Being unemployed makes getting a credit card tougher, but yes you can apply for one. Just be careful to choose the right one for your situation. Things to consider as you think about your options include:
- Your credit history and credit score. You may need a co-signer if these are not in good shape because of your unemployment.
- Your available resources, including savings, unemployment compensation, household income from other family members, etc.
- The exact circumstances of your situation and whether you will be able to pay off any purchases you make.
If you do get a credit card, keep these guidelines in mind:
- A credit card is not an emergency cash fund. Using it as such can result in debt you may not be able to pay off, so be careful about what you charge.
- Keep your spending small and pay it off each month in full so you don’t get in over your head.
Being unemployed doesn’t make you ineligible for a credit card – just be sure you know what you’re getting yourself into if you are approved.