Does being retired affect your chances of getting a new credit card?

blue.peter

I've been retired for nearly eight years. During that time, I've applied for credit cards from eight (I think) different issuers, and not been refused once. So that aspect of my status has clearly not been a problem for me. Obviously, there are other factors at play as well. Credit limits have sometimes been lower than I would have expected whilst working, but my gross income is also a bit lower. On the other hand, limit increases have sometimes been offered after a few months.

(No, I don't have eight active cards - I've closed several accounts as they've no longer been beneficial.)

oldagetraveller1

"(I suppose not guaranteed so some may not allow it to be counted)."

I can't remember(an age thing? )what the question(s) have been relating to income.

I've never included any interest earned over and above State and Private Pension income.

wiseonesomeofthetime

I have managed to get two 0% credit cards, a year apart, with the same provider!!

Never expected that tbf.

Pat38493

I would think that it must be more complicated than just whether you are retired or not - I suspect that having an explicit rule of excluding retired people from getting one of your credit cards (publicly stated or not) would put you in hot water regarding age discrimination laws, as this would potentially constitute indirect age discrimination.

WYSPECIAL

A guaranteed income from a pension is far more stable than a salary from a job that could end tomorrow.

It will depend on the overall picture and how well you fit the criteria of their ideal customer but none I'm aware of have a maximum age.

gwapenut

What about for those with early retirement? eg Quitting work at 50, not eligible to draw from private or state pension but with cash funds (ie no income) providing the lifestyle? 

WillPS

gwapenut said:

What about for those with early retirement? eg Quitting work at 50, not eligible to draw from private or state pension but with cash funds (ie no income) providing the lifestyle? 

Mainstream credit card lenders can only base their decisions on what they know. They can see how much debt the applicant has, they can see how responsible the applicant been with their debt (in the last 6 years) and they can be fairly confident on salary/earnings but they can't see how much the applicant has got saved.

Such applicants are thus more likely to be accepted by a organisation they either hold a large amount of savings/investments with or have had credit cards with previously.

HillStreetBlues

Pat38493 said:

I would think that it must be more complicated than just whether you are retired or not - I suspect that having an explicit rule of excluding retired people from getting one of your credit cards (publicly stated or not) would put you in hot water regarding age discrimination laws, as this would potentially constitute indirect age discrimination.

I doubt it would be, as car insurers judge by age.
You're more likely to drop dead at 90 than 30 so would be justifiable basis for calculation.
I would have thought being a home owner would also be a factor, as if you do drop dead there is more likelihood of there being money left in the estate.

Grumpy_chap

Indout96 said:

He is going to Rio / Buenos Aires in October and Cambodia next Feb and for some reason prefers to use Barclaycard rather than his other cards. 

That is quite likely because of the no fee and favourable exchange rates, including local currency cash withdrawals.

WYSPECIAL

HillStreetBlues said:

Pat38493 said:

I would think that it must be more complicated than just whether you are retired or not - I suspect that having an explicit rule of excluding retired people from getting one of your credit cards (publicly stated or not) would put you in hot water regarding age discrimination laws, as this would potentially constitute indirect age discrimination.

I doubt it would be, as car insurers judge by age.
You're more likely to drop dead at 90 than 30 so would be justifiable basis for calculation.
I would have thought being a home owner would also be a factor, as if you do drop dead there is more likelihood of there being money left in the estate.

A lot of mortgage providers have a publicly stated top age by which it has to be repaid. No exceptions or other factors taken into account, it just got to Ben repaid by then.