natwest- eligibility decline

chanz4

hi what does natwest- eligibility decline mean?

lisyloo

The are usually criteria for each product
e.g. to get an Amex platinum cashback credit card you need £30K annual income.

You don't say which product you have applied for but it sounds like you don't meet the criteria to apply. Which product is it?

For example for the Nat West black card you need to be over age 25 and have a personal income of more than £75K.

vaporate

Earn more than 70k, I wish lol

The black card is just to make rich people feel superior. There is no real major benefit out of it other than an inflated ego.

ElkyElky

vaporate wrote: »

Earn more than 70k, I wish lol

The black card is just to make rich people feel superior. There is no real major benefit out of it other than an inflated ego.

Still, would be nice to have a minimum credit limit of £15k. :j

vaporate

ElkyElky wrote: »

Still, would be nice to have a minimum credit limit of £15k. :j

Yes, but if you had an annual salary of 75k, why would you want 15k of potential debt.

Natwest should just raise their pay-out on their cash isas and E-savings accounts instead lol

(I wish!)

lisyloo

Yes, but if you had an annual salary of 75k, why would you want 15k of potential debt.

To buy a car? To buy a motorbike?
To buy you wife a necklace, holiday?

People on decent salaries, still buy things.

We are on decent salaries.
We buy things, we have debt.
Even when we have paid off our mortgage, we will still want to buy things.
However I would use cashback cards for this and get the cashback.

vaporate

lisyloo wrote: »

To buy a car? To buy a motorbike?
To buy you wife a necklace, holiday?

People on decent salaries, still buy things.

We are on decent salaries.
We buy things, we have debt.
Even when we have paid off our mortgage, we will still want to buy things.
However I would use cashback cards for this and get the cashback.

This is not 'advice' per se, but I would personally, if it were me and could afford it, save for it first.

Your decision at the end of the day though.

As they say, its your money, its your choice.

lisyloo

Hi Vaporate.

It's very good advice (and always served me well).
We do save for things first (apart from house), but even with savings I would still use a credit card for

1) cashback
2) convenience
3) section 75 protection
4) extra warranties/insurance
5) Not carrying £10K around in your pocket
6) Build a good credit history.

The person who said there are no real benefits is missing some important points like section 75 protection.
Of course I do believe there are better products around.
For anyone on £30K+ the AMEX cashback card is very good.

The best method is to save for what you want, use a credit card for cashback and then pay it off in full.
So very definitely high earners want to use credit cards.

dzug1

Yes - low earners tend to think I wish I earned a lot more then I wouldn't need to worry about money.

WRONG

You still worry about money - just in different ways. If you stopped worrying you'd probably become a low earner again

nomoneytoday

When the airlines threatened to strike over Christmas, the Amex concierge service managed to guarantee a seat for my friend to the Alps for his honeymoon.

In comparison, many other credit card companies would have simply refunded the card in the case of strike. Sometimes it pays to have the additional services, rather than simply the lowest APR.

chanz4

it was a credit card