Credit card for SAHM

[SBAM]

Anyone know of banks that will give credit cards to a SAHM?
My current credit card provider is withdrawing their card (JL partnership card) and I bank with Halifax but they’ve said I’m not eligible for a credit card.

My husband has a six figure income, I have a monthly deposit into my current account of several hundred pounds, plus I have a secondary card on my husbands credit card which we use for groceries etc. but I’d like a credit card in my own name to maintain my credit history.

If I were a bank I would not lend to someone with no income. If you default they have no way to get their money, not even via a compromise agreement if you have no income.

Can you get a guarantor for credit cards?. I have no idea.

Pre-paid CC? Load money onto it each month? You’d need to check what that does for your credit history.

Do you have a mobile contract, rather than PAYG? That also helps with credit score.

How long do you intend to be a SAHP?

Have JL not invited you to apply for their new one which is replacing the one being withdrawn? If you log in to your account it may come up? That’s what happened with me and they basically just swapped me over. Card arrived in a few days

@Shamoo yes, that’s what I’ve done now. Not great rates/benefits compared to other cards on the market though.

@NoSquirrels we have a family phone plan so that’s paid off the joint account, but I have a gym membership paid from my own current account.
I’m not sure on how long I’ll be SAHP, I am looking but part time, term time only jobs are in short supply, and with two young children it’s a balance between what income I could add to the family pot and the cost of childcare.

You need a joint account and credit cards linked to that joint account. Why isn’t your husband giving you full access to the family finances?

@SBAM

IT IS NOT your salary vs childcare!! It's your financial security, well being, pension contributions and fall back plan in the event of a divorce!

You can't allow yourself to be restricted by this thinking, especially if you're currently in such a pickle you can't get a credit card in own name!!

Why do women constantly subsume to this

Have a look at American Express

Why do the rates:benefits matter if it’s just for keeping your credit rating? You’ll pay it off in full each month, yes? So rates are irrelevant. And you can use the CC linked to your DH for joint expenses and benefits etc?

You do have access to the joint account, yes? Or is this a wider issue?

Cost of childcare when your husband earns a 6 figure salary? Give over! Sounds more like an excuse not to work.

And if you’re not earning and are a SAHP for a high earner, please make sure your pension is being prioritised in the family. Your DH should pay into a pension in your name, and you should keep claiming child benefit for the NI contribution to your state pension entitlement, even if your DH has to pay it back via his tax return.

I’m a disabled SAHM OP. I have a credit card with MBNA but I took it out when I was working before DS was born and my health deteriorated. In that time however, MBNA have increased the credit allowance. I never use it but it’s handy to have for an emergency. We also have a joint account with Lloyds and I think you can get joint credit cards linked to your main account. I often get offered to apply for one through the banking app. I hope that helps.

@Meltingsocks @OperaStation
thanks for your concern, but I’m not being financially abused.
I have access to our joint account (where husbands wage goes) and we have joint and separate savings accounts. I have a secondary card on his AmEx account, which pays for groceries etc. I have a monthly allowance and if I’m short I just tell DH I need more. I have a pension. I have personal savings so am confident I’d be ok in the event of a divorce. We both have excellent life insurance policies so if something happens the mortgage is paid off.

I was just frustrated that despite a good credit history and plenty of disposable income which my bank can see from my banking history they won’t let me open a card. I prefer to use a credit card for online shopping for the fraud protection etc.

I do realise it’s not my responsibility to pay childcare, but we operate joint finances. If I go to work it adds my wage to the family pot, but reduces the family pot by an amount for childcare. If the wage isn’t equal to or higher than the childcare cost then as a family we would be worse off.

No company will give you a credit card without income.

Constantly offered by Lloyds/Barclay- but salary goes into joint acc, which has my name on it!
I would phone around a few?
it is possible -
also think the pp are being a bit drama llama - if you feel secure and comfortable, it’s a family decision then you are obviously entitled to prioritise looking after your own children over a salary!

I agree is frustrating. I'm in a Similar position. Sahp but very financially secure ( joint access, pensions, savings and so on). It works for our family to have me not working, it's annoying to not be able to get a card jn my own name.

If you divorce you'll get a slice of his pension in return for staying at home and looking after his children so I wouldn't worry too much about that

I'm in the same boat.

I decided not to go ahead when the JL swap as I don't think it's qualify now and also we are going to be applying for a mortgage soon so don't want the credit file trace

There are some cards that take into account household income but they will tend to be cards with poorer rates.

I'm just using my husband's card.

@SBAM
I didn't say you were being financially abused, I was just pointing out how vulnerable you are and how you need to reframe your thinking about work.

But anyway, I wish you luck getting a card

@SBAM
If the wage isn’t equal to or higher than the childcare cost then as a family we would be worse off.

And your immediate financial value to the 'family' is the be all and end all of your existence? Your (as @Meltingsocks lists) financial security, well being, pension contributions and fall back plan in the event of a divorce, plus your credit score are irrelevant if you're not financially viable?

There are some cards that take into account household income but they will tend to be cards with poorer rates

As the OP won't be paying interest, the rate doesn't matter.

OP, you could put your details into the MSE eligibility calculator and see if you get any options (you can tell them that you are a 'homemaker' without any income and that the household has other money coming in).

For the credit rating alone, the joint account and bills in your name/joint names will probably do, but I agree that a credit card is useful for fraud protection and many other reasons, but you could probably use your card on your DHs account for that anyway.

Ignore those who seem to think you exercising your choice to be a SAHM is some sort of sell out of the sisterhood.

I had this exact issue - I was SAHM who ran all our family finances, but wanted my own cc, if only because companies got arsey about speaking to me on ac’s where I was secondary card holder- even though exdh knew nothing about the detail of our finances!

amex was my saviour - they were fine with giving me a large enough limit in my name based on income into joint account