Advice on Helping my Parents Please

jembeth

My parents are coming in to some money at the end of the year but need some finances to keep them going until then. They are both retired. I suggested they get a card with 0% int on purchases and then pay it off when their money arrives, but obviously they don't have an income so

1. Would they be refused?

2. If that is the case could I (housewife) or my husband get a card and have them as additional card holder.

3. Can you have 2 additional card holders or must it only be 1.

Any advice would be greatly appreciated.

CLAPTON

why do they have no income.. that's rather unusual?
what d they live on now?

without an income no-one will give them credit..

you or your OH can get a CC and have them as an additional card holder

to get a 0% CC you need a good credit score

jembeth

They have their pensions, sorry I meant they are not in employment, they have state pension which is topped up with a private pension and they own their house outright. But they have some money which for interest reasons they cannot touch until a specific date at the end of the year. We both have good credit ratings.

CLAPTON

Retired people can apply for CC... sometimes a CC will specify a minimum income but pensions count towards this.

If their money is tried up interest wise, how much will they lose if they withdraw early.. it may be cheaper than using CCs.

You haven't quoted any figures so it's difficult to comment but it sounds as if they will be living off their capital... depending upon their age that is a risky strategy.

jembeth

They were going to get the money out earlier but it would cost them, so I suggested they had 0% and then pay off anything they have spent it, to avoid the penalties on getting their money early. I don't actually know what the figures are as I haven't gone too deeply into it with them, it was just an idea at this stage.

gizmo111

You could get a virgin or egg card and transfer the money into their bank account - or yours if it is in your name at 0% for 15 months. How much do they need?