Is there any point me applying for a CC?

filigree_2

I have never had a CC in my own name. I would like a credit card for dire emergencies only, and because sometimes it is the easiest way to pay for something. I just want the card, the incentives are no use to me.

I'll be brutally honest - while I'm still (technically) married I'd like to apply for a CC while I have husband, mortgage, 12 years at this address etc. Once I'm a single unemployed parent I realise my chances of getting credit will plummet!

Despite having a spotless credit record, owner-occupier etc etc, my own bank (Barclays) declined my application because I don't have a job. Believe me, I can tick all the "good" boxes where my credit-worthiness is concerned, the only problem (admittedly a big one) is lack of earned income. I do get £4000 in Carer benefits.

I really don't want to expose myself to the risk of multiple failed credit applications. Any suggestions for a credit card that will accept me on the grounds of my overall credit risk being very low?

Milarky

I have never had a CC in my own name. I would like a credit card for dire emergencies only, and because sometimes it is the easiest way to pay for something. I just want the card, the incentives are no use to me.

This is why many people want a credit card - for the convenience as a method of payment.

You might try www.marbles.com [now a brand of HSBC] because they only ask for a low income, I believe [£5,500?] and you get an immediate online decision. They might be doing 0% on balance transfers for 6 months - but this would be of no use to you, I suspect. But they do now offer cashback [0.5%] , so could interest you for that reason. But you need to use this card once every six months to avoid a £10 charge.

MBNA say you only need an income of £8,000 to be considered - and I got a card from them whilst on benefits. They definitely do 0% for 6 or 9 months - with 'free' cash into your bank - but this would be no good because you could not use the card for purchases, as you intend, at the same time [and they charge interest on purchases even while the balance transfer -really a 'loan' - is at 0%]. MBNA has the longest standard 'interest-free' period for purchases at 59 days [i.e. upto one month and 28 days]

Capital One are considered to a be 'sub-prime' card issuer and have stingy credit limits and very high interest rates. But they also now offer a 1% cashback card to new customers which [provided you pay the balance in full each month] could be helpful to you.

Most other cards that tend to be recommended offer 0% on purchases/balance transfers and/or cash back [eg Mint - from Royal Bank of Scotland or Halifax One - from HBOS] Such cards need to be used with care, however, because of the temptation to spend on them during the 0% periods

As to 'income', you can include all benefits, salaries [etc], other income (from savings) all at 'gross' rates. And since you will only be asked for an estimate, 'rounding up' a little will probably be ok on an application - just don't state anything you can't justify later :-X

PS If getting a credit card for the first time you are stongly advised to set up a 'whole balance' direct debit at the earliest opportunity - which takes full payment from your bank account at the appropriate date, and avoids any interest being charged. The DD ususally takes at least a month to set up. So you can either wait a while before using the card initially, or make a manual payment in respect of the first statement only

DDR400

You might want to consider a "prepaid credit card" such as the cashplus prepaid Gold MasterCard - http://mycashplus.co.uk/

The concept of the prepaid card is likely to be the next big thing in the UK after taking the USA by storm. Described as a ‘credit card without debt’ it seems almost too good to be true. But what can we really expect as the prepaid debit card begins to invade the UK? Can it really be as simple as a prepaid phone or gift card?

More information on prepaid cards can be found here:
http://www.moneysupermarket.com/cards/prepaid-cards-guide1.asp

This is really a debit card that allows you the convenience of 'plastic money'. You can do everything with a prepaid credit card that you can with a normal credit card. The idea is that you can only spend the money you have loaded onto the card. So in theory you cannot run up a CC debt, as the money on it is already yours.

Beware of any offshore compaines that offer prepaid credit cards. Your money is not covered by the FSA - so if the company goes bust, you loose your dosh!

You will also need to read the T&C carefully, as there are different charges applied by different card companies.

HTH

esuhl

I *think* that when I applied for my American Express card I was asked for my household income, rather than mine specifically. If you can find a card issuer that asks that question, you could legitimately include your husband's income, which should make it easier for you to get a card.

thumshie

This old thread http://forums.moneysavingexpert.com/showthread.html?t=352916 talks about household income..

Just checked, both GEmoney and M&S ask for 'household income', so may be good places to start.