Declaring income for credit card

muzza_miester

What counts as income for credit cards? Would bank rewards count as income eg Barclays blue rewards? Also if you pay the credit card off in full before the end of the month do you have to pay any interest?

kuratowski

Just include your main income.

If you always pay the statement balance in full before the due date, you will never pay any interest. Note the due date probably will not correspond with the end of the month. The best way to ensure this is pay by direct debit (choosing the 'pay the full balance' option).

muzza_miester

Forgot to mention I'm a student so don't have any income from a job.

FestiveJoy

muzza_miester wrote: »

What counts as income for credit cards? Would bank rewards count as income eg Barclays blue rewards? Also if you pay the credit card off in full before the end of the month do you have to pay any interest?

Income is defined as money earned or received, especially on a regular basis, for work or through investments, as opposed to the money that they have to spend or pay out.


Barclays Blue Rewards is a cashback scheme provided by Barclays. i.e it allows you to earn cashback on certain items you spend or payout for ... and it costs £3/month :eek:

You will need to check ther terms of your credit card, but the vast majority do not charge any interest on purchases if you pay off the account IN FULL every month :money:
(Note you may still incur interest under certain cicumstances e.g. if you purchase cash, e.g. at a currency exchange bureau, so again check the terms of the card carefully)

:xmassign:

FestiveJoy

muzza_miester wrote: »

Forgot to mention I'm a student so don't have any income from a job.

What do you live on? Income is not confined to that received from a job, as I have indicated above

muzza_miester

I get some money from my parents ocassionally and bank rewards from co-op, barclays etc. Parents pay for bills etc.

[Deleted User]

So you have zero income then

FestiveJoy

muzza_miester wrote: »

I get some money from my parents ocassionally and bank rewards from co-op, barclays etc. Parents pay for bills etc.

How do you plan to pay off any money you borrow????

You would be better asking if you could be an additional cardholder on your parents credit card if they are keeping you.

But I must be missing something, as you need to be paying at least £800 pm into your Barclays account to be, and remain, eligible for Barclays Blue Rewards ... :cool:

FestiveJoy

!!! wrote: »

So you have zero income then

muzza miester has left the forum ...:cool:

CashlessCaruna

Does child maintenance, tax credit and housing benefit count as income for credit cards?

boo_star

CashlessCaruna wrote: »

Does child maintenance, tax credit and housing benefit count as income for credit cards?

I wouldn't use child maintenance or housing benefit as although both are paid directly to you they're not really your money. The former is money to be spent on your child and the latter is only paid to you for you to immediately pay it back out again.

Tax credits probably can be as they're intended to supplement income from employment.