Worldwide travel card stumped, help!!!!

M1843

I have spent all of this morning attempting to get one of the top credit cards for travel, apologies for long post but please bear with me. I'm a late thirties UK resident and taxpayer that has been self employed for nearly 20 years, substantial savings heading off on late gap year 12 months + in 3 weeks time and wanted to get a top card for worldwide spending whilst away, will be paid IN FULL and only want to use to prevent fees. One major problem..... because I closed my business in December and no have no income no lenders will even bother to apply? Been into Halifax, post office and nationwide. They all said I can't apply as have no income, despite substantial savings and no other debts whatsoever. :mad: what's the best plan? Help I leave 3 weeks tomorrow and yes I know I should've done this before but didnt foresee a problem due to an excellent credit history.

eskbanker

Try the eligibility checker at https://creditcards.moneysavingexpert.com/?travel, it's far from perfect but may give an indication of companies that may be sympathetic.

Alternatively, have any credit cards contributed to your 'excellent credit history', i.e. do you have any cards currently, even if they're not the cheapest as far as fees are concerned?

Candyapple

You have 2 problems;

1. You've made 3 credit search applications in a short space of time - this doesn't look good to prospective lenders

2. You have no income

You could try here: https://forums.moneysavingexpert.com/discussion/5103888

but again, your lack of income might be the resounding issue. If you've been declined for 3 already and you have savings, your only other option will be to just to change up your savings into the local currency beforehand and use that.

M1843

Thanks for replies, I didn't actually apply for the cards, I just went in and asked the question ( I realise applying in short spaces doesn't look good.) I'm just a bit stumped, I do have a current credit card ( HSBC premier- expensive to use abroad) which is always paid in full, all I'm trying to do is get an additional card with lower fees, it's seems madness to me that I have a faultless credit history ( have managed to save from making sensible decisions and now I'm trying to make another one the shutters have come down?) is there anyway around this? On every form/ check it says income, I have been earning and banking money all the time up until Christmas when I closed, just not going forward?

grumbler

Candyapple wrote: »

...your only other option will be to just to change up your savings into the local currency beforehand and use that.

Another option is a prepaid card or a debit card.

Candyapple

grumbler wrote: »

Another option is a prepaid card or a debit card.

Yes, good point, I had forgotten about those - thanks.

zagfles

Couple of options, try an N&P current account, they offer fee free debit card use abroad provided you jump through a few hoops such an min monthly deposit, see the website.

Or if you can't get that, the Kalixa pre-paid card is good value, I think there is an ATM charge but there's no exchange rate markup.

M1843

Thanks again, it's not helping that I'm now short on time to organise complete new accounts and get cards sent etc. I looked at the prepaid cards but the only snag seemed to be loading them only in certain currencies ( im going to many destinations from Russia,China,Japan,Philippines,Indonesia, Malaysia, Nepal to mention a few) so I could load in USD or sterling but will then get charged for currency / non sterling transaction if I paid in the local currency?...being frugal and paying my way up til now seems to have been a complete waste of time...sorry almost slipped into a rant there:(

M1843

Sorry, back again...just tried the eligibility checker and it says i can't be found at the credit bureau? Yes ism registered to vote, have NI card and UK bank and cards etc...seems the system really doesn't like me today.

zagfles

M1843 wrote: »

Thanks again, it's not helping that I'm now short on time to organise complete new accounts and get cards sent etc. I looked at the prepaid cards but the only snag seemed to be loading them only in certain currencies ( im going to many destinations from Russia,China,Japan,Philippines,Indonesia, Malaysia, Nepal to mention a few) so I could load in USD or sterling but will then get charged for currency / non sterling transaction if I paid in the local currency?...being frugal and paying my way up til now seems to have been a complete waste of time...sorry almost slipped into a rant there:(

With the Kalixa you load it in GBP. Then when you spend/withdraw from ATM it will convert at the Mastercard rate (practically interbank).

Never load pre-paid cards with foreign currencies as you'll get a rubbish rate.

You might be better posting on the currency & car hire board for more ideas

King_Of_Fools

It is worth saying that most credit cards (even if they charge a currency conversion fee) would still be better value than most bureau de change rates.

HSBC Premier seems to charge a 2.99% fee - as a quick example the Post Office charges the equivalent of up to 5%.