Best Credit Cards for Low Income Earners 2021

Best Credit Cards for Low Income Earners 2021 - A credit card is a kind of payment tool. You can use it for purchasing almost anything, online or in a physical store. They allow transactions for both retail stores and online websites. There are many kinds of credit cards. For example, a standard credit card, a premium credit card, a cash back credit card, et cetera. Each type of credit card has its own set of offers and packages. A normal credit card charges less interest. However, it doesn’t reward its users with any points. A premier credit card on the contrary charges a relatively higher interest but grants various reward points.

Credit cards come with a certain limit. You cannot transact money beyond a certain limit over a specific period. Each type of credit card has its own credit limit. Besides this, credit cards also require an annual fee. The best thing is that credit cards also provide rewards. A reward can be in the form of cash back, points, incentives et cetera.

Everybody wants to have a credit card. There arise many questions regarding which credit cards are the best for people with low income. The current article discusses 10 different credits that are best suited for such people.

Best Credit Cards for Low Income Earners 2021

A credit card is such a tempting tool that everyone wants to have one. However, they are not free. Credit cards come with annual fees and interest charges. Because of this, it seems difficult for low-waged people to possess one. Though it’s a little difficult but not entirely impossible. You can always get the right card with affordable expenses. Let’s get started for the curious minds.

List of Low Income Earners’ Best Credit Cards

As discussed, credit cards come with a package of certain expenses. The card applicants must meet these expensesto use the services. Many people can’t afford high-interest rates and annual fees. Thus, they can apply for credit cards that have fewer fee charges. Following are options you may consider for this.

1. Low Income CC with Capital One Platinum Credit Card - App Link

Capital One Platinum Credit Card - Best Credit Card for Low Income Earners

The best thing is that it has no annual charges. Thus, one doesn’t have to worry about annual dues while using the services of a Platinum Credit Card. Capital One takes full responsibility to provide its users with banking services. With the help of this card, you can easily access your account anytime. The card has an affordable APR of almost 24.9%.

2. Low Income CC with Credit Card One Platinum Visa - App Link

The card is easy to use. You can pay your bills with this card at will. It allows the user to set a due date according to his convenience. Just like the above one, it charges none annual fees. You can manage your account any time from the mobile application. Credit One keeps on alerting the users about updates and notifications. The best thing about this card is that it grants 1% cash back each time you purchase something.

3. Low Income CC with Total Visa Card - App Link

The application process of the Total Visa Card is not expensive. It’s not long either as compared to the other cards. Whether online or non-online, both types of mediums support payment through this card. It allows you to control your monthly expenses in a very comprehensible manner. It is popular in USA.

4. Low Income CC with Capital One Secured MasterCard - App Link

Capital One Secured MasterCard - Best Credit Card for Low Income Earners

This is a great option for those who have low monthly wages. Many of the sellers from all over the globe accepted this card. On top of this, it has no annual charges. Capital One, in this case, provides the users with access to their accounts. You can also manage the credit card through a mobile app or phone. To keep things secure, the card makes a record of your activities. Capital One also reports a user‘ payment history to all three credit authorities: TransUnion, Experian, and Equifax. Hence, try to pay the monthly bills on time with this card to have a good overall credit history.

5. Low Income CC with Chase Freedom Credit Card - App Link

This card again comes with no annual charges. Get 1% cash back each time you purchase something from this card. It has a low APR varying from 16.9% to 25.74%. On the first three months try to do a purchase of $500. This will give you a bonus of $150. The best part is that your cashback never expires. You can spend it whenever you want. No need to worry about the time limit.

6. Webbank / Fingerhut Credit Account - App Link

Its application procedure is workable. The total time frame required to receive the card is relatively lower. It keeps a record on each financial activity. The history recorded this way is then sent to three different credit history bureaus. It’s a kind of security check. Use your credit line to buy almost anything. The monthly charges of this card are also low.

7. Discover It Student Chrome - App Link

Discover It Student Chrome - Best Credit Card for Low Income Earners

Students are also to take advantage of using a credit card. For students, there are exclusive offers. For example, there will neither be any registration fee nor any annual charges. It offers a cashback of 2% on lunches. Collect this 2% cashback up to $1000. You can then use this at various gas stations.

It also gives 1% cash back for every other purchase category. The APR is lower so that the students can easily afford. In case if someone couldn’t pay on time, the APR doesn’t increase. Discover grant the shining students with GPA 3.0+ a whooping amount of $20 each month. This type of reward or scholarship can be for academic expenses. Students should get this credit card.

Important Points on Getting a Best Credit Card for Low-Income Earners

Credit card companies come up with different offers and packages to attract their audience. People, especially with low income, must not get tempted by such offers. It can disturb their budget to serious levels. To choose a card wisely, consider the points stated below:

1. Annual Fees

Before selecting a credit card, it’s important to look into its annual rates. Know of it before submitting the application. See what suits your budget and then select wisely. Also, look for those cards that don’t increase their annual budget rate with time. Some credit cards increase interest rate if you delay the payment. It’s better to not opt for such cards especially if you have a low salary package. You can easily portion out your salary if your card has low-interest rates. It won’t affect your other expenditures.

2. Wants vs Necessities

It’s true that many credits cards have cash backs on each purchase. However, this must not be a reason for you to keep on buying unnecessary items. Before buying each item, question yourself whether it is in need. If not, don’t get trapped into buying it. This is key to increasing your monthly savings. Opt for the credit card that gives you cash backs. However, use this offer wisely. Don’t affect your budget instead of taking advantage of this offer.

Conclusion on Best Credit Card for Low-Income Earners

A credit card is a fascinating payment tool. It has brought a great change in commercial and marketing dynamics. However, they don’t come for free. Most of the credit cards charge a certain amount of interest and annual charges. People with low income need not worry about these expenses. They can still possess a credit card. This is because there are many cards with affordable fees. Some of them don’t even take any registration fee. In fact, students with part-time jobs can also get a credit card. In case they maintain a good score, the bank also provides them with a monthly incentive. This incentive can then be spent on different academic expenses. Some credit cards also provide cash back on purchases, while granted points that can be traded with money. Similarly, coupons, discounts, and promos are also provided by some credit cards. It might require research but choose the right credit card for yourself. A wrong choice can adversely affect all your budget. Keep in mind you must only spend money on necessities. Don’t let the cash backs or discounts deceive you in any way!

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