Salaried employees don’t face many challenges when applying for a credit card or loan compared to self-employed people. This is because self-employed people often face difficulties when providing proof of regular income. This increases the risk for the lender to offer you a credit card. However, many lenders offer credit cards designed specifically for the self-employed, offering exclusive rewards and benefits.
Self-Employed Credit Card Eligibility Criteria
Although eligibility criteria vary depending on the lender’s policies and market conditions, here are the general eligibility criteria that lenders generally follow:
- Your credit score must be above 750
- It is recommended that you maintain a good repayment record and credit rating
- You need to meet the lender’s minimum income criteria
- You must be between 25 and 60 years old
Credit cards are no longer a luxury but a necessity in our daily lives. However, before you apply for a credit card, it’s crucial to analyze your financial situation and whether you can actually afford a credit card. With this, you will be able to get rid of any unnecessary financial burdens.
(Note: This list is for reference only and is not exhaustive)