Help Needed With Choosing Suitable Credit Card

NTCCF

hi all,

Im new to this forum and would like to find out a little more on credit.
I am 22, currently studying at university. however i would like to apply for a credit card that has some rewards or cashback linked to it. i do have mobile contract for the past two years as well as a credit card from my bank, lloyds which is not a student card, not sure how i got accepted for it, credit limit £2200, had it for 1 and a half years so far.
my current balance is 0 as i pay it off in full each month. never applied for a loan or anything of that sort.
i have never had any probelms with credit ever, no late payments and score very good and have not applied for any products in the last year and my credit report is in very good order, however i am not on the electoral role.
can anyone advice me on this as i would like to apply for new credit card but the problem i have is that i am a student not currently working but i have a very high income from my parents that is for my expenses, fees etc approx about £28,000 per annum. having said that will i still be able to apply for a credit card using that figure as my income? and if not how best can i go about this.
really appreciate your help in advance.

McKneff

Difficult one because you dont have employed income, what your parents give you is 'pocket money' so to speak.

so you would have to put unemployed on the form.

Trouble is we cant see what the future holds, you may fall out with your parents - it happens,
bankruptcy - it happens
and the trouble is each time you apply for a credit card and you get a refusal it damages your record.

Having said all that, American Express, I believe give 5% introductory for 3 months.
Coop give cash back.
More people would probably help over the next few hours

Have you thought of approaching your bank to have your present card swapped for a cash back or rewards card.

NTCCF

Thanks for the quick reply, Yes i have approached my bank but thay said that they cannot swap the card but rather i will have to apply for the new card and if i get accepted then i can cancel the old one.
Speaking on amex do you think i have a chance getting one, on the application form it asks employment, and one of the options is personal income. do you think i fit into that bracket and i could possibly apply for the card?

McKneff

On second thoughts, yes you could apply for one but they are rather strict, my son in law applied for one with a good income but because he had never had a credit card before, they declined him, even though he owned a house outright and like I say a good earned income.

On the downside with Amex not every company takes them because of their high charges so i always have a back up in my purse just in case and have had to use it now and again.

I really think you would be better staying with your bank (they know you and your finances) get a new card and cancel the old one,
Once you start earning then you could possibly get an Amex and use your other card for back up.
Good luck

ironlady2022

Agree with McKneff, don't bother applying for the AMEX if they want you to be employed. If you want to apply to another bank, there is an option of 'student' as you are, not technically unemployed, then you can insert your 28k income and this should o through!

NTCCF

Thanks, Just out of curiousity if i had to consider applying for the amex in future, is it easier to get accepted for a charge card or a credit card, i will be paying off my balance in full each month with either one but just was wondering because on amex is requires you to have £20,000 income for a charge card and £30,000 for a credit card. I always thought it would be the other way around.
Also, Whats your suggestion on capital one world mastercard, think with my situation i stand a chance of being accepted.

ironlady2022

Unsure about capital one but when you say AMEX, do you mean the proper Amex??? Or say Lloyds Duo Amex / BA Miles Amex? The latter 2 are much easier to sign up for. The former is very strict and I would say the income indicates that the 30k income credit card is harder to get.

NTCCF

I was talking about proper amex direct from their website. but thanks for your reply, was helpful
Can anyone advice me on whether the virgin atlantic white card by amex is a good card to get and whether it is easier to get that than a proper amex card direct from amex website?