Low income credit cards
If you’re on a low income, you may find it hard to get a credit card. The Vanquis Credit Builder Credit Card is designed for those who are in lower income brackets, so they can get the credit they need. Read on to find out what to do if you’re in this situation.
Representative
37.9% APR (variable)
Credit cards for people in low-income groups
There are lots of reasons you might have a lower income – maybe you’re unemployed, recently self-employed, or you’ve taken a break from work.
If your income is low, it might be difficult to get accepted for credit. That’s often because many credit card providers see those without a regular income as higher risk and less likely to make repayments on time.
This could lower your chances of getting approved for credit, or it can even mean your application for a credit card is rejected.
Credit cards for the unemployed
If you’re unemployed, banks may assume you don’t have a regular income to repay any borrowing – unless you’ve declared other sources of income outside of a standard salary.
Because of this, lenders could see you as higher risk and be more wary about lending you money. It can be more difficult to get credit cards if you’re unemployed.
Things to consider if you’re unemployed and need a credit card
We appreciate being out of work and having no steady income can be challenging.
Being unemployed won’t directly affect your credit score. But if it leads to missed or late payments, your score could take a hit – and that can make it harder to borrow in the future.
That’s why a Credit Builder Credit Card could be a good option. If you’re accepted, just remember it may come with a higher interest rate and lower credit limit.
Credit cards if you’re on benefits
Although it’s often more difficult, it’s still possible to get a credit card if you’re unemployed or only have government-assisted income. But if you are eligible, you could likely face a higher interest rate and lower credit limit.
Vanquis are regulated by the Financial Conduct Authority (FCA). FCA regulations mean firms must lend responsibly, meaning they’re less likely to lend to those they believe are unlikely to make the repayments. Lenders following these guidelines may choose not to offer credit to those on benefits due to the risk of putting customers in unmanageable debt.
But you do still have options. Even if you’re on benefits, many lenders will review your application and credit file and may still consider you for certain cards.
Can I get a credit card if I'm unemployed and have a bad credit score?
Having a bad credit score can limit your credit card options. If you’re also unemployed, your options might be even more limited.
A Credit Builder Credit Card could be a good option if you’re looking to if you’re looking to build your credit score.
These types of cards are often easier to get accepted for – especially if your credit history is limited or less than perfect – though they usually come with a higher APR.
Check your eligibility
The Vanquis Credit Builder Credit Card is designed to help you build a better credit score, which could make it easier to access credit in the future.
Representative 37.9% APR (variable)
Can I get a credit card if I'm on benefits?
Being on benefits can make it more difficult to get credit. Even if your benefits give you a steady income, lenders might still consider you a high-risk borrower if you aren’t in regular employment.
This means those on benefits may need to be more careful about making any applications for a credit card.
We offer a Credit Builder Credit Card, which you can apply for even if you’re on benefits. You can use our simple credit card eligibility checker to see if you’re likely to be approved. It only takes 60 seconds and you’ll get an instant decision, with no ‘hard search’ left on your credit file unless you continue with a full application.
Rebuilding your credit history
If you rely on government assistance or benefits, or have struggled with credit in the past, it can be hard to know where to start when trying to repair your credit score.
But, you may be eligible for the Vanquis Credit Builder Credit Card. This could help repair your credit score by starting you off with a lower credit limit and higher interest rate. Just so you know, this could be improved over time with responsible use (this means not missing payments or going over your credit limit).
You could also try Snoop, the money-saving app from Vanquis. It’s designed to help you take control of your finances, improve your monthly budgeting, save for the future and make the most of your money. Snoop is free to download and use.
Frequently Asked Questions
What’s the minimum salary or income needed for a credit card?
There’s no set minimum salary when it comes to credit cards. At Vanquis, we look at a number of things when you apply – and your income is just one part of that.
Need to know if you qualify? Try our eligibility checker to find out if you’re likely to be approved. We use ‘soft credit checks’ that don’t affect your credit rating, letting you know the chances of being accepted before committing to an application.
How do I get a credit card without proof of income?
To get a credit card, you’ll usually need to show some form of income – but that doesn’t just mean a salary.
Pension payments, government benefits or financial support from family or a partner can also count, so not having an income from an employer doesn’t necessarily mean you can’t access our range of credit cards.
Can I get a credit card if I'm retired?
Yes, it’s possible to get a credit card if you’re retired. We just need to be confident there’s enough coming into your bank account from other sources, like your pension or other income, to pay off what you borrow.
What eligibility criteria are there for a low income credit card?
The eligibility criteria for a low income credit card are usually similar to any other credit card. But whether you’re approved or not is ultimately up to the bank or credit provider.
You may be eligible to apply for a Vanquis Credit Card if you:
- are over 18
- live in the UK
- don’t already have an Aquis, Chrome, Origin, Vanquis, thimbl or Granite Credit Card
- aren’t currently bankrupt or have an active Individual Voluntary Agreement (IVA)