10 Best Credit Card for Low Income Earners 2019 – You must be familiar with something that is called credit card. This card is one of many payment methods that are mainly used by every individual. In general, credit cards come with several types, such as standard credit card, retail credit card, and premium credit card.
The different types of course offer different facility and reward. For example, standard credit card offers no reward but has a low interest rate. Meanwhile, a premium credit card has a higher interest rate and numerous rewards.
Furthermore, credit cards have a credit limit and various annual fees. Generally, the cards give rewards, either in the form of discount, cashback, or points as an incentive. In the midst of numerous options out there, what is the best credit card for low income earners?
Table of Contents
- 1 Best Credit Card for Low Income Earners 2019
- 1.1 The Best Credit Card for Low Income Earners: In Search for a Perfect Companion
- 1.2 Things to be Considered when Choosing Best Credit Card for Low Income Earners
Best Credit Card for Low Income Earners 2019
With many interesting features and rewards, it is reasonable if many people want to have a credit card. However, the low income earners might not be able to reap the benefits of this card. Since the workers earned the low income, they need to distribute the income wisely in order to fulfill their needs.
In addition, lots of credit cards offer high annual fee that makes these low income earners feel reluctant to have the card. If you are the low income earner who wants to have a credit card, here you will find the best credit card for low income earners.
The Best Credit Card for Low Income Earners: In Search for a Perfect Companion
As explained above, credit cards usually have annual fee and annual percentage rate. To find the best credit card for low income earners, you may consider those two criteria. You may opt into a credit card that has a lower annual fee and annual percentage rate.
Some of you might want to establish your history of credit, but you are hindered by your income. Now, you do not have to worry because this article will give choices of credit cards that suitable for workers with low income.
Platinum Credit Card from Capital One
One appealing thing to be noticed is it requires no annual fee! By using this credit card, you do not have to think about the amount annual fee that you should pay. Moreover, Capital One fully supports your mobility by providing online banking facility to track the account’s activity.
Furthermore, it gives a warranty for the lost or stolen credit card. You will also get a chance to access the account all the time; 24 hours a day and 7 days a week. This card has a quite fair APR as well, which is 24.99%
Credit One’s Platinum Visa
This credit card offers the easiness in paying your bills. You will also be able to choose the suitable due date of payment. The good news is, it has no annual fee and you will get a reward in form of 1% cash back on every purchase.
After that, you can access the account through a mobile application provided. Again, Credit One will keep you updated with the account’s activity and reminder to pay your bill. Yes, this card surely will always have your back.
Total Visa Card
By using Total card, you do not have to wait for a long time for applying because the application process is very easy and quick as well. The monthly payment is controllable enough. Even if you should pay the processing fee in order to access the account, this credit card is widely accepted by online and non-online shops in the USA.
Secured Mastercard of Capital One
This one is definitely included in the list of the best credit card for low income earners. First, this credit card is widely accepted at millions of merchants all around the world. Second, it requires no annual fee.
Third, Capital One provides a flexible access to your account either through mobile application or using phone. Next, this card helps in building your credit history by reporting the card’s usage to 3 credit authorities. Another good thing is, you will get a higher credit line if you pay the monthly payment at the specified time.
Chase Freedom Credit Card
Besides the benefit of zero annual fees, you will automatically get the unlimited 1% cash back if using this credit card. Additionally, this one has a relatively low APR, which is from 16.99% until 25.74%. Next, you will receive the bonus of $150 after purchasing for $500 in the first 3 months after you open the account. Another good deal is, the cash back reward is never expired and no minimum required for cash back redeeming.
Fingerhut Credit Account
It offers the simple application process. You will have your card in an instant. This credit card is able to help building your credit history by reporting the card’s usage to 3 credit authorities. Next, you will be able to purchase many products from various brands using your credit line. For the next good, the monthly payment is low too.
Visa Credit Card with Cash Back Rewards by Credit One
Another item listed on the best credit card for low income earners is a generous credit card coming from Credit One. As a matter of fact, the account’s management is fast and simple enough using a mobile app provided by Credit One. Next, the annual fee is relatively low. Furthermore, it has various APRs starting from 19.74%.
If you purchase some goods using this credit card, you will receive the benefit in the form of 1% cash back. Then, you do not have to worry that your account might be attacked by unofficial charges because it is protected with Zero Fraud Liability that requires no extra charge. Finally, you will be able to check your credit’s condition easily because the online access provided Credit One is free from any kind of charge.
Discover It Student Chrome
If you are a student and want to gain the benefits of credit card, you may consider having this credit card. It has numbers of good deals, such as no registration process and annual fee required. Next, if you use this credit card to get a lunch, you will receive 2% cash back. Moreover, the 2% cash back up to $1,000 is also applied at lots of gas stations.
Besides the 2% cash back, you will also automatically get 1% cash back for other types of purchases. In addition, the APR is relatively low and it does not increase if you pay late. Not to mention, if you are an A plus student, you will receive $20 statement as long as you can maintain your GPA at 3.0 or even higher. This reward can be a booster to gain your learning spirit. This is surely the best credit card for low income earners and it is beneficial for students as well!
Things to be Considered when Choosing Best Credit Card for Low Income Earners
The facilities and rewards offered by credit card providers are capable in attracting customers to apply for the credit cards. However, do not be easily tempted by the appealing rewards available, especially for the low income earners. In order to keep your financial condition in an appropriate state, you must consider these things.
Reasonable Annual Percentage Rate
Since you must divide the income into several categories of needs, you must consider the annual percentage rate of a credit card because this will affect the charge that you must pay periodically later on.
Choose credit cards that provide a reasonable and low annual percentage rate. If it is possible, choose the one that does not increase the annual percentage rate in case you are late in paying the monthly payment. The lower annual percentage rate will enable you to distribute the income to other needs.
Differentiate the Things that You Need and Things that You Want
Even if lots of credit cards offer cash back facility on every purchase, you should not make this as the reason to purchase even more goods. You will never know that the things you purchased last month will end up staying on the top of your closet.
To avoid that condition, you must differentiate the goods you really need and the goods that you want. After that, you will go to the store to find ones that meet your need. This can be the form of responsibility in using credit card. By applying this trick, you will be able to build a clean credit history.
As mentioned above, credit card provides many good deals, such as cash back and points. However, if you have lower income and want to have a credit card, choose the ones that offer no annual fee and reasonable annual percentage rate.
Additionally, considering your needs can be a great step to build your credit history. In other words, you should be careful and wise in using this card. Hopefully, this article is helpful for you in choosing the best credit card for low income earners.