Being unemployed doesn’t mean that you’ll automatically be declined when you apply for a credit card. But do remember if you’re considering applying for one of the high street 0% balance transfer offers or indeed a low introductory rate credit card, don’t be surprised if your application isn’t successful if you are indeed unemployed. Many people are turned away from credit card companies because a number of different reasons. For example, you may have been declined because the credit company have a specific target client group - like people who earn a certain amount of money. If you are on a reduced income or are unemployed it will invariably be harder for you to find a credit card company that will accept your application. And, it’s highly likely that if you’re application is accepted, you will pay a significantly higher rate of interest. Like with all financial products, there will always be a specialist lender out there that will have a more flexible acceptance criteria and will happily issue you with credit facilities. To cover the additional risk you pose to them as an unemployed client, you can expect to pay APRs that are in excess of 20%, sometimes in fact rates as high as 50%. You’ll probably only be given a low credit limit, this is to protect both you and the lender from spiralling repayment costs that you’re unable to meet.
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