Getting a credit card with no job

SpanglySaver

Hi there, for ages I've been grappling with this problem and thought I'd ask the brilliant financial folks in the forum. 

I am unable to work due to health issues, but I am lucky enough to have a substantial amount of money in the bank, due to my dear parents' relatively recent deaths. I've been looking for ages to find a decent credit card. I only want it for the extra protection it gives you on various purchases, and can prove that I have the money to pay it off. But because I currently have no monthly income I can't be accepted. Anyone have any idea what I can do here? 

Thanks so much in advance for any help. I really appreciate it. 

[Deleted User]

Your options are very limited, unless you have the income to support a card application. That income doesn't have to be a job, but it needs to be acceptable to the lender.

Do you not have any form of income?

eskbanker

Lenders are generally focused on income rather than assets, but https://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards/ includes an eligibility calculator that may identify sub-prime options available to you, if your own bank (where the money is) aren't amenable to your situation.

cattie

You say no income, but do you not receive any kind of disability benefit such as ESA or PIP? I've known of people who have no earned income, but only DWP benefits who have been Ok'd for a mortgage, so would imagine there are benefit claimants who have managed to get a credit card in some cases.

cx6

not sure if this would work but could you put some money into income producing investments ? or buy an annuity ?

SpanglySaver

Deleted_User said:

Your options are very limited, unless you have the income to support a card application. That income doesn't have to be a job, but it needs to be acceptable to the lender.

Do you not have any form of income?

I should be getting ESA soon, and hopefully PIP. (thanks for your help, btw!)

SpanglySaver

Thank you!

SpanglySaver

cx6 said:

not sure if this would work but could you put some money into income producing investments ? or buy an annuity ?

I could but it the extra protection on purchases that I'm wanting. Thanks so much for your help though!

Grumpy_chap

SpanglySaver said:

Hi there, for ages I've been grappling with this problem and thought I'd ask the brilliant financial folks in the forum. 

I am unable to work due to health issues, but I am lucky enough to have a substantial amount of money in the bank, due to my dear parents' relatively recent deaths. I've been looking for ages to find a decent credit card. I only want it for the extra protection it gives you on various purchases, and can prove that I have the money to pay it off. But because I currently have no monthly income I can't be accepted. Anyone have any idea what I can do here? 

Thanks so much in advance for any help. I really appreciate it. 

I can't add any more than others towards getting a card, but one of the reasons that the lenders are not always able to consider money in the bank as evidence to support lending is that there is virtually no way to prove that you won't go out in the very near future and spend that money in the bank (either sensible or on a reckless splurge).

cx6

SpanglySaver said:

cx6 said:

not sure if this would work but could you put some money into income producing investments ? or buy an annuity ?

I could but it the extra protection on purchases that I'm wanting. Thanks so much for your help though!

the reason for my suggestion is that you would then have income which would allow you to apply for a card

Sandtree

SpanglySaver said:
I am lucky enough to have a substantial amount of money in the bank 

Are you living off the interest/investment from the monies or are you spending the money itself?