Unemployed people can look into secured credit card options such as the Bank of America Unlimited Rewards Secured Card and Capital One Platinum Secured Card. These cards are easiest to obtain approval for, and don't require income proof. Although you will need to offer collateral, a secured loan is one of the easiest credit cards to obtain.
Minimum income requirements
You may wonder if you can qualify for credit cards if there are no jobs. You must have a higher income than the minimum requirements to be eligible for credit cards. For example, a credit card with a $1,000 credit limit won't be available to you if your monthly income is less than that amount. If you're unable to meet these income requirements, you can always list third-party income, such as income that you receive from a spouse or partner. If you have income from unemployment, credit card companies could allow you apply.
Many alternative credit cards have appeared on the market in recent years. These credit cards are often subject to income requirements and may have nontraditional underwriting guidelines. These cards are an excellent alternative for those who have low income and little credit.
Secured Credit Cards
A secured credit cards are a great way for you to rebuild your credit. While they do not require a credit review, they will require a deposit. A secured card's credit limit is equal to the amount of your deposit. If you have spent more, you might want to consider another card.
Secured credit cards have the advantage of reporting to credit bureaus. After a certain period, they can be upgraded to unsecured cards. This allows you to request a higher credit limit within 6 months. Although it is uncommon, you can get a higher credit limit than your security deposit.
Prepaid credit cards
Prepaid credit cards offer a convenient alternative for checking accounts. Prepaid cards are not linked to your credit score, unlike bank accounts. You can load your card by buying reload packages or cash at a local bank. Prepaid cards are also easier to use and safer than cash. By setting a limit to the card's amount, you can control how much cash you spend.
Some cards can be issued by banks, others by government agencies. Some cards aren't as secure as traditional banks. Some cards also offer additional tools that may prove to be useful if you don't know what they are. You may also have to pay fees for certain transactions. It is important that you carefully read and understand all terms before signing up to one of these prepaid card for unemployed.
Other credit cards
Obtaining a credit card can be a difficult process for the unemployed, but there are many options available for people in this position. Alternative credit cards for the unemployed are designed for individuals who have a solid credit history, but are without a steady source of income. There are options for those who have lost their job due to a career switch, a company restructuring, and/or redundancy.
Alternative credit cards are offered by many banks to those who do not have access to traditional credit cards. These cards let people load money on them without using a debit or credit card. They can then use them wherever credit cards are accepted. They are not free and do not have a debit option.
0% introductory APR credit cards
You might be able to get a 0% introductory credit card, even if your income is low. These cards typically come with no annual fee and can be used to make new purchases or balance transfers. However, you should make sure to compare offers from several credit card issuers before committing to a card. Some offers are only valid for a limited time and may not be available in your area.
Check the interest rates carefully before you apply to a 0% intro APR credit card. You should pay your balance off as soon as you can, as most cards have high interest rates. Use a credit card calculator to compare the different offers.