Not all credit cards have astronomical interest rates and unattainable credit score requirements. Contrary to popular belief, there are plenty of cheap credit cards available for low-income earners. We at Flik Eco understand that success in personal finance isn't reserved for high-income earners only. Therefore, we've conducted extensive research to bring you the best cheap credit cards designed specifically for low-income earners, that can help you manage your finances and even improve your credit score.
Cheap Credit Cards For Low Income Earners Table of Contents
What to Look for in a Cheap Credit Card for Low Income Earners
When searching for a suitable credit card, there are certain features that you should consider:
No Annual Fee
Many credit cards charge an annual fee, which can put an additional strain on your wallet if you're on a tight budget. Look for cards with no annual fees to avoid any surprise costs.
The Annual Percentage Rate (APR) of a credit card determines how much interest you'll be charged when you carry a balance. A lower interest rate means that you'll pay less in interest, making it easier for you to manage your debt.
If you have a limited credit history or a low credit score, finding a credit card that helps you build your credit can be crucial in improving your financial situation.
Rewards and Perks
While rewards and perks may be less important for low-income earners, some credit cards still offer benefits like cashback, reward points, or discounts that can save you money.
Top Cheap Credit Cards for Low Income Earners
After doing extensive research, we've compiled a list of the best cheap credit cards for low-income earners:
1. Capital One QuicksilverOne Cash Rewards Card
This card offers 1.5% cash back on all purchases and has no annual fee. It also has a low APR and is designed for those with average credit, making it a great option to build your credit score.
2. Discover it Secured Card
The Discover it Secured Card is a secured credit card, meaning you'll need to make a refundable security deposit to open the account. This deposit acts as your credit limit. The card offers 2% cash back at gas stations and restaurants on up to $1,000 in purchases per quarter, and 1% cash back on all other purchases. It has no annual fee and can help you build your credit score over time.
3. Deserve EDU Mastercard for Students
Designed for students with limited credit history, the Deserve EDU Mastercard offers 1% cash back on all purchases, no annual fee, and a low APR. It also provides perks like a one-year Amazon Prime Student membership and cell phone protection.
Cheap Credit Cards For Low Income Earners Example:
Imagine you're a college student earning a part-time income and want to start building your credit history. The Deserve EDU Mastercard would be a perfect fit, offering cash back rewards and additional perks to help you save money while also building your credit. After using the card responsibly for a few years and maintaining a low balance, your credit score will begin to improve, setting you up for future financial success.
Exploring the world of cheap credit cards for low-income earners doesn't have to be a daunting task. With the right focus on essential features such as low-interest rates, no annual fees, and credit-building opportunities, you can find the perfect card for your financial needs. By using your credit card wisely and making timely payments, you can improve your credit score and unlock more financial opportunities.
Share this guide with friends and family looking for affordable credit card options, and make sure to explore other Flik Eco guides for tips on credit cards, budgeting, and investing.