Being self-employed can provide plenty of benefits. Not only can you enjoy being your own boss, you can also do things the way you want to do them, while keeping to your own schedule. Unfortunately though, there are downsides to being self-employed that you may need to deal with as well.
But, that doesn’t mean it’s impossible. If you are self-employed and looking to apply for a credit card, you can make it easier on yourself by doing some homework. By finding out more about which credit card providers accept applications from self-employed applicants – and exactly what they are looking for during the application process – approval could be just a few clicks away.
Before you start comparing credit cards, you need to first find out which credit card providers allow applications from self-employed applicants. To make this easier, we’ve compiled a list of providers and the documentation they require to assess applications from the self-employed.
Now you know which card providers allow for applications from self-employed applicants, it’s time to start comparing the options. Comparing credit cards is pretty easy when you know what to look for, but to do that, you need to know what you need from your card.
If you’re looking to save money, you may want to choose a card with a low annual fee or a low interest rate. Introductory offers could help you save even more money, providing no annual fee offers, 0% balance transfer offers or 0% purchase rate offers.
If you want something extra on your card – and tend to clear your balance month-to-month – you may want to choose a rewards card or a platinum card. The features and rewards offered on these cards could be used as an incentive at work, or as a way to enjoy your downtime.
When comparing your options, be sure to pay attention to the annual fee and rate of interest you will pay, as well as any interest free periods offered, and rewards programs or extras provided. Weigh the value of these against what you’re paying out in interest and fees.
Want more? Check out our Credit Card Application Tips.
Having a credit card application declined is more than just frustrating, it can also damage your chances of being approved in the future. Every time you apply for a credit card, it is noted in your credit file. A list of declined applications may signal high risk to potential card providers, causing them to decline future applications.
Want to improve your chances of approval? Here are some mistakes you should avoid.
All credit cards have eligibility requirements, and it’s up to you to make sure you meet them. If you do not meet the stipulated eligibility requirements, your application may be declined. If you are unsure whether you meet the eligibility requirements for your chosen credit card, contact the card provider for clarification.
As we know, credit card providers typically check each applicant’s credit file to assess credit worthiness. If you apply for multiple credit cards at a time, it suggests you may be having financial problems and desperately need credit. With this high risk red flag, card providers may decline your application, which again, makes it more difficult to get approved in future.
With all that in mind, it’s time to find and apply for your next credit card. Compare your options at creditcard.com.au to match your needs to the best credit card for you.