Unemployed people should look for secured credit cards, such as the Bank of America Unlimited Cash Rewards Secured Credit Card and the Capital One Platinum Secured Credit Card. These cards are the easiest to be approved for and don't require income verification. Although you will need to offer collateral, a secured loan is one of the easiest credit cards to obtain.
Minimum income requirements
In some cases, it may be difficult to determine if you qualify for a card if your income is not sufficient. You must have a higher income than the minimum requirements to be eligible for credit cards. If your monthly income exceeds $1,000, a credit-card with a $1,000 credit amount won't be possible to you. If you don't have the income required, you can always list income from third parties such as your spouse, partner, or other sources. You may be able to apply for credit cards if you are receiving income from unemployment benefits.
Numerous alternative credit cards have been introduced to the market in recent times. These credit cards often require income requirements and have 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 card can help you rebuild your credit. They do not require a credit check, but they do require a deposit. 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.
Secured credit cards have the advantage of reporting to credit bureaus. After a certain period, they can be upgraded to unsecured cards. This will allow you to apply within six months for a higher credit limit. You can even obtain a higher limit than your security deposit, although it is rare.
Prepaid credit card
Prepaid credit cards are a convenient alternative to checking accounts. Unlike bank accounts, prepaid cards do not affect your credit score. You can load your card with cash at a local store or by purchasing reload packs. Prepaid cards are also easier to use and safer than cash. A limit can be set on your card balance to control how much you spend.
Some cards may be issued by banks. Others by government agencies. Some cards are less secure that those issued by traditional bank branches. 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 is important that you carefully read and understand all terms before signing up to one of these prepaid card for unemployed.
You can also get alternative credit cards
For those without a job, getting a credit card can be challenging. But there are many options. Alternative credit cards are available for those who do not have steady income but have good credit. There are many options available to you whether your job has been lost due to a career move, 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 can be loaded with money without using a credit card. They can then use them wherever credit cards are accepted. They are not free and do not have a debit option.
Get 0% off your first credit card with an introductory APR
Consider applying for a credit card with 0% introductory APR if you're unemployed or struggling to pay your bills. These cards usually come with no annual fees and can be used to make new purchases as well as balance transfers. You should compare the offers from different credit card issuers before you sign up for a card. Some offers may not be available in your region and are only valid for a short time.
If you apply for a credit card with 0% APR, be sure to carefully review the interest rates. High regular interest rates are common on credit cards. Make sure to pay your balance in full. You can compare the various offers by using a credit card calculator.