Want To Know If You Can Get Approved For A Credit Card
Get your credit score via the Finder app and take advantage of our Chance of Approval* feature. Pop in your phone number below to get your download link.
*Finder’s Chance of Approval feature provides an indication only. It is not a guarantee of approval. Applications for credit products are always subject to the lender’s T& CS and application and lending criteria.
Another factor to consider is the card’s minimum credit limit amount. While credit limits are subject to approval, having enough income to service the minimum limit on a card does give you an idea of how appropriate it could be for your circumstances.
As an example, if you budgeted $100 per month for repayments, a credit card with a minimum limit of $6,000 would not be appropriate because it would take over 5 years to pay off the entire balance if you maxed out the card and that’s not including interest charges.
In comparison, a credit card with a $1,000 minimum credit limit could be more appropriate, as monthly repayments of $100 would clear the balance even if the card had a 19.94% p.a. interest rate .
Mbna Smart Cash Platinum Plus Mastercard
Age Residency: here.
The MBNA Smart Cash Platinum Plus® Mastercard® is a great option for those who spend a lot on gas and groceries and prefer a card with no annual fee. It features an impressive welcome offer for new cardholders: 5% cash back on gas and groceries for the first 6 months, up to a monthly maximum of $500 in combined grocery and gas spending . When the 6-month promotion period ends, youll get 2% cash back on gas and groceries, again up to $500 spent. After crossing the $500 threshold in gas/grocery spending each month, the card will earn 0.5% cash back in those categories until a new month begins, which is also the cash back rate for all card purchases outside the gas and grocery category.
Though it does have a somewhat confusing stratified earning structure, the MBNA Smart Cash Platinum Plus® Mastercard® offers very respectable cash back rates overall. It also features a few other basic benefits like purchase assurance, extended warranty on purchases, and discounts of at least 5% at select car rental companies. Interest rates are 19.99% for purchases 24.99% for cash advances and 22.99% for balance transfers.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank and TD is not responsible for the contents of this site, including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the Apply Now button.
How To Choose A Credit Card
With so many credit cards available, narrowing down your choices can be a challenge. When choosing a credit card, there are numerous factors to consider chief among them: card requirements.
Different cards carry different credit score and income requirements. To ensure you meet the eligibility criteria, learn how to check your credit score. And be mindful of personal or household income requirements, too youll often encounter these criteria with high-tier luxury cards.
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Income Is Only Part Of The Qualifying Process
Income is only part of the qualifying process so if you dont have any yet, you wont be immediately disqualified from getting a credit card. The credit card issuer will also check your credit history to see how youve handled any past and current credit products. That information about your past credit behavior is listed on your consumer .
Theres a chance that your credit reports are already populated with some positive data, such as a student loan in good standing or a car loan that youve been paying on time, but when youre young your credit report might be pretty bare.
Before you apply for a credit card, pull your credit reports for free from AnnualCreditReport.com. Credit scores typically run from 300 to 850, and the higher your number, the better risk a lender sees you as. In addition, the higher your credit score is, the easier it will be to qualify for credit products, larger credit limits and lower interest rates.
How Credit Cards Work
Think of as a short-term loan from your credit card provider. You make purchases with your card and pay for them later.
One thing that makes credit cards appealing is that theres an interest-free period. As long as you pay for all charged purchases in full by your statement due date, you wont have to pay interest in exchange for borrowing the issuers money for a few weeks.
A typical credit card transaction would look something like this:
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Learn How Income And Employment Are Considered When You Apply For A Credit Card
If youâre not currently working, you might be wondering whether you can get a credit card. The short answer is, while you may not have to be employed, you do need to show you can cover your bills. So you may want to be cautious if you currently have limited income. Without a reliable source of cash, you could be at risk of missing payments and running up a high balanceâboth of which could impact your credit.
This article will help you understand what counts as income and ways you can find a credit card thatâs right for you.
Best Secured Cards With No Employment Check
If youre working to rebuild poor credit after making a few mistakes, you may have to turn to a secured credit card to get back on track. These cards typically require a refundable security deposit that matches your credit limit. Other than that, a secured card works exactly like its unsecured brethren.
Not only does the OpenSky® Secured Visa® Credit Card not require an employment check, but its one of the rare secured cards that doesnt even require a credit check. OpenSky® will set your credit limit equal to your refundable deposit. It comes with a competitive interest rate but does charge a small annual fee.
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Tips For Maximizing Your Credit Card Rewards
Get the most out of your credit card rewards with the following tips:
- Know how to earn points. Not all purchases may be treated equally at least not in the eyes of your card issuer. Some purchases may earn you more points than others, so familiarize yourself with your cards rewards program.
- Explore redemption options. Card rewards range from travel perks to cold hard cash. If youre card shopping, take a look at the reward options before signing up.
- Capitalize on limited-time promotions. Keep an ear out for time-sensitive promotional periods when your points may be worth more.
- Watch out for expiration dates. Some points expire after a prolonged period of card inactivity, so keep your card in good standing to maintain your point balance.
Best For Newcomers To Canada
SCENE®* Visa* Card
- 19.99% for purchases, 22.99% for cash advances.
- Rewards Rate1x-5x PointsEarn 5 Scene+ points for every $1 you spend on credit card purchases at Cineplex theatres or at cineplex.com. Earn 1 Scene+ point for every $1 you spend on your everyday credit card purchases.
- Intro Offer5,000 PointsEarn 5,000 bonus Scene+ points with your first $750 in everyday purchases in the first 3 months.
- Our TakeWhy we like itPerfect for movie-goers, youll earn Scene+ points on everyday spending and 5x the points each time you make a Cineplex purchase. Points can be redeemed for more than just movie tickets rewards include merchandise, dining, entertainment, airfare and even hotel stays.Pros
- No annual fee.
- Earn 5,000 Scene points when you spend $750 within the first three months after you sign up.
- Flexible point redemption program.
- Insurance coverage isnt included it must be opted into.
- No option to earn cash back.
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Do You Need Income To Get A Secured Credit Card
A secured credit card is one that requires a refundable security deposit to open. It can be a good way to start building or rebuilding credit. But there’s a popular misconception that you can get a secured credit card with no income since you’re required to put down a deposit to open the account.
A deposit does make it easier to overcome a lower credit score on a credit card application. But secured credit card issuers generally want to see that a borrower has income. Aside from the deposit, a secured card isn’t treated much differently than a standard credit card.
If you’re looking for a secured credit card to help build your credit, take a look at a few of our favorites below. Our list of the Best Secured Credit Cards has more options you might like too.
Bank of America® Customized Cash Rewards Secured credit card
Citi® Secured Mastercard®
Apply For A Joint Card
You can apply for a joint credit card with your spouse or a loved one. When you apply with someone else, your income and job status will be considered but it may not matter if your co-applicant is in a very good financial position. Just keep in mind that if you go this route, you and your co-applicant will both be liable for credit card payments. You can also apply for a card with a co-signer if you want your own account but youd like to get approved without a job.
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You Can List Alternative Income Sources On Your Application
Employment income is an obvious illustration of your ability to pay your credit card bills. But if you don’t have a job right now, there are other forms of qualifying income that you could include.
Forms of non-wage income you can list include:
- Your investment returns
- Public assistance
- Retirement distributions
If you have lost your job and you are collecting unemployment compensation, you can also count your unemployment benefits as income on your next credit card application. Because unemployment benefits are taxable, the IRS considers it to be income which means typically credit card issuers do, too.
The Consumer Financial Protection Bureau states that card issuers must consider “the consumer’s ability to make the required minimum periodic payments under the terms of the account based on the consumer’s income or assets and the consumer’s current obligations.”
This means card issuers are required to verify your ability to make payments, but you can list any of the above forms of income you are currently receiving. It’s not likely that the card issuer will ask for you to provide proof of income, such as tax forms, unless you are a young borrower. But the best practice is to be honest so that your credit limit is appropriate. You’ll want to make sure you can afford the minimum payments and stay out of debt.
Best Overall Credit Card
- 20.99% on purchases, 21.99% on cash advances.
- Rewards Rate1x-5x Points5x on eligible eats and drinks in Canada, including groceries and food delivery, 3x on on eligible streaming subscriptions in Canada, 2x on eligible transit & gas purchases in Canada and eligible travel purchases, and 1x on purchases everywhere else.
- Intro OfferUp to 30,000 PointsIn your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card .
- Our TakeWhy we like itThe American Express Cobalt Card boasts high rewards rates on everyday spending, a generous welcome bonus, comprehensive travel insurance coverage, flexible point redemption and plenty of specialty perks to keep things interesting all year long.Pros
- Earn 150,000 points in the first year by spending up to $30,000 on eats, drinks and groceries. Combined with the 30,000 point intro offer, you could earn 180,000 points in your first year, which you could redeem for travel and more.
- Easily transfer the points you earn to popular airline and hotel loyalty programs, such as Aeroplan and Marriott Bonvoy.
- Airport lounge access isnt provided, which may disappoint some frequent travellers.
- No travel medical coverage for cardmembers over the age of 65.
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What You Need In Your First Credit Card
If you have no credit history, you’ll want to look for certain credit card features to help you build your credit and manage your spending.
You’ll want a card with no annual fee, for example, so you don’t have to pay any money out of pocket just for carrying the card. Additionally, you may want to make sure your credit card issuer reports to all three credit bureaus. This way, you can build credit history across the board and improve your chance of getting future cards and loans. Not all issuers report to all three credit bureaus, so if you find a card that works for you but doesn’t report to all three bureaus, that is okay.
How To Qualify For A Credit Card Before Starting Your First Job
No matter where you are in your employment journey, the key is to be honest when you apply for your first credit card. Generally, credit card issuers take your word regarding what your stated income is and wont require proof or do an investigation to confirm youre really making what you say youre making.
The imposed restrictions on young adults access to credit cards, requiring them to prove they have a steady income, but even for those under 21, credit card issuers still usually use the honor system. If you tell the credit card issuer that youre employed, they might ask for your companys phone number or verification of employment.
As tempting as it may be, dont fib or fluff the numbers when it comes to your income, even if doing so could lead to getting a higher credit limit. If you inflate your earnings on the application and then one day you get in over your head and the debt goes delinquent, unpaid or you file for bankruptcy, the credit issuer has the right to take legal action against you. In that case, your fib would be considered fraud. If youre starting your job in a few weeks, you can use that income on your application, but dont exaggerate it.
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Comparison: High Vs Low Minimum Income Requirement
The following table shows the differences between a card with a high minimum income requirement and one with a low minimum income requirement. In general, high income credit cards offer more other features, while low income credit cards are good for basic money management.
The examples in this table also show that high minimum income credit cards also tend to have bigger minimum credit limits and more expensive purchase rates. These features, as well as the complimentary extras, are designed to benefit people who earn and can spend more money. They’re also suited to people who regularly pay off their balance in full to avoid interest rates.
In comparison, credit cards with lower minimum income requirements tend to have smaller credit limits and fewer features as well as more competitive purchase rates and fees.
Other Benefits Of Bank Of Barodas Assure Credit Card
- The annual fees of the credit card are reversedif you spend more than Rs.6,000 within 60 days and Rs. 35,000 in a year
- 1% fuel surcharge is waived for all transactionsbetween Rs.400 and Rs.5,000
- There are multiple options to redeem as cashbackand other exciting offers
- Customers have the option to select the EMI optionfor purchases above Rs.2,500 into easy EMIs of 6 months and 12 months
- Applicants can get up to 3 lifetime free add-oncards for their spouse, parents, siblings or kids who are above age 18
- It also comes with Personal Accidental DeathCover to provide financial protection for your family
- Cardholders can avail up to 50 days ofinterest-free credit from the date of any purchase
- Just pay the minimum amount due and finance yourspends as per your convenience.
You can apply for BoB Credit Card over SMS. Just SMS Apply< space> < your city> to 9223990624 and bank representatives willget in touch with you.
If you dont have valid income proof and have faced rejection from credit companies. Fear not. These credit cards are here to save you and help you to shop to your hearts desire.
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