What is a low-income credit card in Canada?
Credit cards for low-income earners are developed for individuals who have a lower revenue or may not meet the typical income requirements for standard or premium credit cards. Such cards often have lower credit limits and more accessible eligibility criteria, making them more accessible.
Main features of low-income credit cards:
- Lower credit limits compared to standard and premium credit cards.
- More relaxed eligibility requirements, making it easier for individuals with limited income or a shorter credit history to qualify.
- Now or only basic rewards and perks.
- The interest rates on low-income credit cards may be higher than those on standard credit cards since there is a higher risk of delay or non-repayment of debt
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 8.35% | 905 |
| 20,000 | 11.35% | 1,230 |
| 20,000 | 14.35% | 1,555 |
| 50,000 | 8.55% | 2,316 |
| 50,000 | 11.55% | 3,128 |
| 50,000 | 14.55% | 3,941 |
| 100,000 | 8.75% | 4,740 |
| 100,000 | 11.75% | 6,365 |
| 100,000 | 14.75% | 7,990 |
| 200,000 | 8.95% | 9,696 |
| 200,000 | 11.95% | 12,946 |
| 200,000 | 14.95% | 16,196 |
What are the minimum income requirements? Can I get a card with no income?
Minimum income requirements for a credit card in Canada depend on the card class and the credit policy of the particular bank or credit union but are often $12,000-$15,000 per year.
However, on the market, you can find offers without restrictions on the client’s income level, and the decision of approval is made based on a comprehensive assessment of the financial condition of the potential borrower.
What counts as revenues?
- Alimony or child support payments
- Capital gains
- CPP or other pension income
- GICs revenues
- Interest on savings accounts
- Rental income
- Salary
- Unemployment and other gov benefits
See the similar FAQ about Canadian banks:
- CIBC dividend visa travel insurance card
- CIBC fraud prevention number
- CIBC installment plan
- CIBC payment protector
- CIBC rewards center
Details of companies offering the financial services:
Capital One Bank
Head office’s address: 161 Bay St. #1800, Toronto, ON M5J 2S1
Contact center: 800-481-3239
Web-site: https://www.capitalone.ca/
Swift code: NFBKUS33
BSB: 323
118118Money
Contact center: 02920 548 118
Web-site: https://www.118118money.com/
ATB Financial
Head office’s address: 2100, 10020 – 100 Street, Edmonton, Alberta
Contact center: 800-332-8383
Mail address: [email protected]
Web-site: https://www.atb.com
Swift code: ATBRCA6E
Stock code: ATB Financial
BSB: 219
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
Capital One Bank
Head office’s address: 161 Bay St. #1800, Toronto, ON M5J 2S1
Contact center: 800-481-3239
Web-site: https://www.capitalone.ca/
Swift code: NFBKUS33
BSB: 323
Home Trust
Web-site: https://www.hometrust.ca/
Neo Financial
Web-site: https://www.neofinancial.com/
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
Vancity Savings Credit Union
Head office’s address: 183 Terminal Avenue, Vancouver, British Columbia
Contact center: 868-225-4828
Phone: 604-877-7000
Web-site: https://www.vancity.com/