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This question is about Best Credit Cards of 2024
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Bianca Smith, WalletHub Credit Cards Analyst
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The best credit card for low-income earners is the Petal® 2 Visa® Credit Card because it has a $0 annual fee and offers 1 - 1.5% cash back on purchases. The combination of no annual fee and cash back on all purchases makes this card a great fit for people who are on a budget but want to earn rewards. Petal® 2 Visa® Credit Card requires limited credit or better for approval. The card’s minimum monthly payment can be very low, too, which should make it easy to afford with limited income.
There is no official minimum income requirement for getting a credit card, though most credit card issuers impose their own limits. The goal is to ensure that you have enough income or assets to afford the card’s monthly payments. Your assets are anything of value that you own, such as a car or real estate. In general, you should be able to get a credit card with an income as low as $10,000 per year if your debt-to-income ratio is low enough.
Best Credit Cards for Low-Income Earners
Petal® 2 Visa® Credit Card
Ongoing Rewards: 1% cash back on all eligible purchases, up to 1.25% back after 6 months of on-time payments, and 1.5% cash back after 12 consecutive months of paying on time
Annual Fee: $0
Minimum Credit Required: Limited History
Citi Double Cash® Card
Ongoing Rewards: 2% cash back on every purchase (1% when you buy and 1% as you pay for those purchases), plus 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24
Annual Fee: $0
Minimum Credit Required: Fair
Credit One Bank® Platinum Visa® for Rebuilding Credit
Ongoing Rewards: 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services
Annual Fee: $75 intro 1st yr, $99 after
Minimum Credit Required: Bad
Bank of America® Travel Rewards Secured Credit Card
Ongoing Rewards: 1.5 points per $1 spent on all purchases
Annual Fee: $0
Minimum Deposit Required: $200
Minimum Credit Required: Bad
Wells Fargo Active Cash® Card
Ongoing Rewards: 2% cash rewards on purchases
Annual Fee: $0
Minimum Credit Required: Good
What to Look for in a Low-Income Credit Card
- No annual fee: When your budget is tight, a no annual fee credit card will help you keep costs to a minimum.
- Rewards: Cash back is a great choice for a low-income card because it's like getting a small discount on purchases.
- Low security deposit (for secured cards): If you don’t have a lot of available income and you have bad credit, look for a secured credit card with a low security deposit.
- 0% intro APR: Cards that have a 0% intro APR do not charge you interest for a specified amount of time. These cards are ideal for low-income earners who wish to make a big purchase or reduce the cost of their debt.
It is also worth noting that if you have a low income, you might only be approved for a modest credit limit. Credit card issuers determine spending limits based on what minimum monthly payments you can comfortably afford given your annual income. For example, if you have around $100 of disposable income per month and you apply for a credit card with a 5% minimum monthly payment, then your credit limit will likely be around $2,000, since 5% of $2,000 is $100.
This answer was last updated on 08/29/24 and it was first published on 04/01/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
Ongoing Rewards: 1% cash back on all eligible purchases, up to 1.25% back after 6 months of on-time payments, and 1.5% cash back after 12 consecutive months of paying on time
Annual Fee: $0
Minimum Credit Required: Limited History
Citi Double Cash® Card
Ongoing Rewards: 2% cash back on every purchase (1% when you buy and 1% as you pay for those purchases), plus 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24
Annual Fee: $0
Minimum Credit Required: Fair
Credit One Bank® Platinum Visa® for Rebuilding Credit
Ongoing Rewards: 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services
Annual Fee: $75 intro 1st yr, $99 after
Minimum Credit Required: Bad
Bank of America® Travel Rewards Secured Credit Card
Ongoing Rewards: 1.5 points per $1 spent on all purchases
Annual Fee: $0
Minimum Deposit Required: $200
Minimum Credit Required: Bad
Wells Fargo Active Cash® Card
Ongoing Rewards: 2% cash rewards on purchases
Annual Fee: $0
Minimum Credit Required: Good
What to Look for in a Low-Income Credit Card
- No annual fee: When your budget is tight, a no annual fee credit card will help you keep costs to a minimum.
- Rewards: Cash back is a great choice for a low-income card because it's like getting a small discount on purchases.
- Low security deposit (for secured cards): If you don’t have a lot of available income and you have bad credit, look for a secured credit card with a low security deposit.
- 0% intro APR: Cards that have a 0% intro APR do not charge you interest for a specified amount of time. These cards are ideal for low-income earners who wish to make a big purchase or reduce the cost of their debt.
It is also worth noting that if you have a low income, you might only be approved for a modest credit limit. Credit card issuers determine spending limits based on what minimum monthly payments you can comfortably afford given your annual income. For example, if you have around $100 of disposable income per month and you apply for a credit card with a 5% minimum monthly payment, then your credit limit will likely be around $2,000, since 5% of $2,000 is $100.
2024's Best Credit Cards
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Wells Fargo Reflect® Card
Blue Cash Preferred® Card from American Express
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