Banks will usually ask you to provide income proof documents when you apply for a credit card. However, not all customers can meet this requirement, so credit cards that don't require proof of income are also available. To help more customers hold credit cards, banks have different policies to help customers apply for credit cards without proof of income.
Normally, a credit card application requires you to provide complete personal information, of which proof of income is the most important, and a basic necessity for opening a credit card.
Specifically, HSBC will ask you for bank statements showing your last 3 months of salary (or 6 months for salary with commission) if you're a salaried employee. Also, your minimum monthly net income should be VND 6 million for Vietnamese customers and VND 15 million for foreign customers.
So if your income from work is difficult to prove or irregular, because you're a freelancer or a small business owner, for example, you may have difficulty applying for a credit card for personal spending.
For this reason, banks have different policies for customers who want to open a credit card without proof of income.
HSBC still supports customers to open VISA and Mastercard credit cards without proof of income. Incentive programs when opening the card, features and incentives when using the card remain the same as a regular unsecured credit card (proved by income).
Here are the different ways you can apply for a credit card without proof of income, and details of how you become eligible for each option.
Applying for an HSBC supplementary credit card is also a good choice other way when you can't provide income proof but you love enjoying our exclusive promotions, cashback or reward programs.
What is a secured credit card?
A secured credit card, also known as a mortgage credit card, requires you to have a savings account at HSBC, which will be used as collateral for future credit card payments. This is one of the most popular ways for customers to get a credit card without proof of income.
HSBC policy stipulates the amount in your savings account should be 120% of your desired credit limit. You can use VND or foreign currency to deposit. The minimum amount is VND 10.8 million or USD 1,000 (or the equivalent in another foreign currency).
You will still receive interest on your savings as usual.
The credit limit on your secured credit card
The credit limit of a secured credit card will depend on the minimum amount you deposit as savings, which will vary from card to card. For example:
Find out more: What is a credit limit?
If you want to apply for a secured credit card at HSBC, you just need be 18 years old or older (for primary cardholders) or 15 years old or older (for supplementary cardholders whose father or mother is the primary cardholder) and have an identity card or citizen identification.
If you're a foreigner, you need to have had a residence permit in Vietnam for at least 12 consecutive months when you apply to open a secured credit card.
Sign up for advice on opening a secured credit card to receive a cashback offer worth up to VND 1.8 million.
What is a supplementary credit card?
A supplementary credit card is basically an additional credit card that is issued under the primary credit card. Depending on the bank, the primary cardholder can give a supplementary credit card to an authorized user, who can be a direct family member (parent, child, sibling), spouse, or even a trusted friend.
HSBC credit cardholders can only give supplementary credit cards to first degree relatives - i.e immediate family members including spouse, children, parents and siblings. The number of HSBC supplementary cards that can be issued under the primary card is capped at 4.
You could suggest someone in your family signs up for a credit card (if they're qualified) and then registers you as a supplementary cardholder. They can apply for an HSBC supplementary credit card at the same time as the primary card or after the primary card is issued. Supplementary cards have the following benefits:
Your supplementary credit card's credit limit
HSBC supplementary credit cards don't have a separate credit limit - they share the credit limit of the primary card.
This means that you can't decide your credit card limit or card type, which will depend on the primary cardholder.
For example, an HSBC Visa Cash Back primary card was issued with a supplementary card. The main card limit is VND 50 million shared for both primary and supplementary cards. If the primary card has already used VND 30 million, the supplementary card can only continue to use the remaining VND 20 million of the credit limit.
One thing you need to keep in mind is that all your transactions on the secondary card will be recorded on the same statement as the primary card. This makes it easier to track spending on the card.
If you want to apply for a supplementary credit card at HSBC, you must be:
If you're a foreigner, you need to have had a residence permit in Vietnam for at least 12 consecutive months when applying.
At HSBC, you may get an HSBC Premier World Mastercard® Credit Card with a credit limit of VND 200 million without proof of income, with free of annual fee for both primary and supplementary cards and enjoy unlimited experiences exclusively for HSBC Premier customers.
Unlike a secured credit card, you can do banking transactions on your Premier account balance normally.
To apply for the HSBC Premier World Mastercard® Credit Card without proof of income, you must:
Read and understand more about the fees and charges for Premier customers.
Some banks now allow you to use a life insurance policy to open a credit card without proof of income. With this method, your life insurance policy will be considered as collateral to open the credit card.
Currently, some banks allow you to open a credit card without proof of income by using another bank's credit card. With this method, the bank will issue a credit card with a credit limit based on the other bank's credit card you already own.
For a secured credit card at HSBC, you'll be able to open a credit card without proof of income with the same regulations on interest rates, annual fees, and late payment fees as regular credit cards.
For the HSBC supplementary credit card, the primary cardholder will incur an additional annual fee for the supplementary card. This annual fee will vary from year two onwards depending on the type of credit card. Interest rates and late payment fees for HSBC supplementary credit cards are the same as for primary cards and paying the credit card balance will be the responsibility of the primary cardholder.
After receiving your online request, our bank staff will contact you and discuss necessary information to open a secured credit card such as:
You would save much time when going to our branches for opening account and making deposits.
Apply quickly so you don't miss HSBC's cashback offer worth up to VND 1.8 million!
For the supplementary credit card, you can register for it at the same time as the primary card or after the primary card has been issued by following these steps:
Apply for a supplementary credit card after the primary credit card has been issued
Apply for a primary credit card and a supplementary credit card at the same time
Method 1: Complete and submit the full credit card application online with details of the supplementary cardholder in the Supplementary Credit Card Registration section.
Find out more: How to apply for an HSBC credit card online
We hope the article helps you to understand about applying for a credit card without proof of income. Remember that whether it's a regular credit card or a credit card that doesn't require proof of income, it's important to understand the fees, benefits, and to determine which is the best option for you.