Just because someone is on a low income doesn't mean they don't want or need a credit card. It might be that the potential cardholder relies on savings, has just started on a career or wants a card to 'spread' a larger purchase over a number of months without paying interest - a card offering an interest free period on new purchases. If you're just starting out on your career, it can also be a good way of building a good credit history for future loans.
However, many cards set 'minimum salary' requirements and, as such, many will be out of reach of lower income earners.
It also should be remembered that the credit card firms have a responsibility to ensure they are not granting credit facilities to customers who cannot afford to repay them - so will be looking for a reasonable credit history to prove the potential customer can manage their money (if you are not sure if this will prevent you from getting a card run a credit card check using a service such as Credit Expert - it's subject to a monthly fee, but allows a 30 day trial period first during which a credit check can be run free of charge).
Capital One Classic - no declared minimum income requirement This card is designed for those who have some history of managing your credit even if you have had CCJs or defaults in the past. Not likely to accept those who have been bankrupt in the past 12 months. Credit limits from £200 to £1500. Find details at the Capital One Credit Card website.
Post Office Credit Card - minimum income requirement £8,000 p.a. As well as for use at home this card is also great if you are travelling abroad as this card doesn't charge the commissions that most do. See the cards summary details at the Post Office Credit Card website.
Barclaycard Initial - minimum income requirement £10,000 p.a. Normally allow new customers to benefit from current offers such as 0% interest rate on purchases for 5 months from account opening. The card is designed for those with either limited credit history or looking to rebuild it as well as low income earners. That doesn't mean they accept those with recent CCJs or bankruptcy however. Find details at the Barclaycard Initial website.
Remember - a credit card is not for you if you think you may get into financial difficulties, but these cards may well suit the creditworthy who want a bit of extra flexibility, or are looking to save a few pounds by taking advantages of the features they offer.
Also remember the team at MoneyMaxim are happy to provide assistance if you want to call us!
This content was last reviewed on 25/01/2017