How to get credit card with no source of income has been a widely sought after information. Do you lack sufficient funds, making it difficult for you to obtain a credit card? Are you interested in finding out how to apply for a credit card without a job? In this article, we’ll cover all the options surrounding securing a credit card as an individual without a job.
Understanding the Requirements
Let’s first discuss the normal requirements for obtaining a credit card before moving on to how to get one without a source of income.
1. Minimum Age: To successfully apply for a credit card, you must be at least 18 years old in some countries and 21 years old in some like Singapore.
2. Minimum Income: You are not obliged to have a minimum income before being eligible to get a Credit card in many countries but different credit card providers will have different requirements. Some might specify you must have an income of more than £7,500, for example.
How To Get Credit Card With No Source of Income
It is simpler to obtain a credit card if you have a steady source of income, but it is still feasible to do so without one. Here are a few methods:
1. Secured Credit Card
A secured credit card is an option for those with no source of income. One secured credit card that doesn’t demand a credit or employment check is the OpenSky® Secured Visa® Credit Card. Although there is a minor yearly fee with this card, the interest rate is competitive.
2. Prepaid Credit Card
Another choice for people without a job is a prepaid credit card. You must deposit funds into this kind of credit card before you may use it. Since it functions similarly to a debit card, you can use it to raise your credit score.
3. Authorized User
Adding yourself as an authorized user on someone else’s credit card account is another choice of how to use credit card with no source of income. You can use a family member’s or friend’s credit card as if it were your own if they agree to add you as an authorized user. But remember that the principal cardholder is in charge of payments and has an impact on your credit score.
Conclusion
It can be difficult to obtain a credit card when there is no income, but there are still options. Some options for obtaining a credit card without a steady source of income include a secured credit card, adding your name as an authorized user, and a prepaid credit card. But it’s important that you understand the rules of each credit card and make sure you can pay your bills on time.
FAQs on How To Get Credit Card With No Source of Income
1. Can I get a credit card if I have no job?
Yes, you can obtain a credit card despite being unemployed or with no job. Among the choices are a prepaid credit card, a secured credit card, and adding an authorized user.
2. Is it possible to get a credit card without a minimum income?
You can obtain a credit card without meeting a minimum income requirement. Some credit cards feature lower income restrictions for those in their twenties and thirties who are working.
3. What are some requirements to get a credit card?
Most credit cards require you to be at least 21 years old and have a minimum annual income in order to help build their Credit Score.
4. What are some credit cards that don’t require proof of income?
The widely known OpenSky Secured Visa Credit Card is one of the few cards that does not require an employment check or credit check, making it the ideal credit card for those with no income.