Can You Get A Credit Card Without a Job?

Some form of income is usually a must, but that income doesn't need to come from a job.

If you're interested in getting a new credit card, but you don't have a job, you might think that will lead to an instant denial. Your income is an important factor when applying for credit cards, but not being employed isn't necessarily a dealbreaker. Even without a job, it could still be possible to get the card you want.

Can you get a credit card without a job?

Yes, you can get a credit card without a job. It's your income that matters on a credit card application. The CARD Act of 2009 requires that credit card companies consider your ability to repay debt when you apply for a card. If you don't have any income, then the card issuer will most likely deny your application on that basis.

However, if you're at least 21 years old, you're allowed to include any type of income, as long as you have reasonable expectations of access to that money. Other income sources that you can use, outside of a job, include:

• Self-employment income
• Unemployment compensation
• Household income earned by a spouse or partner
• Allowances
• Scholarships and grants
• Investment and retirement fund withdrawals

The rules are different for younger credit card applicants. If you're under 21, then the only income you can include on an application are your personal income, scholarships, and grants.

What if you don't have any income?

Credit card companies will almost certainly decline your application if you have no income. Legally, they need to consider your ability to repay what you borrow. With no income, it's hard to argue that you can make credit card payments.

What you could do in this situation is become an authorized user on another person's credit card. When you're added as an authorized user, you get a credit card tied to that person's account that you can use to make purchases. Being an authorized user can also help you build your credit score.

The primary account holder will be responsible for purchases you make as an authorized user. That means you'll need to know someone who's comfortable adding you to their account, such as a spouse or other family member.

Another option is to apply for a credit card with a cosigner. A cosigner is another person who agrees to accept financial responsibility for the account. If you have a cosigner with a high enough credit score and income, they could help you get approved for a card. Most major credit card companies don't allow cosigners on applications, but smaller banks and credit unions might.

What's the minimum income to get a credit card?

There's technically no minimum income requirement to get a credit card. It will vary depending on the credit card and the card issuer. For some credit cards, it's possible to get approved with an income of $100 per month.

If you're looking for a type of credit card that doesn't require much income to get, here are the best options:

• Student credit cards for college students
• Starter credit cards for applicants with no credit history
• Secured credit cards that require a security deposit to open

With all those credit cards, card issuers tend to be more flexible regarding income. You still need at least some form of income to put on the application, but low income won't necessarily rule you out. Keep in mind that card issuers use your income when setting the credit limit on your card. If you have a low income, expect a low credit limit, as well.

Make sure you can keep up with your credit card payments

To recap, you don't need a job to get a credit card. Other types of income also work. The only way your income could prevent you from getting a credit card is if you have no income at all.

However much you earn, what's important is making sure you'll be able to pay your credit card bill. When you don't pay your bill in full, you'll incur credit card interest charges. If you think your income could make paying the bill difficult, then it may be better to focus on increasing your income before getting a credit card.