Getting approved for low income credit cards does not have to be challenging. Once you know which cards you meet the criteria for all you have to do is apply for them. In some cases you may need to reduce your monthly expenses in order to gain approval.
Low income credit cards can be a very good thing for those people who have a small income but still want the convenience that comes with credit card ownership. It is nearly impossible to get through life without a credit card in your wallet. Even people on a tight budget want or need to make on line purchases or reservations, which can often only be done with a card. Owning a credit card has become a necessity. Do not think that your income is too low for most credit cards, there are some specifically made to suit your financial constraints.
Low Income Credit Card
The ANZ Low Rate credit card is a simple low rate credit card for making everyday purchases on. It features a low ongoing rate on purchases, a low balance transfer offer and a low annual fee. Minimum income for credit card application is $15,000 per annum.
- $58 p.a. annual fee
- 13.49% p.a. on purchases
- 0% p.a. for 12 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- Up to 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
Low income credit cards with a minimum $15,000 income
If you are concerned that you might still not meet the criteria for low income credit cards you may not be looking at your income in the right way. It is illegal to lie about your income in order to get a line of credit, so you should always be truthful. That said it is important that you include any income in ways that you do not realize.
- Apply jointly with your spouse – Credit cards are offered based on household income. If you and your spouse apply together you will likely meet the minimum requirements.
- Understand your debt ratio – If it is high, meaning you spend almost all of the money you make you are a risk for the credit card issuer. Try to eliminate some of your expenses in order to improve this number.
- Make more money – Taking on extra work in the form of a second job or even odd jobs like mowing lawns or childcare can help to boost your household income. If you already do these things be sure to include them in your credit card application.
- Open a cheque account – Even low income credit card issuers look favorably on someone who is able to maintain a cheque account. To further increase your chances open a savings account too.
Low income credit cards are available. You simply have to find the one that is best for you. It may mean paying off some debts or reducing your expenses in order to gain approval. But, once it is done you will have the convenience of credit card use while also establishing a good credit file.