Credit Card for pensioners

stevesmithanon

My parents would like to take out another credit card. They are both 75.

Do credit card companies have restrictions lending to pensioners? Are there any advantages or disadvantages if asking for a high credit limit on a new card?

Thanks,

Steve

never-in-doubt

So long as they can afford one then age doesn't come into it....

You wouldn't be allowed to request a limit, very unlikely they will entertain that!

Moggles_2

None of us knows in advance the credit limit we'll be handed. Lenders do not seek our views or disclose the criteria they use to decide.

Your parents' available credit in relation to their income is likely to be a factor, but the only way to find out for certain is to apply.

To help you further, we would need to know which credit card(s) they have at the mo. Also, whether the new card is for balance transfers or purchases.

James

One thing you may like to take into consideration (after) your parents have applied is to make sure they get Chip & SIGNATURE Cards vice Chip & PIN.

This means that they can't use their Credit Card to withdraw cash (which is expensive). And lowers the personal risk to them.

hax_2

Saga specialise in providing credit cards to those aged 50 and over.