives are useful to cater to their specific financial needs and spending habits. They offer them a range of credit options and easy access to funds even if they do not have a traditional and regular source of income. Owning a credit card is like a tool in their hands to manage their household finances better and more easily. Credit cards for housewives empower them financially and offer them additional benefits such as rewards, cashbacks, discounts, etc, to increase savings and optimize spending. This is also a great way for homemakers to build a credit history.
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There are multiple benefits that housewives get to enjoy if they own a credit card tailored especially to meet their specific financial needs. Let us take a look at what advantages homemakers get if they own a credit card:
1. Build a Credit History: Building a credit score is essential for many financial needs, such as getting a loan. Having a credit card gives housewives the ability to build a credit history without having a job or another source of income.
2. Financial Independence: Housewives are often the ones with the responsibility of managing household finances. This is why having a credit card is beneficial and an absolute necessity for them to gain autonomy over financial decisions.
3. Better Expense Management: With access to a credit card, housewives can more freely make the needed expenses such as groceries, utility bills or even online shopping. A credit card allows them to spend money more confidently and manage their expenses better. Since many credit cards have flexible repayment options, housewives can manage budgets without straining household finances.
4. Enjoy Exclusive Offers: Many credit cards offer customers extra benefits such as reward points, discounts, cashback, etc. Therefore, housewives can make spending beneficial by owning a credit card.
5. Emergency Funds: Life is extremely unpredictable, and unexpected expenses can sometimes arise. Having a credit card acts like a safety net for homemakers in such a situation when they have an urgent requirement for money.
6. No Income Requirement: Some banks offer housewives add-on or supplementary cards tied to their spouse's primary card, allowing them to enjoy credit benefits without meeting income requirements.
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Banks offer different types of credit cards to their customers. Each of these cards comes with its benefits. Here are some types of credit cards that are the most beneficial for housewives, keeping in mind their specific financial needs and spending habits:
Add-on/supplementary cards: Many banks allow housewives to get a supplementary or add-on credit card and their spouse's primary credit card. The biggest benefit of a supplementary credit card is that no minimum income requirement is attached.
1. Secured Credit Cards: Unlike an add-on credit card, a secured credit card means that the housewife herself is the primary cardholder. Housewives can apply for a secured credit card by placing a fixed deposit as collateral. The benefit associated with a secured credit card is that housewives can build a credit history without a regular source of income because the credit limit will be linked to their fixed deposit.
2. Cashback Credit Cards: As the name suggests, cashback credit cards offer the card holders some part of the spending back. This may be as direct cash credit, redeemable reward points, etc. Housewives can choose a cashback credit card that offers value-back on their preferred categories, such as groceries, utility, dining, etc.
3. Rewards Credit Cards: Reward point credit cards are great for housewives because they offer reward points on online and offline shopping for various items. The reward points are an amazing way of increasing your savings. Travel and dining are some popular categories other than shopping to earn reward points.
4. Retail Store Credit Cards: Housewives can opt for retail store credit cards linked to popular stores and enjoy multiple benefits while shopping for several things. These credit cards bring advantages such as exclusive discounts and offers, early access to sales, higher credit limits, etc., making shopping a rewarding experience.
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Now that you are aware of the multiple benefits that housewives get to enjoy with a credit card and the types of credit cards that they can opt for let us discuss some of the best credit cards for housewives being offered by various banks:
The FIRST WOW! Credit Card by IDFC Bank is a great option for housewives because of their range of benefits.
1. Homemakers do not need a credit history or income proof to apply for the FIRST WOW! credit card.
2. Enjoy discounts across 300+ merchants and 1500+ restaurants
3. No annual or joining fee
4. Credit limit of at least 100% of FD Value
5. 4 x Reward points + 7.25% interest on FD
6. Up to 100% ATM withdrawal limit of FD Value
7. 0% interest on cash withdrawals for 45 days
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Axis Bank offers wonderful benefits to housewives who get a credit card, be it an add-on card with their spouse as the primary cardholder or a secured card where they themselves are the primary card holder. Here's a list of all the features of the Axis Bank credit card for housewives:
1. No income proof or credit history required: This perk makes the Axis Bank credit card desirable for homemakers who do not have a regular source of income, as it makes the application process easier and allows them to build a credit score.
2. Assured Credit Limit: If you opt for an add-on card with your spouse, you can still enjoy the same credit limit as the primary card holder. The EMV Chip technology protects against unauthorized use of your card.
3. Credit Shield Protection: With this feature, both you and the primary cardholder can feel secure and relaxed as it protects against theft and fraud.
4. Discounts, Reward Points and Cashback: With the Axis Bank Credit Card, housewives can enjoy reward points on groceries and dining, which they can redeem for exclusive gifts and offers. The card also brings you discounts at more than 300 merchants and 20% discounts across more than 1500 restaurants. The reward points might also be used for cashback against outstanding amounts on their credit cards.
Most often, housewives are responsible for all the shopping for their households. Therefore the SBI SimplyCLICK Credit Card will come in handy. It is a shopping credit card, accepted worldwide and comes with the following perks:
1. Increased Reward Points: Since this is a shopping credit card, it offers cardholders ten times more reward points if they shop at partner websites.
2. Utility Bill Payment: With the easy Bill Pay facility on the SBI SimplyCLICK Credit Card it is now easy to make payments for bills of electricity, mobile, telephone, etc.
3. Easy Conversion to EMI: With their Flexipay option, you can easily convert any purchase above Rs. 2,500 into an EMI.
4. Cash Facility: The card offers over Rs. 1 million cash withdrawals across the world through Visa or MasterCard.
5. Milestone Rewards: The SBI SimplyCLICK Credit Card offers the cardholders Cleartrip e-vouchers worth Rs. 2,000 each on spending Rs 1lakh and Rs 2 lakh annually.
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The HDFC Bank Solitaire Credit Card is made exclusively for women and brings them exciting offers that help them increase savings and optimize their spending. Here are some features that will excite housewives:
1. Best Reward Points Experience: With the HDFC Solitaire Card you earn reward points on spending on groceries and restaurants and can convert these points to cash at the rate of Rs. 20 per 100 points, making shopping extremely rewarding. What is also great is that these reward points are valid for a long period of 2 years, so you can use them at your convenience.
2. Zero Liability if Lost: The card offers the housewives a safety net in case they ever lose it. If you immediately report the loss to the bank, you carry no liability for any fraudulent transactions.
3. Other Benefits: Housewives get free shopping vouchers every year and attractive travel benefits. The card also lets you enjoy a fuel surcharge waiver of upto Rs. 250 every billing cycle.
Another great shopping credit card for housewives is the Kotak Essentia Platinum Credit Card, designed to keep the smart shopper in mind. With this card, you can enjoy increased savings and exciting offers.
1. Savings on Purchase of Essential Household Items: For housewives who shop for groceries and other household essentials, this card is a great way of making purchases while staying within budget because Essentia gives you 10 saving points for every purchase of Rs. 100 at Departmental and Grocery stores. These saving points can be redeemed for cash.
**2. Redemption Options with the Milestone Feature: **On spending Rs. 1,25,000 every 6 months you can either enjoy 6 free PVR tickets or 12000 reward points that can be used for various options such as air tickets, movie tickets, mobile recharge or branded merchandise.
3. Other Benefits: The Essentia card offers reward points on purchases in categories other than departmental and grocery. Cardholders can enjoy many other offers on both online and offline shopping.
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Housewives should consider getting a credit card as it empowers them financially and makes the process of managing household expenses easier and more rewarding. Options like secured credit cards or add-on cards ensure that housewives without a regular income can also enjoy the benefits of a credit card. By choosing the right card, using it responsibly, and managing payments on time, housewives can not only ease financial management but also build a strong credit history for the future.
1. Can a housewife get a credit card without proof of income?
Yes, housewives can get credit cards without income proof. This can be done by opting for an add-on card linked to their spouse's card or getting a secured card backed by a fixed deposit. The latter allows you to be the primary cardholder.
2. What are the eligibility criteria for housewives to get a credit card?
Eligibility depends on the card type. For add-on cards, housewives can apply with their spouse’s account. For secured cards, they need a fixed deposit. Some credit cards also have minimal income requirements or offer eligibility based on financial assets.
3. What are the benefits of a credit card for housewives?
Credit cards provide housewives with financial independence and the ability to increase their savings. With offers like reward points and cashback, housewives can easily manage shopping while staying within their budget.
4. Which Credit Card can I get without any income?
There are a lot of banks that offer credit cards to housewives who have no source of income. You can either get a secured card by backing it with a fixed deposit or get a supplementary card with your spouse as the primary cardholder.
5. Which credit card is best for shopping for housewives?
Many credit cards are specially tailored to meet the shopping requirements of housewives. Some of these include cards like the SBI SimplyCLICK credit card and Kotak Essentia Platinum credit card, which offer amazing cashback and beneficial reward points.
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