This is simply because without any proof of any kind of income, there is no way for the credit card companies to be sure that you will actually be able to pay back the credit you owe.
The credit limit on a card is, rather simply, the maximum amount of credit you can have at any one time. This simply reflects the risk that the card provider is taking by offering you credit. This is factored into an annual percentage rate, or APR.
Credit cards for the unemployed - uSwitch
The APR then is essentially the cost of the card. A balance transfer credit card is designed to help those with a good credit rating but without a steady income and allows you to transfer debt from one card to another to help you temporarily avoid paying interest. Credit Cards for the Unemployed Due to market pressure, credit cards for those who are unemployed or have poor credit ratings are becoming more and more readily available.
Irregular Employment, Low Income and Credit Cards For those who lack steady employment, obtaining a credit card will be somewhat more difficult than for others. This is kind of joint account but in this case credit limit given to the primary owner gets shared with supplementary card owner. Benefits such as usage, reward points, etc.
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Since primary account is used for any dues and credit reporting, it is the responsibility of the add-on card owner to use the card honestly. In addition to this, credit score of primary owner will be affected negatively.
Poor credit can leave you jobless
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Irregular Employment, Low Income and Credit Cards
So how to get credit card with no job verification? There are two easy options for such individuals to get credit card: Against FD Add-on card Against Fixed Deposit This is one of the best option to get credit card with no job verification. Here is the table showing list of credit cards against FD: Sr. So even retired senior citizens, housewives, students can apply for the card. There is no credit score checked Documents required are minimum User gets insurance cover as well Disadvantages However with advantages comes disadvantages.
Top 6 Credit Cards for Bad Credit in Canada 12222
Few of them are as follows: Money kept in the account gets locked. In case of payment default, bank will deduct the money from the FD account. Add-on card or Supplementary Card Another option to get credit card with no job verification is add-on card.