How to get a credit card if you don’t have a job

Get A Credit Card If You Don’t Have A Job

In the modern and contemporary world of today, a credit card has become one of the most important things to have. Many financial institutions or banks ask for proof of employment before approving your credit card request. Thus, it becomes a bit difficult for many self-employed or unemployed people out there to obtain a credit card. But, fortunately, it is not completely impossible. There are a few ways to get a credit card if you don’t have a job.

Here are some of the few ways how to get a credit card if you don’t have a job:

  1. Showing proof of income: 

To get a credit card, income is more important than the job. If you do not have a job, you can still as much eligible to apply for a credit card. You just need to have a substantial inflow of money into your account. You will need to submit the proof of income to the bank with your credit card request. The income could be from royalty, business profits, child support, or even alimony. Some banks may also ask you for records of the income tax returns.

  1. Credit card for students:

Students studying in any college or university are also eligible to apply for a credit card. However, they need to have a trust fund, an investment, or some financial assets in order to qualify for this. There are some banks out there that could be willing to give you a credit card if you already have an existing account with them with sufficient funds. It is best to review the student credit card offers available with various banks and then choose the one that sounds more apt for you.

  1. With the help of a co-signer

A co-signer is basically a guarantor who has good credit. When the co-signer approves you to get a credit card, then he or she becomes equally responsible for payments like you. In the event of payment default, it also affects the credit score of the co-signer. Usually, only guardians or parents are considered as co-signers by the banks out there. However, there are some banks that may accept a co-signer who does not have any relation with you as well.

  1. Applying for a secured credit card

If you do not have a job or if you are self-employed, you still can get a secured credit card. For this, you will just need to have enough funds available. The fund works as collateral against the credit lines. This amount acts in the form of a security deposit for your credit card. In the event of failure to make the payment for the balance, the amount will get deducted from the security deposit. 

A credit card is equal to easy money. But you must need to keep in mind that it can lead you straight into a debt trap if you are not careful enough. A credit card can only be of help if you use it judiciously manner.