Hey guys,
I'm really tempted by the new credit card bonus offers that keep showing up, however I'm currently unemployed and on a health care pension.
I have about $165k in savings and probably $50k in assets.
Would I be wasting my time applying for these 100k + points offers? I don't want to negatively affect my credit score by completing multiple applications.
Many thanks,
Matt
I would be very surprised if you were approved for one of these cards the algorithm would be looking if you could service the card loan with your monthly income stream and not through your savings or assets.
Savings and assets are irrelevant.
It's all about your income (in your case the pension) and if it's high enough to cover your living expenses, repayments on your other debt and maximum repayments on the new credit card plus a buffer for future interest rate increases.
What are you going to do when they ask for your two most recent payslips?
Take the chance that it may not ask for it. It did happen to me once. IMO, non-major banks / financial ins. are more likely to ask for it.
If you choose the unemployed option when you apply, they won't ask you for a payslip
centreline provide payslips?
tell them u work fir the government, which is true they pay your unemployment benefits and hire you to find a job
It depends what you tell them on the application really. Most credit cards have little to no actual verification in terms of payslips and the information provided.
The lending criteria of banks vs amex vs nonbank/not amex are all different.
In my experience it won’t work. We got turned down, despite, having more than that and having an income from share dividends. They are looking for a, regular, wage.
They, also, refused to explain why we didn’t qualify.
Why, are, you, using, so, many, commas?,
Why, do, you, care?
Because we communicate online using a written format so it's weird when you butcher the structure of sentences in that way.
Or does it not matter?
Are
You
Ok
WIth me
communicating
…..
like………
…..,,,,,….this ?
Y
What benefits do you get out of points? Is it worth the risk? Does it outweigh the black points on your credit profile.
Unless you're retired, I would have thought you had too much 'cash' to even get a pension.
Friends who are bankers have chimed in, so not a direct source but after Royal Commission, banks don't want to attract the notion that they have predatory intents. Therefore they use your income and expenditure to assess loan servicing capacity - i.e. how much you can afford without defaulting. Unsecured assets are not usually considered because if you have to dip into the assets, then it can look bad e.g. Unemployed Pensioner's Live Saving Gone After Predatory Behaviour from Major Bank
signed up for CommBank rewards $150-$300 bonus 3-4 times from around 2012 to 2017
first time they approved $25k, most recent card only got approved $2,000
been on pension my life (never had capacity for paid work)
but rewards card with your bank that has your history may help, also commbank is probably worst rewards program
Highly unlikely. They take into account your income, and have set rules or preferences for that income. I had similar savings and was on Workcover for a while, earning the exact same amount from that as my usual salary and paid for by my Workplace (payslips and everything!), and got knocked back from ANZ because it's not considered "income" but "compensation".
That said, there are obviously cards with lowers limits etc… that cater to people who don't have high incomes, are on pensions etc… They're just not usually the ones with the good bonuses.
IMO it takes a lot of non discretionary spend passing through the card i.e. petrol, groceries to rack up the rewards on a card. Depending on your usage it might be hard to break even on the annual fee by the second year.