New Credit Card for non UK resident - is it possible?

euronorris

Hi All,

I think I know the answer, but I was wondering if any you CC guru's can confirm if it would be possible for me to obtain a new CC when I am no longer living in the UK?

I would like to do a balance transfer, to bring the interest down, whilst I repay but I'm pretty sure they insist that you are a UK resident upon application.

Does anyone know for sure/had any previous experience of this?

Thanks!

financial_warrior

Unless you have a UK postal address I would imagine your chances of obtaining credit in the UK are little above 0. I know it's not the answer you'd like to hear, but if you think about it from the lenders perspective, it does sound like a significant risk.

euronorris

Yeah, I know. I figured as much and have been searching around and every card I look at requires you to be a UK resident.

I understand why, it's just a little frustrating. Oh well.

They may offer a balance transfer on Dutch credit cards, but I am loathed to sign up to such a product when I cannot read the terms (yet). It was bad enough that I had to do that with the bank account (the T&C's aren't available in English, but the bank rep did take her time explaining what was contained within them). Anyway, I don't think it would be wise for me to get credit here when I don't understand my/their obligations, plus, I'm not sure they would do an international balance transfer, or even if that's legal.

financial_warrior

Can you ask the bank for a translation of the terms? I'm sure Dutch banks are used to dealing with English-speaking customers.

An international balance transfer is as legal as the instigating bank wants to make it. I don't see why any UK bank would be unhappy about you wanting to settle a debt right now!

euronorris

No, unfortunately not, I've tried. They offer some documents in English, but not many. These do explain the products available and charges etc. Mostly, I ask friends and colleagues to translate something if I am unsure. I just need to improve my Dutch, but that's a work in progress.

Mmm, I just wasn't sure about the legislation as there have been changes within EU legislation recently regarding banking and financial products. It may have no bearing on it at all, but it's a lot to wade through and make sense of. Will take some time. I'll have a look at what my bank offers and ask them first if it's possible to do a balance transfer from a UK card. Would save me money on transferring funds to the UK also.

Mmmm, but then, it depends on the exchange rate applied to the balance also. Could add to the debt. But if the interest was a lot less then perhaps I would still save money. Mmmm, lots to think about.

Thanks for your input. Much appreciated

jamesd

The current exchange rate makes it really attractive to clear the Pound debts with Euro earnings and borrowings. You shouldn't really delay if you can help it. Instead of making a balance transfer you have the probably cheaper alternative of putting all day to day spending on the card and putting the saved day to day spending into overpayments on the Pound borrowing, letting the Euro card balance increase. That avoids any chance of balance transfer or cash advance fees.

The legislation changes are positive for consumers, not something to worry about.

euronorris

jamesd wrote: »

The current exchange rate makes it really attractive to clear the Pound debts with Euro earnings and borrowings. You shouldn't really delay if you can help it. Instead of making a balance transfer you have the probably cheaper alternative of putting all day to day spending on the card and putting the saved day to day spending into overpayments on the Pound borrowing, letting the Euro card balance increase. That avoids any chance of balance transfer or cash advance fees.

The legislation changes are positive for consumers, not something to worry about.

Not a bad idea, but I would still incur fees and lose money in currency exchange for sending Euro's home. I need to do some calcs to see if I would be better off or worse off via that route. I suspect that your suggestion may work out more expensive in the long run (€5.50 to send the money and then at least another €60-70 per month lost in exchange rates), but will definitely check it out.

Thanks for the suggestion, I hadn't thought of that.

And, I did manage to find some comprehensive literature in English about the CC's. Including how they determine what you can afford which is quite informative. Am going to read it all thoroughly this weekend and draw up a list of questions to ask the bank after that.

Thank you all

naom

Can I add further to this question? I previously had a credit card with a reputable company & always made sure that I paid it off in full whenever I was billed. I am now working as a volunteer worker in Africa & thus do not have an income other than a small monthly reimbursement although I do have money in my UK account. Whilst out of the country my credit card expired & was not renewed but I was told I could renew it on returning to the UK. Although I have been out of the country for the last few years I still have a UK address but come & go between Africa & the UK for long periods of time. On returning this time I was told that there was no record of my cc account whatsoever & so my card could not be renewed. When I tried to apply for a new card my application was declined.

Basically I have a UK address, have previously had a credit card (although there is no record of this) but I am not on the electoral roll, I have residency in another country but return periodically to the UK & want a credit card to control the money coming out of my account for purchases mainly online. Can anyone advise me as to whether I would be able to get a credit card with anyone in the UK?