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Credit cards for single parents
Explore credit cards that work as hard for your money as you do.
If you’re a single parent, a credit card can be a convenient way to free up cash flow between paydays or to help manage financial emergencies. With a wide range of credit cards on the market, it’s possible to find one that offers low annual fees, up to 55 interest-free days and has rewards you can benefit from. Compare your options below.
- If you’re looking for a card to use in case of emergencies, you might want to consider one with low or no annual fees. This means you won’t have to pay any unnecessary fees for a card you barely use.
- If you plan on using your card to make regular repayments while carrying an outstanding balance from month-to-month, one with a low interest rate could be more suitable.
- If you have debt to pay off, a low or 0% balance transfer offer could be a useful way to pay down your balance without incurring additional interest.
1. Compare your options
There are many types of credit cards on the market that could be suitable and useful for a single parent. It’s important to compare the features, costs, terms and conditions in relation to your spending habits and financial situation in order to find the best card for your needs.
2. Check the eligibility requirements before applying
Make sure that you meet the card’s eligibility requirements, which usually include:
- Be at least 18 years of age, or the age of majority in your province or territory.
- Be a Canadian citizen or a permanent resident with a valid Canadian address.
- Meet any minimum income requirements. This may sit around $12,000, depending on the card and provider.
- Meet any credit score requirements. You will usually need a score of 650 or higher.
3. Collect the necessary documents
To apply for a credit card, you will usually need the following documents:
- Proof of identity and address
- Proof of employment and income
- Current financial details
4. Understand common reasons for rejection
- Bad credit history. It’s good practice to request a copy of your credit score to ensure it has no errors on it that may affect the outcome of your application. Bad credit history is one of the major reasons why applications are rejected.
- Too many applications. Making too many credit card applications can backfire on you, because each application leaves a mark on your credit report, which can raise red flags for providers.
- Insufficient income. Credit providers will consider your personal situation in its entirety. They’ll determine if you have sufficient income to be able to pay the credit card balance and take into account any current debts you’re paying off.
Your credit card application will always be assessed as a whole, and lenders will take all pertinent factors into consideration when deciding if you’re a low-risk and suitable borrower. Having a good credit score and proven history of paying your bills on time will help greatly, along with proof of consistent income, whether it be from employment or government assistance.
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