Cashback card for Under 21s?

benwade

Does such a card exist? I'm 19 and have been looking around for a cashback card. I've had a halifax card for about a year and have paid it off in full each month.

Many Thanks
Ben

mrmajika

Your best best is the Egg Money card, paying 1% flat rate on everything.

They gave me an Egg card (not the money - as it wasn't offered at the time) at the age of 20.

The AMEX and Capital One cards are harsher credit scorers meaning someone of your age will most probably not have enough of a credit history to get them.

benf90

I got my Egg Money card when I was 19, around 3 months before my 20th birthday.

But I did already have an Egg Card (Visa) when I applied for the Egg Money. The Egg Card was my first credit card and I'd had it around 15 months or so with it being paid off in full every month.

benwade

I tried for the egg one a few weeks back, im at uni and dont have a job, i think i put my interest from savings down as 'income' but maybe it didnt come to a large enough sum. Is there any reason i shouldnt put down a slightly optimistic income?

nzseries1

benwade wrote: »

...Is there any reason i shouldnt put down a slightly optimistic income?

I was interested in this too a while back. I started a thread on it, you may be interested.

How do CC companies know I'm not lying when I state my income?
http://forums.moneysavingexpert.com/showthread.html?t=949763

benf90

I was at uni when I got my Egg Money card but I had a part time job.

My income wasn't exactly a lot with it only being a part time job, so I'm not sure if I would have got the Egg Money card if it wasn't for the fact that I'd had their regular Egg Card for quite a while, I'd effectively already built up a positive profile with them.

If you've already been declined for an Egg Money card then I personally wouldn't risk applying for other cash back cards that are more difficult to obtain, or try to inflate or exaggerate your income.

Would a cash back card really be worth it compared to the card you have now? It depends on the size of your savings I suppose but with no job I wouldn't have thought that your spending would be high enough to majorly benefit from a cash back card.

At 1% cash back you'd have to spend £5000 to get £50 cash back. Compare that to what could happen if you're found to deliberately mislead them on the application and ask yourself if it's really worth it.

benwade

Thanks for the link, having read that i wouldnt want to risk putting down an optimistic income.

I'll wait a while before applying for another cashback card, it would be worth it though, i can pay my accommdation fees for uni on it which is ~£4500 per year plus all my food shopping etc. Guess i'll just have to wait a while

benf90

benwade wrote: »

Thanks for the link, having read that i wouldnt want to risk putting down an optimistic income.

I'll wait a while before applying for another cashback card, it would be worth it though, i can pay my accommdation fees for uni on it which is ~£4500 per year plus all my food shopping etc. Guess i'll just have to wait a while

With a big transaction like that it makes it worthwhile I suppose. It's possibly another reason of looking at the Egg Money card in the future (I think it's around 3 months Egg quote to wait before reapplying), because the card is designed to have a credit balance on it you don't have to worry about the credit limit being high enough to make the big transaction if it's paid for all in one go.

As my credit limit was £500 I had to pre load my Egg Money card so that I had enough available to pay my tuition fees, which were around the £1200 mark.

If you're going to apply for a different card at any time then it might be worth checking if you can also pre load those cards if the credit limit isn't high enough. I don't have any of the other cash back cards so I don't know myself.

If you did want to apply again in the future I think you need to phone them up or log into their website and send a message before you're able to do it, otherwise the website just brings up the old decision without actually asking you to fill in any forms.