Unemployed persons should consider secured credit cards such the Bank of America Unlimitted Cash Rewards Secured Card, and the Capital One Platinum Secured Card. These cards are easiest to obtain approval for, and don't require income proof. 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
You may wonder if you can qualify for credit cards if there are no jobs. In order to qualify for a credit card, you must have an income higher than the minimum income requirements. For example, a creditcard with a $1,000 limit will not be available to someone whose monthly income is lower than this 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.
In recent years, many alternative credit cards entered the market. These credit cards require income requirements and are subject to nontraditional underwriting policies. These types of cards are a good alternative for people with limited income and a lack of credit.
Secured credit cards
A secured credit card can be a great way to improve your credit score. A deposit is required, although they don't need to be approved. 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 many benefits of secured credit is that they can report to credit agencies and can even be upgraded after a specified period to an unsecured card. This allows you to request a higher credit limit within 6 months. However, it is not common to receive a higher credit limit than what you have already secured with your security deposit.
Prepaid credit cards
Prepaid credit cards are a convenient alternative to checking accounts. Prepaid cards are not linked to your credit score, unlike bank accounts. You can load your card with cash at a local store or by purchasing reload packs. Prepaid cards are safer and easier than cash. One advantage is that you can set a limit on how much money you spend.
Some cards can be issued by banks, others by government agencies. Some cards are less secure than those issued by banks. You might also find that some cards have additional tools that can prove helpful, especially if your aren't familiar with them. You may also have to pay fees for certain transactions. It's important to check all terms and conditions before you sign up for one of these prepaid cards for unemployed.
There are other credit options
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 many options for you, regardless of whether you have lost your job because of a career shift, company restructuring, 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. These cards have the downside of having fees and no debit option. However, they can still be a great choice for people who don't already have credit cards.
Cardholders can get a 0% introductory APR credit card
Consider applying for a credit card with 0% introductory APR if you're unemployed or struggling to pay your bills. These cards typically come with no annual fee and can be used to make new purchases or balance transfers. Before you commit to any credit card, it is important to compare the offers of different card issuers. Some offers may not be available in your region and are only valid for a short time.
Check the interest rates carefully before you apply to a 0% intro APR credit card. 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.