Money Trumpet, a financial services company serving UK residents, has published a new blog post helping unemployed individuals seeking a credit card understand the options that are available to them.
Credit cards offer a lot of conveniences and future potential that are, unfortunately, inaccessible to those without a steady income. The ability to make a large emergency purchase, protection from fraud during everyday transactions, and the chance to build a credit score become unavailable to those who can’t qualify for a credit card. However, certain banks and financial institutions might be willing to overlook or loosen the requirements that prevent unemployed UK residents from acquiring credit cards from the big players in the industry.
“You have to be at least 18 years old to apply for a credit card,” the spokesperson for Money Trumpet says. “Beyond this base restriction, providers will check your credit score, consider your financial history, and look at your individual circumstances before making their decision. Not all credit cards are made equal and depending on the aforementioned factors, especially if you are unemployed, you might not qualify for the very best options. However, there are still some choices available that can get you the core benefits that having a credit card offers. It will be challenging, of course, but it is possible.”
According to the blog post from Money Trumpet, the key is finding the right offers as different financial providers have different criteria regarding applicants with no income or employment status. Unemployed individuals are recommended to choose credit cards with no lower purchase rate and those with no or a low annual fee. In case their application is rejected, Money Trumpet asks UK residents to wait at least 6 months before re-applying and to hopefully demonstrate a change in their financial circumstances.
One of the best resources to begin the search is online comparison websites that present all the information about available credit cards in an easily understandable and digestible manner. By viewing the benefits offered by different credit cards side by side, applicants have a better chance of finding one that best fits their particular situation and preferences. Money Trumpet also warns readers against applying for or committing to a credit card without fully understanding the terms and conditions.
The spokesperson offers a better understanding of what banks are looking for in an applicant by saying, “The type of credit card you are offered is mostly dependent on your credit score. Some credit cards require an annual income of at least £7,500 and a good credit score to qualify. Some lenders might eschew the proof of income requirement when processing applications. Extensive research before filing an application will save you from the disappointment of being rejected. In the meanwhile, take every chance you can get to improve your credit score over time. It will help you build a secure financial future for yourself and your family in the long term.”
Finally, Money Trumpet urges readers to consider getting a prepaid credit card. Prepaid cards don’t offer a credit facility and don’t allow the holder to spend more money than the amount stored on the card. However, they do offer some of the other benefits of owning a credit card such as peace of mind during online or in-person purchases.
Money Trumpet is an Introducer Appointed Representative of Quint Group Limited. Both companies maintain that they are committed to responsible financial services that offer an alternative to often predatory payday loans. Money Trumpet provides 100% secured installment financial services directly without charging service fees. After the straightforward application process, which takes minutes to submit and be approved, applicants get a secure payment directly deposited in their bank account. The entire process is fully transparent with no hidden fees, applicants are free to cancel within the allotted time, and the company only works with regulated agencies.
Readers in the UK can check out the latest blog post from Money Trumpet for themselves by heading over to https://moneytrumpet.co.uk/can-unemployed-people-in-the-uk-get-a-credit-card/.
For more information about Money Trumpet, contact the company here:
020 3974 1119
5 Mile End Road