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 require no income proof and are easy to get approved for. Although you'll need to put up some collateral, a secured card is one of the simplest credit cards to get approved for.
Minimum income requirements
If you're unemployed, you may be wondering if you'll qualify for a credit card. In order to qualify for a credit card, you must have an income higher than the minimum income requirements. 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 receive unemployment benefits income, credit card companies may allow you to apply.
In recent years there have been many alternatives to traditional credit cards. These credit card options often have income requirements and non-traditional underwriting policy. These cards offer a great option for those with limited income and poor credit ratings.
Secured credit card
A secured credit card is an excellent way to rebuild your credit. A deposit is required in order to obtain a secured credit card. The credit limit of a secured account is typically equal to the deposit amount. You may consider switching cards if you are spending more than that.
One of the advantages of secured credit card is that they report to credit bureaus. You can even upgrade to an unsecured card after a certain time. This gives you the opportunity to apply for a greater credit limit in as little time as six months. You can even obtain a higher limit than your security deposit, although it is rare.
Prepaid credit cards
Prepaid credit cards offer a convenient alternative for checking accounts. Prepaid cards don't affect your credit score like bank accounts. You can either load your card with cash at the local store or buy reload packets. Prepaid cards are easier to use than cash and are more secure than cash. By setting a limit to the card's amount, you can control how much cash you spend.
Banks issue some cards, while government agencies issue others. Some cards may not be as secure as cards issued by traditional banks. You might also find that some cards have additional tools that can prove helpful, especially if your aren't familiar with them. Transactions may require fees. It's important to check all terms and conditions before you sign up for one of these prepaid cards for unemployed.
Alternative credit cards
Unemployed people may find it difficult to get a credit card. However, there are many options. Alternative credit cards for the unemployed are designed for individuals who have a solid credit history, but are without a steady source of income. Whether you've lost your job due to a career change, a company restructuring, or a redundancy, there are options available for you.
Many banks offer alternative credit card options for people who don't have traditional credit cards. These cards allow users to add money to them without the use of a debitcard. They can use them anywhere credit cards will accept. They are not free and do not have a debit option.
Credit cards at 0% introductory rate
Apply for a 0% APR credit card if you are unemployed and have trouble paying your bills. These cards come with no annual fees, can be used to make purchases and transfer balances. You should compare the offers from different credit card issuers before you sign up for a card. Some offers are only valid for a limited time and may not be available in your area.
Make sure you carefully review the interest rate information before applying for a card with 0% introductory APR. The majority of cards have high regular rates of interest, so you should make sure that your balance is paid off promptly. A credit card calculator can help you compare the different offers.