First of all, a job is not required to be approved for a credit card, but applicants should be able to show some form of income.
For several years, the Credit CARD Act of 2009 was interpreted to allow card issuers to consider only the applicant’s individual ability to repay a loan.
Can you apply for a credit card if you are unemployed?
Being unemployed doesn’t automatically disqualify you from getting a credit card. They also look at your credit history, credit score and existing debt. You can meet the income requirement even without a job by including on your application any income you have access to. Even if your income comes up short, rest easy.
Do you need income to get a credit card?
You don’t always need a job to qualify for a credit card, but you generally must be able to show that you have income. Your ability to make payments is tied directly to your income, so income is a key factor in whether you get approved for a card and, if so, what your credit limit will be.
How can I get a credit card with no income?
Steps to get Credit Card without Income Proof
- Consider getting a secured credit card. Many issuers allow you to obtain a credit card by pledging a fixed deposit or bank account as collateral.
- Get an add-on card.
- Display a bank account with a generous balance.
- Get a credit card jointly.
Do you need a job to get a debit card?
Since the money is deducted from your account straight away, unlike credit cards, so all you need is a bank account and you just have to ask your bank to provide you debit card. Now banks usually issues debit card either of Visa , MasterCard , Discover and American Express. They don’t require you to have a job.
What is the minimum salary required to apply for credit card?
Income of the Applicant: Your income plays an important role while applying for a credit card. This is a proof to the bank that you will be able to pay your credit card bill. You can also get a credit card against a fixed deposit. The minimum value generally ranges between INR 20,000 to INR 50,000.
Can I lie about income on credit card application?
If you knowingly lie on a credit card application, you are committing a crime known as loan application fraud. Here’s the deal: Loan application fraud is a serious crime that carries hefty penalties. If you are convicted of the crime, you can face up to $1 million in fines and thirty (30) years of jail time.