Unemployed - can I apply for 0% balance transfer card?

big_shot_2

I am out of work and have uncleared debt on credit cards that I would like to avoid paying interest on - do you have to be on a minimum income - or not claiming benefits - in order to qualify or are there cards that allow job seekers to move their debts?
Cheers.

bengal-stripe

Those zero interest cards are intended to get potential big spenders to sign up with a new card, they don't exist to help people in financial difficulties. They are harder to get than ordinary cards.


Without a decent income, the chances that you'll get accepted are virtually zilch.

lee1985

big_shot wrote: »

I am out of work and have uncleared debt on credit cards that I would like to avoid paying interest on - do you have to be on a minimum income - or not claiming benefits - in order to qualify or are there cards that allow job seekers to move their debts?
Cheers.

Some lenders will accept a fairly low income compared to others in scoring and eligibility, but in many cases you will be asked to prove your income especially when using 'other income' boxes which are used to input income from benefits, pensions etc if not a salary from paid employment. It is likely that you will be asked to prove these sources.

Nonetheless, if you do not have an income at all, or you are unemployed, not on benefits and the income you rely on is solely interest payments from savings or a pension for example - then as the above post says - your chances are nil.

If you are struggling with your debts due to a low income hence your unemployment, it is likely that the lender will see this from your credit record and your debt to income ratios - this will also lead to an instant decline as no lender will take on unemployed people with existing debts - especially prime lenders.