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Thread: Credit card for low or no income?

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    Unemployed with income. or no/low income. (not a student) Where can I get a credit card?

    I'm currently with Simplii, which has an option of, "Unemployed with income" but they do not approve you.



    I need one asap. Please help. Ty.
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    Your bank?!?! Usually itís like a credit card limit of 500$. TD gave me one years ago I donít know if this still applies though. A lot of banks are doing debit credit cards these days.

    Or you could always buy gift card credit cards. They have reloadable ones at shoppers I noticed at the Canada post kisoks


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    Tangerine offers a no fee credit card if you have an account with them. Or if you are a member of Costco, they offer a credit card with a minimum income of 15,000 - no questions asked.

    With Simplii - trying saying you are retired, that usually doesn't get flagged as much as being unemployed.

    Let us know how you make out.
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    Quote Originally Posted by JDI007 View Post
    Unemployed with income. or no/low income. (not a student) Where can I get a credit card?

    I'm currently with Simplii, which has an option of, "Unemployed with income" but they do not approve you.



    I need one asap. Please help. Ty.
    You will have to do a $ 1,000 GIC for 1 year with your bank. You will get interest on it and the Money back with interest after a year on maturity.

    In return they will give you a $ 500 limit cred card. Use that to build your credit history and pay it off in FULL when the bill comes.

    Later on they will increase your $500 limit and other banks will also give you credit cards, based on your payment history & credit card history.
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    You can always lie about your income within limits.

    My first CC was an American Express card as student, when I had a part time retail job, where I was making next to nothing!

    I lied about my income and they still gave me a Amex CC with $ 15,000 limit..lol.

    After that within a month I got a Visa & MC, based on the Amex.
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    Quote Originally Posted by greentires4me View Post
    Your bank?!?! Usually itís like a credit card limit of 500$. TD gave me one years ago I donít know if this still applies though. A lot of banks are doing debit credit cards these days.

    Or you could always buy gift card credit cards. They have reloadable ones at shoppers I noticed at the Canada post kisoks


    Sent from my iPhone using Tapatalk
    I basically am having to look at the reloadable cards that you mention or consider getting a new account to get a new debit card that will let me shop online. CIBC offers currency cards in 4 foreign denominations-when I have a spare couple of hundred or so to buy US$, I will get the US currency card for any small online shopping like downloadable sewing patterns.

    I had mentioned that I received an RBC Avion card offer *comes about 2-3x per year* and that is because I am named on one of Mom's bank accounts. And she's made it clear she will not stand for any other credit card on her account that is under my name. So I am shredding those offers.
    Last edited by Ciel; Wed, Dec 11th, 2019 at 10:47 AM. Reason: corrected no. of foreign denomination cards
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    Quote Originally Posted by Ciel View Post
    I basically am having to look at the reloadable cards that you mention or consider getting a new account to get a new debit card that will let me shop online. CIBC offers currency cards in 7 denominations-when I have a spare couple of hundred or so to buy US$, I will get the US currency card for any small online shopping like downloadable sewing patterns.

    I had mentioned that I received an RBC Avion card offer *comes about 2-3x per year* and that is because I am named on one of Mom's bank accounts. And she's made it clear she will not stand for any other credit card on her account that is under my name. So I am shredding those offers.
    Try STACK Master Card, if you want a reloadable and prepaid CC.

    You can add money to it as a bill payment and also by Interac Etransfer (email)

    The prepaid reloadable ones you get at grocery stores and department stores have too much administrative fees etc.

    STACK MC has none. No maintenance fees, administration fees, transaction fees etc. Plus great rewards & bonuses. No Forex fees either.

    https://www.savvynewcanadians.com/st...ercard-review/
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    @Ciel better to use a credit card online. If your debit card info gets comprised, they can clean out your bank account. I use a no fee credit card with a low credit limit for online purchases. Plus if something goes wrong with the transaction, you have the credit card companies help.
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    @tjthemanto -Never heard of STACK Mastercard but know of People's Trust (BC credit union) which is the name behind the various VISA prepaid cards sold in Canada. If I ever have money to buy shares in People's Trust, they would go into my future TFSA!
    @barbis9 -yes, I know about the protection of credit cards on purchases/transactions that can be challenged. However, I am not going for a credit card until I have some months of income from whatever future job/income stream (that is how I was able to get a Sears charge card in the late 1990s). No income except tax credits and monthly amount from Mom.
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    Just got off the phone with Simplii. Even though I have money(on my account etc), they refuse to give me a credit card with no job.

    Will it be the same with Tangerine? no job=no credit card.

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    Quote Originally Posted by JDI007 View Post
    Just got off the phone with Simplii. Even though I have money(on my account etc), they refuse to give me a credit card with no job.

    Will it be the same with Tangerine? no job=no credit card.
    Can someone add you as a secondary user on their credit card?

    Credit card companies are more than happy to issue supplementary credit cards to the primary credit card holder, as the primary guy is accountable and responsible and liable for all the debt, even if the secondary card holder incurs it.

    There is NO risk for them, so they give it. Plus the credit limit remains the same, whether it's 1 card or 2 cards on the account.
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    Quote Originally Posted by JDI007 View Post
    Just got off the phone with Simplii. Even though I have money(on my account etc), they refuse to give me a credit card with no job.

    Will it be the same with Tangerine? no job=no credit card.
    have you asked about a secure credit card where you put $500 down? I know people with terrible credit have done that.

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    Quote Originally Posted by JDI007 View Post
    Just got off the phone with Simplii. Even though I have money(on my account etc), they refuse to give me a credit card with no job.

    Will it be the same with Tangerine? no job=no credit card.
    Each card issuer can set its own criteria for accepting applications. As a result, it's possible to have an average or better credit rating and still be turned down, and otoh, people with below average ratings can get them. That said, if your credit report shows a history of paying your bills (meaning in your name) on time, including non-CC bills like utilities, that tends to improve your chances somewhat.

    No job is a negative, but doesn't necessarily guarantee being declined depending how a particular issuer weighs this criterion.

    Also, it's not a great idea to apply for a bunch in the hope of getting at least one acceptance. Each application generates what's called a hard credit check, which is basically sure to reduce your credit rating. It can be built up again over time, but it doesn't happen quickly. So, assuming Simplii did a hard check, if Tangerine does another one with the same credit bureau, they will be given a lower credit rating than Simplii got because of the credit check. Fwiw, this would also happen if Simplii had done a check and accepted your application.

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    I know some CC which only need $ 15,000 annual income to apply.

    Even if you don't have a job, it's easy to get these CC, by fudging your employment history a bit. They are not too strict in checking it, when you apply for these type of cards, as often the credit limit they give is also pretty low on them, so not much risk for them.

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    @JDI007

    Home Trust Secured VISA card :

    https://www.hometrust.ca/credit-card...red-visa-card/

    Apply for this card, guaranteed approval and NO income required.

    You will have to make a $500 deposit though, which will be paid back to you after you pay off the account.

    Or you can always go for prepaid STACK prepaid MasterCard.

    https://www.getstack.ca/
    Last edited by tjthemanto; Thu, Dec 12th, 2019 at 10:01 PM.

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