First ever credit card help?

nicki_2 · 2 April 2005 at 8:45AM

My sister wants to apply for a credit card. She's on about £1000 a month but has no credit history (she's only 19 and still lives at home). She tried applying for a Tesco card last week but got refused. What would be the best one for her to try now?

BTW, she WILL get the "pay it off in full every month" lecture from me at least

Reaper · 2 April 2005 at 10:30AM

Her bank is the best place to try as they have their own history of how she has handled her account, so her credit history is less important.

If they refuse then Capital One do a card designed to help get a credit history. They guarantee acceptance BUT it has a high APR so it is important to pay it off every month. It will also have a low limit and they may ask for a deposit.

Rafter · 4 April 2005 at 6:59PM

I think Barclaycard do as well.

Just make sure she sets up a direct debit for the full amount due!

R.

deemy2004 · 5 April 2005 at 2:25AM

nicki wrote:

My sister wants to apply for a credit card. She's on about £1000 a month but has no credit history (she's only 19 and still lives at home). She tried applying for a Tesco card last week but got refused. What would be the best one for her to try now?

BTW, she WILL get the "pay it off in full every month" lecture from me at least

Tescos is one the card hardest cards to get.

Try Halifax or Egg.

student100 · 5 April 2005 at 10:20AM

I have an Accucard. (I'm also 19 and still, at least theoretically, live at home - and my income is a lot less than your sister's). I think their minimum income requirement is only something like £6000 a year. They also pay 0.5% cashback (if you configure it right) which isn't the best available but is probably the best you'll get on your first card.

newfoundglory · 5 April 2005 at 1:30PM

I think its true to say _most_ cards don't actually have a qualifying income limit. Some do set this at around £6000 a year/£500 a month, but the truth is you could get a card with an income less than that. I suspect it was lack of credit history and age which got the Tesco card rejected.

Its a good idea for her to get a copy of her credit file from equifax and experian, to see if she has any credit history at all. If there is nothing on there (not even a mobile phone contract?), then the advice of going to the bank you currently bank with is a good idea - you are most likely to qualify for a card here if you have no credit history.

Definitely get a card which rewards you in some way for paying back the balance in full every month (cashback cards are good for this)...

skiddy2k · 5 April 2005 at 8:49PM

student100 wrote:

I have an Accucard. (I'm also 19 and still, at least theoretically, live at home - and my income is a lot less than your sister's). I think their minimum income requirement is only something like £6000 a year. They also pay 0.5% cashback (if you configure it right) which isn't the best available but is probably the best you'll get on your first card.

it seems like this Accucard is very similar to lloyds tsb's 'Create Card', where you can 'create' your own interest rate and cashback configuration.

but, this card requires £5000 income a year.

student100 · 6 April 2005 at 9:52AM

Yes, they are basically the same card. Accucard is run by Create Services Limited, a division of Lloyds TSB, and cards are issued by Lloyds TSB...

You'll also find that Texaco, EasyMoney, More Th>n, and some other credit cards which sound very similar to Accucard are in fact "co-branded" Accucards.

First ever credit card help?

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