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Unable to get a Credit Card. Any suggestions?

Author Topic: Unable to get a Credit Card. Any suggestions?

Kumar

  • Member
Hi Folks,

I think I have run into a wall here.

Our banks don't issue Credit Cards easily to self-employed or new businesses.

Since I didn't have a lot of transactions in my bank account, my credit card application has been rejected.

I do have an existing card with a $400 credit limit (procured it by attaching it to a time (aka term) deposit), but with such a small limit, I'll have to keep paying the credit card bill as soon as my supplier bills me for a product (or two), to bring the credit limit back to the original.

Same issue paying suppliers with Paypal as well, as Indian users can only pay using Paypal via their credit card (not thru Paypal balance).

Has anyone run into such a problem? Is there a workaround?

Thanks!

Coach

  • Coach
  • Posts: 3,020
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Hmm, this is a tricky situation. It's hard to give someone in India advice because everything is so different there when compared to the US. Here are a few ideas:

1. Can you get a VISA or MASTERCARD debit card for your checking account? It would only give you access to your checking account balance, but that would probably be better than a $400 limit credit card.

2. Here's a list of VISA card issuing banks in India.

3. If all else fails, look into pre-paid Visa or MasterCard credit cards.

Kumar

  • Member
Hmm, this is a tricky situation. It's hard to give someone in India advice because everything is so different there when compared to the US. Here are a few ideas:

1. Can you get a VISA or MASTERCARD debit card for your checking account? It would only give you access to your checking account balance, but that would probably be better than a $400 limit credit card.

2. Here's a list of VISA card issuing banks in India.

3. If all else fails, look into pre-paid Visa or MasterCard credit cards.

Hi Dave,

Thanks for the response.

I do have a VISA debit card that came with my Checking Account. Not sure how it helps though with the credit limit. Are you saying I can have the supplier bill me with my debit card?

I'll check into pre-paid cards as well, and report back.

Appreciate you researching and posting the link to VISA card issuing banks here.

Thanks!

Coach

  • Coach
  • Posts: 3,020
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Debit cards shouldn't have credit limits. The only limit on a debit card should be the amount that you have in your checking account to back it.

Kumar

  • Member
Yep, I understand that.

What I meant to ask was how would a debit card help in paying the supplier. Can he charge my debit card in the same way he can charge a credit card? Not sure of that.

cindymoynat

  • Member
Yep, I understand that.

What I meant to ask was how would a debit card help in paying the supplier. Can he charge my debit card in the same way he can charge a credit card? Not sure of that.

Yes. That's what they do....my suppliers charge my debit cards. Also, paypal can issue a debit card that can be used in the same way....I don't know if the same rules apply for paypal in India, though

Cindy

RobMan

  • Member
Kumar,

I, like many other drop ship retailers, use my company Visa DEBIT card to pay my suppliers. I don't ever use a credit card.

A debit card is different to a credit card in that, when using a debit card, the funds must be there in your bank account.

Every supplier is happy to use your debit card. Also, there should be no limit on the card as long as you have funds in your bank, though I can't 100% be sure as I don't know your details.

If you're worry about cash flow; just make sure that your customer payment has reached your bank account before you place the order through to your supplier.

Robert

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