Accessibility of credit cards for over 70s?

ClarkeKent

Are over 70s generally given credit cards by the banks and can they have several credit cards at a time? I suppose with it being unsecured credit it is a risk to the banks.

If the customer was to get to say 82, with £11k of debt. Can the bank issue a demand for the balance to be paid?

[Deleted User]

Lending tends to become more restricted at that age, but it doesn't call for the repayment of the debt.

People over 70 are also allowed as many cards as they can be accepted for, just like the under 70s.

oldagetraveller

"with £11k of debt. Can the bank issue a demand for the balance to be paid?
As they can with any loan at any age.

Anthorn

ClarkeKent wrote: »

Are over 70s generally given credit cards by the banks and can they have several credit cards at a time? I suppose with it being unsecured credit it is a risk to the banks.

If the customer was to get to say 82, with £11k of debt. Can the bank issue a demand for the balance to be paid?

I'm 67 and I have 3 credit cards and I don't really anticipate any problems getting credit cards when (if?) I reach 70. Same as everyone else, it comes down to your credit history. Pension is also treated as income by most banks and lenders. The clue is if it says something like "income or pension" on the application form.

No special treatment for advanced age. Defaults, bailiffs, collection agents, CCJs, etc., can all be applied same as everyone else.

YorkshireBoy

ClarkeKent wrote: »

If the customer was to get to say 82, with £11k of debt. Can the bank issue a demand for the balance to be paid?

No different to any other customer. 3 specific reasons generally:

1. If you die!
2. If they suspect fraud
3. If you repeatedly breach the account T&Cs

Shakin_Steve

Is this a wind up? Boring Sunday, I suppose.

agrinnall

I guess they might be more restrictive compared to somebody younger with an equivalent credit record and income because an older person is more likely to die and there's a greater possibility that there may be no assets in the estate to repay the outstanding balance. Whether this is actually an issue in practice I have no idea.

Nebulous2

My father is in his 80s and doesn't seem to have any trouble getting credit cards with decent limits. Then again he doesn't use them much, generally just paying holidays and then paying the full statement amount.

ClarkeKent

Shakin_Steve wrote: »

Is this a wind up? Boring Sunday, I suppose.

No it isn't, it happens and will happen more and more as credit tightens. With people living longer and possibly needing to access more credit too
https://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/10991292/You-are-too-old-for-a-credit-card-bank-tells-customer.html

Nebulous2

ClarkeKent wrote: »

No it isn't, it happens and will happen more and more as credit tightens. With people living longer and possibly needing to access more credit too
https://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/10991292/You-are-too-old-for-a-credit-card-bank-tells-customer.html

That's a 2014 article based on one person, with no evidence that it has carried on. My own experience, though I'm not that age, is that credit has loosened considerably since then. For several years after the credit crunch I didn't get offered an increased credit limit. Since about 2015 they've been throwing them at me. I've just had a £4k increase from MBNA.

alfred64

Pensioners must be some of the most creditworthy customers.
Secure income. No chance of redundancy and on the whole a group that likes to pay what is owed: like to depart this life with a clean sheet.