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My son who is 22 needs his first credit card, but is having problems getting one.
Up to now he has never had a loan or been in any financial trouble. He has saved up in excess of £8k, and wants to take some time out and travel to China for a few months.
He needs a credit card to make money transfer and availability ease in China.
All the credit card companies keep refusing him a card - because he has got no credit rating or debt.
Any advice on how he can get a card, without them fleecing him everytime he uses it?
Pre-Paid Credit Card?
Some info here...
[url] http://www.moneysavingexpert.com/cards/prepaid-cards [/url]
And I believe these people are highly regarded in this area...
[url] http://www.mycashplus.co.uk/ [/url]
Obviously you'd need to check all T&C's to see if its suitable for your son.
He could try and get a store card first- that used to work years ago.
Then buy a few things and pay off instantly.
Additional card on your account? That way you'd have a bit of control on his spending.
Problem is he's never had a card, so he can't get one. No credit history. Bit chicken and egg I'm afraid.
My brother had this problem, but he just did a MASSIVE trawl of all the banks and eventually got one. It's blo** ridiculous that becuase you've been in NO debt they won't give you a card! Have you thought about credit cards like Tesco etc? something a bit different from the norm.