Looking for No Annual Fee Credit Card for Friend

[Deactivated] on 07/10/2015 - 00:41
Last edited 07/10/2015 - 00:41

My friend's father passed away a few years ago and he inherited a lot of money (400k+) He has been paying bills with his debit card but is afraid one day he will be stung with a dishonour fee or have his services turned off due to insufficient funds.

Do you think there are any circumstances in which he could get a small limit credit card. He currently has 100% cash portfolio but he hasn't spent a majority, in fact almost none of it for the past few years. I think he has a cash job and he cannot report this income.. The problem he explained was that most cards require a $25,000 income and the amount from interest he earns annually is only $14,000.

He has been pre-assessed by the bank via promotional material for a $3,000 credit limit. He really only needs a $1000 limit for peace of mind as most high interest accounts have no direct debit or interest earning debit card (ubank).

Any ideas or should he just leave $1000 in his debit card account? I.e. use ubank sweep?

Financial Credit Card

Comments

  • chill on 07/10/2015 - 07:12

    Sounds like someone who has been dealt a bad hand in life.

    All that money but still so greedy, has he always been like that or is it just the emotional hurt from the passing of his father? (RIP)

  • chumlee on 07/10/2015 - 07:20

    Maybe he should speak to the bank where he has the inheritance deposited with. They may be willing to give him a credit card with a low limit based on his account balance.

  • Paul Atreides on 07/10/2015 - 08:30

    like your idea of ubank op

    maybe a 28° MC, $1k limit i'd think wouldnt be worthwhile chasing a rewards program, and you have that no international x fee. maybe there is also a bankwest option, but i dont know too much about this.

  • Gershom on 07/10/2015 - 08:36
    +10

    I think he has a cash job and he cannot report this income.

    Yes he can. He can choose to be an honest person. No sympathy for liars and cheats.

    • redlover on 07/10/2015 - 12:01
      +1

      agree 100% with you. I have a friend like this who living comfortably and does not want to pay tax so he only do a cash job. He is such a disgrace and only wants to take but never give. he use government facility, medicare etc but does not want to pay a single cent for tax. this type of people is a disgrace!

    • jaybmate on 07/10/2015 - 12:43

      Probably because the means / job itself is illegal.

  • Baysew on 07/10/2015 - 08:54

    He has been paying bills with his debit card but is afraid one day he will be stung with a dishonour fee or have his services turned off due to insufficient funds.

    How will a credit card avoid this ?

  • pjetson on 07/10/2015 - 09:07
    +1

    I don't really understand the logic of this story.

    He has $400K in a bank account, and he is paying his bills via a debit card from this bank account. And he's worried that the $400K will run out one day. Is that the situation?

    How will having a credit card solve this? If he tries to pay a bill with a debit card and there are no funds, having a credit card as well will not help, since he didn't pay the bill with the credit card. If there is a dishonour fee associated with a transaction, there will still be a dishonour fee! And what services will be turned off as soon as an account becomes overdue? That's not how things work.

    Please explain!

    • altomic on 07/10/2015 - 10:08
      +3

      I have $400,000 but I'm worried I'll run out of money and get a dishonour fee of ~$25.

  • pjetson on 07/10/2015 - 09:08
    +1

    As for the question in the heading, ME Bank does a no-annual-fee credit card that charges just 10% interest. I think it's called "frank" or something equally as silly.

  • tomleonhart on 07/10/2015 - 09:54
    +9

    OP, the story makes no senses whatsoever.

  • fruit on 07/10/2015 - 12:09

    He has been paying bills with his debit card but is afraid one day he will be stung with a dishonour fee

    NAB, ING Direct don't have dishonour fees or overdrafts.

    28 Degrees has no annual fee.

  • His_Holiness on 07/10/2015 - 20:27

    Why not earn some points for those bills? The Velocity Escape Card from Amex has no annual fee.

  • tooblue on 08/10/2015 - 17:13

    My head hurts. I don't understand the story at all and neither the rationale of getting a credit card.

    My friend's father passed away a few years ago and he inherited a lot of money (400k+) He has been paying bills with his debit card but is afraid one day he will be stung with a dishonour fee or have his services turned off due to insufficient funds.

    Is there any logic behind the statements in this sentence?

    I am surprised that the OP can articulate such situation in this way or the OP is his friend. Anyway, if the father was able to read this post, too sad he might not be RIP even with the $400K.

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