Short Review of Best Credit Cards for Low Income
| Name | Best for | Balance Transfer APR | Fees for Balance Transfer | Intro Balance TransferAPR | Reward Rate | Apply |
|---|
Capital One Platinum Credit Card | Without SSN | 29.99% | 4% of the amount of each transferred balance that posts to your account. None for balances transferred at the Transfer APR. Balance Transfer Fee applies to balances transferred at a promotional rate | None | This card doesn't offer cash back, miles or points. | Learn more on our partner’s site |
Capital One QuicksilverOne Cash Rewards Credit Card | Fair credit | 29.99% | 4% of the amount of each transferred balance that posts to your account. None for balances transferred at the Transfer APR. Balance Transfer Fee applies to balances transferred at a promotional rate. | None | 1.5% Cash Back on every purchase. | Learn more on our partner’s site |
Upgrade Cash Rewards Visa® | Good credit score | 14.99% - 29.99% | Up to 5% | None | 1.5% Cash Back on payments. | Apply now On Upgrade‘s website |
Capital One Platinum Secured Credit Card | Single mom, Without SSN | 29.99% | 4% of the amount of each transferred balance that posts to your account at a promotional APR. None for balances transferred at the Transfer APR. Balance Transfer Fee applies to balances transferred at a promotional rate | None | This card doesn't offer cash back, miles or points. | Learn more on our partner’s site |
FIT™ Platinum Mastercard® | Unsecured | | | None | This card doesn't offer cash back, miles or points. | Apply now On Continental Finance site |
Upgrade Triple Cash Rewards Visa® | Low income | 14.99% - 29.99% | Up to 5% | None | 3% Cash Back on Home, Auto and Health categories.1% Cash Back on everything else. | Apply now On Upgrade‘s website |
Celtic Bank Surge® Platinum Mastercard® | Walmart purchases | | | None | This card doesn't offer cash back, miles or points. | Apply now On Celtic Bank‘s site |
Celtic Bank Reflex® Platinum Mastercard® | Unsecured | | | None | This card doesn't offer cash back, miles or points. | Apply now On Celtic Bank‘s site |
| | | | None | 1% Cash Back on all purchases. | Apply now On the Total Visa® Card secure website |
| Unsecured | | | None | This card doesn't offer cash back, miles or points. | Apply now On Milestone Mastercard® website |
Applied Bank® Secured Visa® Gold Preferred® Credit Card | 18 year old | | | None | This card doesn't offer cash back, miles or points. | Apply now On Applied Bank®‘s site |
First Progress Platinum Prestige Mastercard® Secured Credit Card | | | | None | 1% Cash Back rewards on payments. | Apply now On First Progress’s site |
Merrick Bank Secured Credit Card | | | | None | This card doesn't offer cash back, miles or points. | Apply now On Merrick Bank‘s site |
First Progress Platinum Select Mastercard® Secured Credit Card | | | | None | 1% Cash Back on payments made to your First Progress Secured credit card account. | Apply now On First Progress’s site |
First Electronic Bank Destiny® Mastercard® | Unsecured | | | None | This card doesn't offer cash back, miles or points. | Apply now On First Electronic Bank‘s site |
Bank of America Cash Rewards | Gas | 19.24% - 29.24% | Either $10 or 3% of the amount of each transaction, whichever is greater | 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account | 3% Cash Back rewards in a selected purchase category.2% Cash Back at grocery stores and wholesale clubs.1% Cash Back on all other purchases. | Learn more |
| Cash Back, 0 APR, No Annual Fee, Daily use | 20.49% - 29.24% | Either $5 or 5% of the amount of each transfer, whichever is greater | 0% Intro APR for the first 15 months that your Account is open | 5% Cash Back on up to $1,500 on combined purchases in bonus categories each quarter you activate.5% Cash Back on travel purchased through Chase Ultimate Rewards.3% Cash Back on dining at restaurants, including takeout and eligible delivery services.3% Cash Back on drugstore purchases.1% Cash Back on all other purchases. | Learn more |
| Cash Back, No Annual Fee, Daily use | 19.24% - 29.24% | Either $5 or 3% of the amount of each transfer, whichever is greater | 0% APR for 18 months from date of first transfer when transfers are completed within 4 months from date of account opening | 2% Cash Back on every purchase with unlimited 1% Cash Back when you buy, plus an additional 1% as you pay for purchases. | Learn more |
Celtic Bank Indigo® Mastercard® | Unsecured | | | None | This card doesn't offer cash back, miles or points. | Learn more |
Best credit cards for low income
Capital One Platinum Credit Card
The card is especially apt for people with subpar or non-existent credit. Once it hopefully improves, you can try your luck with another card, for example, to get lower rates or some of your expenses back.
Read more about Capital One Platinum Credit Card
Capital One QuicksilverOne Cash Rewards Credit Card
This card will appeal to those who don’t have a stellar credit score and appreciate its simple, consistent cash back rate that doesn’t involve rotating product categories. If you travel frequently, you will also appreciate the absence of fees on transactions outside the US.
Read more about Capital One QuicksilverOne Cash Rewards Credit Card
Upgrade Cash Rewards Visa®
Stable earners with a fair credit score and no preferences for cash back categories. Also a great choice for making purchases in foreign countries.
Read more about Upgrade Cash Rewards Visa®
Upgrade Triple Cash Rewards Visa®
Borrowers who have a stable income and solid credit, especially frequent buyers in the preferential categories.
Read more about Upgrade Triple Cash Rewards Visa®
Celtic Bank Surge® Platinum Mastercard®
Surge provides one of the few avenues for people with bad credit to pull themselves together, though the steep maintenance costs make it a poor long-term solution.
Read more about Celtic Bank Surge® Platinum Mastercard®
Bank of America Cash Rewards
If your credit score substantially surpasses your income percentile, you can get generous rewards, no extra fees, and a long essentially free initial period.
Read more about Bank of America Cash Rewards
Chase Freedom Flex℠
This card can be a life-saver for trustworthy debtors. This is especially true if you eat out frequently or have medical prescriptions.
Read more about Chase Freedom Flex℠
Citi Double Cash
People with diverse needs who don’t have a strong preference for a particular product category may get greater returns from this card compared to more specific bonus systems. You do need a solid credit score, though.
Read more about Citi Double Cash
Celtic Bank Indigo® Mastercard®
As nearly anyone may easily qualify, this is a valuable opportunity to rebuild your credit history and increase your creditworthiness. In addition, people new to credit (e.g. students and other young people) will find the card a reliable companion in building their record from scratch.
Read more about Celtic Bank Indigo® Mastercard®
What to look for in a credit card for low-income earners
Since every cent counts, the best credit cards for people with low income are characterized by few or no maintenance fees and low rates. As an extra bonus, some cards grant a welcome period with 0% APR. Other fees to steer clear of include fees on late payments, foreign transactions, cash advance, and others.
Low income is often exacerbated by less-than-perfect credit. This may make most lenders unwilling to work with you.
In light of your precarious circumstances, you should take extra care to fulfill your duties: consider yourself under supervision.
People willing to show themselves trustworthy have no shortage of entry gates, usually involving a tradeoff such as inferior rates. They can help in building or improving your credit rating in order to increase your buying power.
Another feature of particular interest to the financially challenged reader is the cash back options. If you often buy in a specific category of goods (groceries, online shopping, car components, travel, etc.), look out for offers that give them preferential treatment. Some cards allow you to designate your favorite product category for higher-tier rewards.
What counts as income when I apply for a credit card
If you are employed, then, first of all, you should put your salary. If you receive unemployment benefits, specify these instead – they are typically taxed as income. In that case, make sure that your credit card provider requires no job verification. There are many alternative income sources, such as investments, retirement funds, stipends, support services for disabled people, insurance payments, etc. List everything you earn in your application – with modest means, you want to scrap the bottom to maximize your chances of success.
How can I get a credit card with low income
Most of the criteria used by creditors are not based on income. The foremost concern is the credit score. Therefore, strive to uphold it at all costs. This can be done by limiting your expenses, paying on time, and generally being an exemplary borrower. If your credit score doesn't inspire confidence, don't try to go after upper-end cards.
Some more tips that may help you qualify:
- If you are not officially employed, make sure to describe all of your sources of income in detail (for example, for people on disability benefits, this will be social security or insurance payments).
- Make peace with low limits.
- Consider a secured card. A weighty deposit can offset many of the potential flaws in your application.
- Find a co-signer who is more financially secure.
Can I lie about my income on a credit card application
You of course can, but that doesn’t mean you should. All information you provide will be subject to thorough checking and confirmation. Creditors have a great deal of experience in sussing out fraudulent applications, and you are unlikely to be the one who fools their defenses. Besides heavy damage to your reputation, this kind of purposeful deception can actually lead to legal repercussions.
Instead of resorting to something so reckless, consider building up a solid credit score by staying in line with your budget and always paying on time. Lenders will take notice and be much more inclined to greenlight the application in spite of your modest income.
FAQ
What are other credit cards to consider?
The great abundance of credit cards for people with low income means that this article couldn't possibly describe them all. The following list serves to exemplify some further options:
- Discover it® Student Cash Back – for students with no prior experience. 5% cash back in a chosen category, 1% otherwise. All interest is waived for the first year (then 18.24% - 27.24%). The points collected during the first year are doubled.
- Tomo credit card – a good credit-building tool at no APR – ever. Its place is taken by interchange fees. It’s a no-frills unsecured card suitable for newcomers.
- First Progress Platinum Select Mastercard® Secured carries an APR of 18.74%, about as good as it gets. The credit limit grows with the size of the security deposit.
Can I get a credit card with no income?
You may apply without any official income. This requires that you reach the age of 21. Some banks allow younger applicants on condition of having an adult co-signer. Of course, you need an alternative income avenue that can be documented. Even so, success cannot be guaranteed.
Applying for a credit card with no income whatsoever is only meaningful provided you have someone else’s earnings at your disposal, such as your spouse. If applicable, note this in your application.
What if I am late on a credit card payment?
The consequences of falling behind the due date should be outlined in your agreement. First, it may involve a late payment fee. Although some credit cards do not have any late payment fees, they may still cancel your welcome bonuses or drag down your credit rating. In any case, catch up to the best of your ability and contact the bank. A single misstep has a chance to be glossed over with no lasting repercussions.
Can I spend over the established credit limit?
If you are lucky, any such attempt will be rejected. Otherwise, it may incur a steep fee and deflate your credit score. Ideally, you should never get anywhere close to your limit. Besides punching a hole in your budget, it's bad for credit.
