Salaried workers do not face many challenges when applying for credit cards or loans compared to self-employed people. This is due to the fact that self-employed people generally encounter difficulties in providing proof of steady income. This increases the risk for lenders when issuing credit cards. However, many lenders offer credit cards designed specifically for the self-employed and offer exclusive rewards and perks.
Eligibility criteria for self-employed credit cards
While eligibility criteria vary depending on lender policies and market conditions, there are general criteria that lenders typically follow:
- You must have a credit score above 750
- It is advisable that you have a good repayment history and creditworthiness
- There is a minimum income criterion followed by lenders that you need to qualify
- Your age must be between 25 and 60 years
Credit cards are no longer a luxury, but have become a necessity in our daily lives. However, before you sign up for one, it’s crucial that you analyze your financial situation and see if you can really afford a credit card. This allows you to save yourself from unwanted financial burdens.
(Please note: the list is indicative and not exhaustive)
