Recommendations: Credit Card for person with low income ($15,000).

Whiro117 on 13/02/2018 - 23:43
Last edited 13/02/2018 - 23:44

Considering financing a laptop purchase by taking advantage of the interest free periods offered by some balance transfers. However, before applying for a credit card I have some questions:

First, what credit cards with a min income limit of $15,000 would you recommend?
Second, what are the hidden dangers that exist when financing a laptop by a balance transfer?
Third, what other financing options should be considered when financing a laptop?

Before posting please know links to comparison websites are not warranted or appreciated.

Cheers.

Financial

Comments

  • [Deactivated] on 13/02/2018 - 23:51
    +19

    none

  • pegaxs on 13/02/2018 - 23:52
    +2

    Don’t… if you are a low income earner, this could destroy what little you already have. Credit is not always a good way to go. Financing something like a laptop is never really a good idea.

    First: none
    Second: it’s not that simple. Just juggling debt and there are other catches with most of these.
    Third: work out a budget and save up.

    • Whiro117 on 14/02/2018 - 00:19

      First: none

      Assumed this to be the case.

      Second: it’s not that simple. Just juggling debt and there are other catches with most of these.

      Figured, especially with stories of students being stun by credit cards.

      Third: work out a budget and save up.

      Sound in theory. However, starting third year of university so a laptop is required (asap).

      • imcjb on 14/02/2018 - 00:25
        +4

        You might need a laptop….but you don't need a new laptop. Ebay/Gumtree/Cash Converters etc will have plenty of good deals on used laptops.

        • Whiro117 on 14/02/2018 - 00:27
          -1

          Agreed. However, there was no harm in asking.

        • Slippery Fish on 14/02/2018 - 09:23

          @Whiro117: flexirent. Don't screw around with debt.

  • imcjb on 13/02/2018 - 23:54

    Just don't. A good laptop is 2000 max which you should be paying in cash. As you are on such a low income, the risk in any "creative accounting", ie balance transfers, interest free periods, store cards or whatever, even if you could qualify for a card, is too high

  • Xetrok on 14/02/2018 - 00:14

    to apply for a credit card of 15k you're looking at minimum income of 75k?
    thats what it was for anz ff black i think

  • jelko on 14/02/2018 - 00:21

    So, do you earn $15,000 a year or do you want a card with a limit of $15,000?

    • Whiro117 on 14/02/2018 - 00:21
      -4

      Both.

      • imcjb on 14/02/2018 - 00:24
        +18

        Bwahahahaha!

        • cloudy on 14/02/2018 - 09:34

          U might laugh, but I bet any big bank will probably give it to him from the stories I’ve been hearing. He might even get a mortgage too lol.

  • Briefcase Mong on 14/02/2018 - 00:41
    +5

    Don’t
    I work in debt collections trust me getting yourself in debt is a nightmare

  • garetz on 14/02/2018 - 01:36
    +1

    It must be a nice world you live in, if you can dream that this would be possible.

  • Godric on 14/02/2018 - 06:53
    +1

    Save then buy?

  • chumlee on 14/02/2018 - 07:56
    +3

    Suprised you haven't started a go fund me page yet

  • marcusv on 14/02/2018 - 09:18

    Don’t get a credit card. You can’t afford a laptop right now but you can take some positive steps to get you there.

    First save $1000 as an emergency fund. Sell things you don’t use on gumtree or with the ebay free listings on Sundays. Look for odd jobs on Gumtree, I have participated in focus groups before that pay $200 cash for 1.5 hours. Open an ING account if you haven’t already and use one of the referral links here to get $100.

    Get on a budget, write down everything you earn and then everything you spend it on. You will be surprised at where the money goes. Look for better deals for electricity, phones, internet etc you can save heaps here.

    Assuming you have no credit cards or loans, once you have the $1000 emergency fund saved you can start putting money aside for a laptop. Yes, this will take longer than just getting a credit card but you won’t be opening a door to a world of pain.

    Finally, look at getting your income up. Look for free courses online so you can up-skill, ask your boss for a raise, look for better jobs and just be proactive about increasing your income.

    I suggest you read the Barefoot Investor book and/or the Total Money Makeover by Dave Ramsey (its American but the psychology of what he says is still relevant. Dave Ramsey also has a podcast which will get you fired up about saving and getting your income up.

    • tomsco on 14/02/2018 - 09:33

      Finally, look at getting your income up. Look for free courses online so you can up-skill, ask your boss for a raise, look for better jobs and just be proactive about increasing your income.

      Just so you know, the guy is studying at uni - I would consider that a pretty proactive way to increase their income capacity.

      • Whiro117 on 15/02/2018 - 22:29

        Especially, if the said person studies computer systems engineering and recently undertook extra curricular classes on machine learning in order to earn a passive income.

        All hail crypto-currency.

  • techhead on 14/02/2018 - 09:39

    No bank will consider income under about 30k generally. See if you can get a crdit card with a $500 limit just to build up a history. Once you get better paying employment, then the banks are much more likely to approve bigger amounts.

    • kerfuffle on 14/02/2018 - 16:31
      +1

      Some banks do student credit cards such as CBA and ANZ (Westpac used to but not any more)

    • idonotknowwhy on 20/02/2018 - 15:43

      I had a $5000 limit with a CBA mastercard when I was on $27,000

  • catbug on 20/02/2018 - 15:24

    When I had a part time job at McDonald's CBA approved me for a $15,000 credit card when that was probably all I earned in a year! Crazy! I was always careful with my card and paid it off straight away etc but my advise is similar to above, your best bet is to save up for the laptop instead of purchasing it on a credit card :-)

  • BobLim on 20/02/2018 - 23:37

    Wouldn't you need to obtain two credit cards to enable a balance transfer though?

    • Whiro117 on 21/02/2018 - 13:43

      The idea was to get a low rate credit card and than balance transfer to a interest free credit card. Because of this I would of applied for the longest interest free credit card and that is easy to find.

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