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Best credit card for someone on benefits?
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DoneAndBeyond
Community member Posts: 9 Listener
I'm unemployed and am on PIP and ESA. This would be my first credit card so I know a credit-builder one would be best, but what companies are the best? Many thanks!
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Hi @DoneAndBeyond
I hope you are well.
I have no personal experience in this area, but I'd be interested to hear from other members about whether they have any recommendations or insights to share.Online Community CoordinatorConcerned about another member's safety or wellbeing? Flag your concerns with us.
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https://www.moneysupermarket.com/credit-cards/credit-builder/
There are quite a few "credit builder cards" they all have one thing in common they charge quite high interest rates usually around 39% APR, if you get one the best way to manage it will be to set up a direct debit to pay it off in full every month, then use it to buy something you were going to anyway.2024 The year of the general election...the time for change is coming 💡 -
woodbine said:https://www.moneysupermarket.com/credit-cards/credit-builder/
There are quite a few "credit builder cards" they all have one thing in common they charge quite high interest rates usually around 39% APR, if you get one the best way to manage it will be to set up a direct debit to pay it off in full every month, then use it to buy something you were going to anyway.
Recently heard of a single mum in my area racking up a debt of over £15,000 with an income of £650 a month! No hope in her ever clearing that amount. Personally we have two credit cards - a Barclaycard one with a limit of £8000 but never used for over the last 8 years and a Halifax one with a limit of £11,000 which is used to buy one offs that do not exceed £500. The debt on that card is paid off at the rate of £150 or so a month over 4 months.
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Hi I'm on pip and I'm looking for a credit card. How do I get one?
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https://www.moneysavingexpert.com/eligibility/credit-cards/search/This will compare all that are available to you without leaving a negative impact on your score. As others have advised, please do not take up debt you can’t afford.
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Someone else's!
I've never had a credit card myself. It's not needed for a good credit rating as some people suggest. -
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DoneAndBeyond said:I'm unemployed and am on PIP and ESA. This would be my first credit card so I know a credit-builder one would be best, but what companies are the best? Many thanks!
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@Racertracy Hello there and welcome to our online community,
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