Many transactions today require a credit card. However, getting a credit card without a job is risky, especially if you do not have any income. However, there are some consumers who have regular steady incomes rather than job income.
Having a job is not a requirement of a credit card
Many credit card applications only ask for generic interest or employment and income information. You may simply need to choose whether you are a student, government worker, host, self-employed worker or unemployed.
Some applications may ask for your employer name, but allow you to enter “None” if you do not have an employer. You may find that some applications do not ask for employer information at all. If employment information is requested in a credit card application, you are legally required to respond honestly to the information.
Revenue is more important
Even if you do not have to enter employment information, the credit card application will require you to provide your total annual income. You can include alimony, child support, or any other income you want to consider to repay your credit card. To calculate total annual income: Multiply weekly income by 52; multiplying bi-monthly revenues by 24; multiply the revenue you get every other week by 26 and multiply your monthly income by 12.
Displaying someone else’s revenue
If you are an adult over 21, you can use someone else’s income on your credit card if you can reasonably expect to have access to that income to pay your bills.
For example, if your spouse regularly transfers a certain amount of money into your account, you can use the amount transferred as your income. Or, if you shared an account with someone else and have access to all the funds, you can use regular deposits as your income. However, if your spouse, partner or parent does not transfer money to you and you do not have joint access to the account with them, you cannot use your income on your credit card.
Get a credit card with someone else
Another option for getting a credit card without a job is to get a credit card with another person, either as an authorized user or as a joint account holder. As an authorized user, you have the right to use a credit card, but without legal liability for payment. Your income and credit history are not taken into account when you are added as an authorized user.
Being a joint account holder also gives you the rights and responsibilities of using a credit card. When you apply together, your income and credit history are considered together with that of the other applicant. However, if another applicant has enough income, you can be approved for a credit card even if you do not have a job.
Try to secure a credit card
Although secured credit cards will often be asked about your employment and income, you are more likely to be approved for one of these credit cards because you are making a security deposit as collateral. With a Master One Secured MasterCard, for example, you can secure a secure deposit of up to $ 49 for a credit limit of $ 200, depending on your credit. The higher your security deposit, the higher the credit limit.
Before applying for a credit card without a job, carefully consider returning your credit card balance.
If you are approved for a credit card and do not have the means to repay your expenses, you are facing credit issues: late payment, repayment and debt collection.