Low Income High Limit Card

chris1988uk

Well like the title says im looking for a credit card for low income that has a high credit limit at the moment i have a capital one card with a £750 limit earn £4000 anual not including overtime as only work part-time. The capital one card i currently have, i have had for about 1 year now and only had my limit increased once even with good payment.
The reason i need a better card is i have been looking for a car + insurance the only way for me to manage both would be to have my insuance on a card and pay it off over a year which would mean a credit limit of atleast £1000-£1500.

Does anyone know of any card that might be worth applying for i know there might not be alot available to me and that it might mean a high APR rate but anything might help.

stephane_2

With an annual income of £4000 I doubt very much that you'll find a provider willing to give you a limit of £1500. However each provider have their own minimum criteria, some will require a minimum of 10k before considering someone for a card. You could try vanquis but again interest will be sky high & limit offered quite small to start with..

mynameistallulah

On an income of £4,000, insurance over £1,000, can you really afford to run a car?

YorkshireBoy

I would imagine your best chance would be from the bank that receives your income. Which bank is it?

Or perhaps you have a partner who could apply instead?

chris1988uk

mynameistallulah: well thats just of my part-time 12 hours contract not including my overtime average including overtime works out depending £6000+.

YorkshireBoy: Current bank is santander all there cards have required annual earning or are a annual fee card.


The problem i have is with me only being part time and having a low annual income not including overtime and being unable to get fulltime employment where i live which is the reason i need a car so i can look in a wider area range for fulltime employment.

jason1231972

Your low income aside, it might not make financial sense to pay your car insurance on a CC.

Depending on the exact rates offered by insurers (for monthly payments) and credit card providers, the likely outcome would be one of the following:

1) Paying by CC results in a very small saving, so small so as not to matter
2) Paying by CC works out just the same as paying monthly
3) Paying by CC (being mindful that many insurers require a fee in the region of 5%) works out a little bit more expensive

Paying in full by CC is only a sure fire money saver if you either have a very low purchase (or BT) rate available, or if you can afford to pay over less than a year, ideally tackling the large majority of your balance in the first few months. If you're open-minded about high APR cards, as you state, then you're likely to pay more in CC interest than insurers' interest.

As for low income/high balance, it is quite possible, but is not the norm. Generally, one would be required to have several years' worth of proven creditworthiness - the type of people whose CC limits have just crept up over the years due to good management, rather than because they earn lots of money.

If you have only ever had your current CC, and have only had it for a year, you may be quite far off obtaining the kinds of limits you desire.

In any case, it's never wise to take on more debt than your basic salary can repay, no matter how regular your overtime may be.

whiteguineapig

mrkjohnson28 wrote: »

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MonkeyMad

And all replies at 1 min intervals = spam