Credit Card - Low Income, High Savings

Oddity

I have a low income (3K) but no outgoings so this is all savings and will remain so for the foreseeable future. I manage the household budget and need a Credit Card to insure large purchases over £100. Is there a company that will take my Savings into account, rather than my income? Many thanks.

Ebe_Scrooge

Your first point of call should be your own bank. Failing that, one of the sub-prime cards such as Vanquis may offer you something, but be aware that their interest rates are very high, so make sure you pay the account off in full every month.

InsideInsurance

Oddity wrote: »

need a Credit Card to insure large purchases over £100. Is there a company that will take my Savings into account, rather than my income?

You do not get insurance on purchases over £100, you simply get S75 protection which makes the bank jointly liable with the vendor. Its key advantage is if the vendor goes bust and secondary benefit of being able to go to the FOS rather than court for disputes you cant agree.

What is your wider situation? Do you have vast sums of savings and you are living off the interest from them or are you eroding the savings? Do you have a working partner?

Income generated from your savings/ investments should be included in your own income figure (hence its income not salary they ask for). There are some card providers who will consider your household income if you have a working partner.