Can I Get a Credit Card If I’m Unemployed?

Obtaining a credit card has a name for being the most difficult issue for an unemployed person. Most issuers need income verification to make sure you can pay your bills. But not being employed does not mean you cannot have a credit card. There are various ways you can get a credit card even without a regular job to have instant funds.

Banks won’t just consider salary while deciding to approve credit cards. In case you have any other types of income, you may still qualify. Other acceptable sources include:

• Rental income from property
• Income from freelance jobs or contracts
• Return from investment; dividends
• Pensions or retirement funds
• Support from a spouse or family

Providing relevant documentation for these incomes can strengthen your case for approval.

Secured credit cards would typically be an easy option for unemployed credit applicants. The cards require you to deposit a specified amount for security. The credit limit is usually fixed to the deposit amount. As the banks have security in this mechanism, the chances are higher for your application to be approved fast.

This option builds good credit scores, thus benefiting you in the future for an unsecured card should your situation be better financially.

If someone close to you, a parent or spouse has a credit card, he can request an add-on card or supplementary card for you. The primary cardholder is liable to make repayments, but you get a separate card to use.

This is one of the easiest pathways to credit access with no job. However, make sure that the primary cardholder has a clean credit record.

If you are mainly concerned about accessing money for some urgent need, you could also consider instant funding options. Some digital wallets and financial platforms provide some options in the form of prepaid credit cards or instant loans. While these do not act exactly like a traditional credit card, they enable you to make online or in-store payments.

Prepaid cards require loading actual money first, which can be considered almost free of risk, and thus accepted on a wide scale.

While applying for a credit card, your credit score would matter greatly in the case of unemployment. A good credit score makes banks think that you are a responsible borrower. Here are some of the things you can do to improve your score or maintain it:

• Pay existing bills and loans on time.
• Keep a low credit utilization
• Avoid making applications for more loans or credit cards in a short period.
• Check for errors on your credit report.

If you possess a good credit score, some banks might approve your application without a steady source of income.

Being unemployed does not mean that one does not have credit card eligibility. One can still benefit from the credit card by using options like secured cards, income sources, add-on cards, or prepaid cards. The caveat is that the credit given must be used wisely, and repayments must be made without any trouble to remain afloat in the future.

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