Best credit card for pensioners
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NatashaV
Posts: 2 Newbie
in Credit cards
Hello
I am looking for some advice regarding credit cards for pensioners.
My 72 year old father has a Barclays credit card which has quite high interest monthly and he is concerned that he will be rejected if he applied for another credit card with 0% balance transfer.
I have been informed of SAGA however I am looking for a 0% balance transfer period of more than 9 months and a lower fee.
May I please request for any advice regarding banks that may be able to provide this to a pensioner?
Thank you
I am looking for some advice regarding credit cards for pensioners.
My 72 year old father has a Barclays credit card which has quite high interest monthly and he is concerned that he will be rejected if he applied for another credit card with 0% balance transfer.
I have been informed of SAGA however I am looking for a 0% balance transfer period of more than 9 months and a lower fee.
May I please request for any advice regarding banks that may be able to provide this to a pensioner?
Thank you
0
Comments
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What's the balance on the card and what is his income?0
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Don't bother with income, just think of a nice high figure,
never been asked to supply proof of my pensions with ANY of my
recent CC's.
Getting better limits now than when I was working.0 -
Don't bother with income, just think of a nice high figure,
never been asked to supply proof of my pensions with ANY of my
recent CC's.
Getting better limits now than when I was working.
Very bad idea to lie on credit application, you can end up with CIFAS marker and your screwed. They ask an income for a reason to see what you can afford!0 -
http://youtu.be/C2hgAsi8Ae4
Didn't know you were on mse
Don't bother with income, just think of a nice high figure, never been asked to supply proof of my pensions with ANY of my recent CC's. Getting better limits now than when I was working.0 -
Hello
I am looking for some advice regarding credit cards for pensioners.
My 72 year old father has a Barclays credit card which has quite high interest monthly and he is concerned that he will be rejected if he applied for another credit card with 0% balance transfer.
I have been informed of SAGA however I am looking for a 0% balance transfer period of more than 9 months and a lower fee.
May I please request for any advice regarding banks that may be able to provide this to a pensioner?
Thank you
Find a 0% or a low % balance transfer card in your name and transfer the debt in your name. Or you could get a low APR loan and pay off your fathers debt.
Close the barclaycard credit card and all others he may have.
Get a power of attorney from your father and put a credit freeze on his account with the credit reference agencies so that he can no longer get any other credit cards or loans etc.
Take over you fathers finances (example put all his bills in your name and get them directed to your address) so that he does not need to worry about anything.0 -
This has got to be the worst advice I've seen all day. Taking on his debt would mean you'd be liable for it even if he died. Getting PoA - maybe logical - but freezing his credit seems overkill unless he's vulnerable or being financially abused. And taking over his finances - again, overkill, when if there was a PoA, you could just deal with his finances like that, rather than putting everything in your name and assuming the liability for it all.rehanmalik3030 wrote: »Find a 0% or a low % balance transfer card in your name and transfer the debt in your name. Or you could get a low APR loan and pay off your fathers debt.
Close the barclaycard credit card and all others he may have.
Get a power of attorney from your father and put a credit freeze on his account with the credit reference agencies so that he can no longer get any other credit cards or loans etc.
Take over you fathers finances (example put all his bills in your name and get them directed to your address) so that he does not need to worry about anything.0 -
The best credit card for pensioners depends on a lot of factors, credit-worthiness, income, savings etc, just as it does for working people.
Generally carrying debt into retirement was seen as a bad thing, as the ability to repay it is reduced, so if you want to help him, try to come up with a plan to repay it, rather than just move it.
An elderly relative has a BoS group current account and credit card, which pays him £10 a month (£5 each) That might not be suitable/available to your father however.
Try a soft search on MSE to get an indication of what he is likely to get accepted for.0 -
cheesetoast wrote: »This has got to be the worst advice I've seen all day. Taking on his debt would mean you'd be liable for it even if he died. Getting PoA - maybe logical - but freezing his credit seems overkill unless he's vulnerable or being financially abused. And taking over his finances - again, overkill, when if there was a PoA, you could just deal with his finances like that, rather than putting everything in your name and assuming the liability for it all.
Lets break this down.
"Taking on his debt would mean you'd be liable for it even if he died"
So what you are saying it is OK for old people to get into debt because there is a high chance they will not need to pay it back because they will die beforehand!? So the son should transfer his debts to his father! Why did I not think of that?
"but freezing his credit seems overkill unless he's vulnerable or being financially abused."
By definition if someone owes money on a credit card he is in debt and therefore financially abused and vulnerable to money lenders etc
If the father dies and leaves assets the children will be the first to jump to it and grab it, oh but when it comes to debt they don't want to know. Nothing to do with me.
Bottom line son should look after the father period. You can get another wife you can have more children (if your virile) but you will only have one father and mother. Please read Exodus 20:120 -
rehanmalik3030 wrote: »Lets break this down.
"Taking on his debt would mean you'd be liable for it even if he died"
So what you are saying it is OK for old people to get into debt because there is a high chance they will not need to pay it back because they will die beforehand!? So the son should transfer his debts to his father! Why did I not think of that?
"but freezing his credit seems overkill unless he's vulnerable or being financially abused."
By definition if someone owes money on a credit card he is in debt and therefore financially abused and vulnerable to money lenders etc
If the father dies and leaves assets the children will be the first to jump to it and grab it, oh but when it comes to debt they don't want to know. Nothing to do with me.
Bottom line son should look after the father period. You can get another wife you can have more children (if your virile) but you will only have one father and mother. Please read Exodus 20:12
Yes, I find all the best financial advice comes from the Old Testament.
The OP needs to do through the finances with his father on a staged and sober basis, but note that the OP hasn't been back to the thread in any case.
Transferring to a 0% card is basis, age shouldn't be a factor just an ability to afford the debt.
It's then a case of budgeting to pay the debt back over the term of the 0% deal, so reducing spending may well be key.
Producing a statement of affairs can help and posted in the debt free wannabe board for useful input.0 -
Yes, me too, pretty sure I found this there:Yes, I find all the best financial advice comes from the Old Testament.The_Old_Testament wrote:And it is hereby written in the scriptures that those who entrust their shekels unto all banks that shall henceforth be known as LBG brands shall receive interest only after the c0ck croweth on the second day of work....0
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