Interest free credit card for pensioners

Shirleymac13

I have used interest free credit cards all my life, switching from one to the other when the rate expires. I don't use my credit card a great deal but find it handy when booking holidays etc to provide some comeback in the event of any problems. However, since taking early retirement last year I have been unable to get one. My annual income on paper is quite low but I have more than adequate savings and investments to provide a good standard of living. My credit rating has always been good but I've been mortgage free the past 4 years so that might have impacted it. Any suggestions where I might get a 0% card??

CliveOfIndia

Remember that savings are never taken into account when a lender runs their affordability checks.

If you find that you're not being accepted for any 0% purchase promotions, it's probably just because you don't meet the lender's eligibility criteria.  That being the case, you could still potentially benefit from a standard or even sub-prime card - it'll still provide S75 protection, and you won't pay interest as long as you clear the balance in full each month.

Even if you find you're not given a high enough limit to pay for the whole holiday, if you pay any amount by CC then you'll still get S75 cover, subject to the usual criteria.  Do remember, though - S75 can be a useful added level of protection, but it's no substitute for a proper travel insurance policy.

grumpy_codger

I think the OP has credit cards from the past and just for some reason wants a new one offering 0% on purchases - not a big deal for a person with lot of savings.

ETA: some recent thread - Are credit card companies ageist/anti pensioners?

Nasqueron

grumpy_codger said:

I think the OP has credit cards from the past and just for some reason wants a new one offering 0% on purchases - not a big deal for a person with lot of savings.

ETA: some recent thread - Are credit card companies ageist/anti pensioners?

The issue is that savings are not included in affordability calculations as they could be spent tomorrow. Similarly with investments, some types like stock markets can crash the day before you need them as we have seen in the last few days.

The age, to an extent, is irrelevant, if they have guaranteed income like a final salary pension

TadleyBaggie

Nasqueron said:

The age, to an extent, is irrelevant, if they have guaranteed income like a final salary pension

I agree, I'm in my 70's and have no problem getting 0% deals. 

Gandalf644

Nasqueron said:

The age, to an extent, is irrelevant, if they have guaranteed income like a final salary pension

I agree as well.

Am in receipt of two final salary pensions (plus a War Pension) and never have any problem obtaining a card, even though I am in my 60's, retired and disabled.

Op, have you tried to obtain a credit card from whichever bank holds your current account/savings if they do a 0% spending card?

grumpy_codger

Nasqueron said:

grumpy_codger said:

I think the OP has credit cards from the past and just for some reason wants a new one offering 0% on purchases - not a big deal for a person with lot of savings.

ETA: some recent thread - Are credit card companies ageist/anti pensioners?

The issue is that savings are not included in affordability calculations as they could be spent tomorrow. Similarly with investments, some types like stock markets can crash the day before you need them as we have seen in the last few days.

What I meant was that a person with a lot of savings  and some other credit cards doesn't really need a new 0% credit card. It's good if they can get it, but not a big problem if they cannot.

The age, to an extent, is irrelevant, if they have guaranteed income like a final salary pension

Yes, to an extent, but people keep reporting problems. And, if a person dies, the debt remains while the pension, I think, stops. Does 'final salary' make any difference?

Barkin

And, if a person dies, the debt remains

In theory. When my Dad passed 3 years ago, Lloyds wrote off the outstanding (£600-ish) balance on his credit card.

while the pension, I think, stops. Does 'final salary' make any difference?

With a DC pension, generally anything left in 'the pot' becomes part of the estate of the deceased.

The scheme operator can't simply keep the funds.

With a DB pension scheme it'll depend on the scheme rules.
If I pop my clogs before the missus, my DB pension will pay MrsB half of my pension for the rest of her life.

Nasqueron

grumpy_codger said:

Nasqueron said:

grumpy_codger said:

I think the OP has credit cards from the past and just for some reason wants a new one offering 0% on purchases - not a big deal for a person with lot of savings.

ETA: some recent thread - Are credit card companies ageist/anti pensioners?

The issue is that savings are not included in affordability calculations as they could be spent tomorrow. Similarly with investments, some types like stock markets can crash the day before you need them as we have seen in the last few days.

What I meant was that a person with a lot of savings  and some other credit cards doesn't really need a new 0% credit card. It's good if they can get it, but not a big problem if they cannot.

The age, to an extent, is irrelevant, if they have guaranteed income like a final salary pension

Yes, to an extent, but people keep reporting problems. And, if a person dies, the debt remains while the pension, I think, stops. Does 'final salary' make any difference?

People can want to use 0% credit to make money and don't want to pay cash - savings might be tied into the market for example

"People" are not reporting problems, banks lend responsibly, they can use a pension as income, if you don't have income they won't lend.

Debts are paid from the estate, they die if the estate is insolvent, else after reasonable funeral costs, they have to be paid off. Final salary pensions are entirely dependent on the scheme - some pay a partial amount to a named benefactor, some have death payments etc etc - there is no yes/no answer

grumpy_codger

Nasqueron said:

grumpy_codger said:

Nasqueron said:

grumpy_codger said:

I think the OP has credit cards from the past and just for some reason wants a new one offering 0% on purchases - not a big deal for a person with lot of savings.

ETA: some recent thread - Are credit card companies ageist/anti pensioners?

The issue is that savings are not included in affordability calculations as they could be spent tomorrow. Similarly with investments, some types like stock markets can crash the day before you need them as we have seen in the last few days.

What I meant was that a person with a lot of savings  and some other credit cards doesn't really need a new 0% credit card. It's good if they can get it, but not a big problem if they cannot.

The age, to an extent, is irrelevant, if they have guaranteed income like a final salary pension

Yes, to an extent, but people keep reporting problems. And, if a person dies, the debt remains while the pension, I think, stops. Does 'final salary' make any difference?

People can want to use 0% credit to make money and don't want to pay cash - savings might be tied into the market for example

People - maybe, but it's not the case for the OP. Hence my "not a big problem" for the OP who used to have normal CCs, but now was suggested to "benefit from ... even sub-prime card ".

"People" are not reporting problems, banks lend responsibly, they can use a pension as income, if you don't have income they won't lend.

I don't see any real difference between banks lending responsibly and people reporting difficulties with getting a CC as a result of these (understandable) policies.

Debts are paid from the estate, they die if the estate is insolvent, else after reasonable funeral costs, they have to be paid off.

People die, debts don't 'die'. They are written off; lenders make losses. And again, from the lenders' point of view, I don't see much difference between savings and estate. Both can be "spent tomorrow" (your words). 

born_again

Shirleymac13 said:

I have used interest free credit cards all my life, switching from one to the other when the rate expires. I don't use my credit card a great deal but find it handy when booking holidays etc to provide some comeback in the event of any problems. However, since taking early retirement last year I have been unable to get one. My annual income on paper is quite low but I have more than adequate savings and investments to provide a good standard of living. My credit rating has always been good but I've been mortgage free the past 4 years so that might have impacted it. Any suggestions where I might get a 0% card??

Do you still hold other cards?
If you do then the level of credit available to you will have a big effect. Income against available credit.

Ignore your credit score, means nothing to lenders & is not seen by them.


Given Op has taken "early retirement" the linked thread is not really relevant.