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Credit cards for the self-employed

While being your own boss offers many perks, it can make it difficult to borrow money. Thankfully, it’s not impossible. Here are some tips on how you could get a credit card if you’re self-employed.

Understand how lenders make their decisions

Every lender has their own system for identifying who they’ll accept for a credit card. To some, salaries are the most important thing and if you can prove your job is consistent, you’ll have a better chance of success.

To others, how well you’ve handled your debts in the past is often more important than how much you earn. Several providers now offer credit cards specifically for the self-employed and they’re worth considering. No matter what card you’re applying for, having a well-managed credit history does help.

Learn how to better your chances

Lenders test ‘stability’ in ways other than just considering your salary. Using the same bank for a long period of time will score you points, as will living at the same address for longer than three years.

Get a copy of your credit report from each of the major credit reference agencies, Experian, Equifax and Callcredit. You may find that your low credit score isn’t because you’re self-employed, but is actually the result of an error on your file. Mistakes are fairly common, so it pays to check. Read our understanding your credit score guide for further information.

With marbles’ free eligibility FastCheck, you can see your likelihood of acceptance without harming your credit report.

Know your options

If you’re disciplined, a credit card can be a useful tool. Just be aware that most of these cards come with high interest rates so avoid carrying a balance on one. By paying off your bill in full each month your credit rating could become stronger and, in time, you may find that you are able to get more favourable interest rates.

We understand that being self-employed doesn’t mean you’re irresponsible. A marbles card could help you build your credit rating over time by helping you to demonstrate that you can manage credit sensibly.

Representative Example:

Interest rate for purchases34.9% P.A.(variable)
With a representative34.9% APR(variable)
Max credit limit£ 1,200

The APR applicable to your account will depend on our assessment of your application. Credit only available to aged 18 or over, resident in the UK and subject to status.

Marbles the right card for you

Credit cards for the self-employedGetting credit if you’re new to the UKGetting credit as a student or recent graduateCredit cards for those with poor creditCredit cards for people on low incomeGetting credit for the first timeCredit cards for those with no credit historyHow the FastCheck eligibility checker works
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Credit available to UK residents aged 18 and over. Subject to status. Terms apply. The APR applicable to your account will depend on our assessment of your application.

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Credit is provided by NewDay Ltd. NewDay Ltd and NewDay Cards Ltd are companies registered in England and Wales with registered numbers 7297722 and 4134880 respectively. They form part of the NewDay group of companies. The registered office for these companies is 7 Handyside Street, London, N1C 4DA. NewDay Ltd and NewDay Cards Ltd are authorised and regulated by the Financial Conduct Authority (FCA) with numbers 690292 and 682417 respectively. NewDay Ltd is also authorised by the FCA under the Payment Services Regulations 2017 (ref no: 555318) for the provision of payment services. marbles is a trademark of NewDay Cards Ltd, which is used under licence by NewDay Ltd.

© NewDay Ltd. 2021