Applying for AIB Mastercard. Do I match requirements?

arleitiss

I am thinking of applying for MasterCard from AIB.
Not sure if I meet requirements but it doesn't show them anywhere so:
I am 18 (29.05.1993)
I am with AIB for past 2 years. (Average 2-3 transactions per month)
I have no annual income.
I live with parents.
I am starting my college this year.

So anything required?

dotsman

An income would help! - How exactly are you hoping to pay your credit card bills every month if you have no income?

Are your parents with AIB as well?

arleitiss

dotsman wrote: »

An income would help! - How exactly are you hoping to pay your credit card bills every month if you have no income?

Are your parents with AIB as well?

I just need MasterCard for online shopping/payments. I don't have any credits.

cookie1977

I remember in 1997 when I applied for a master card (which I still have) i earned 10000 irish pounds per annum and they gave it to me.

I think an income would be a major requirement as they would think you have no way of paying it back. Especially in this economic environment. Or as dotsman says, get your parents as guarantor

cookie1977

arleitiss wrote: »

I just need MasterCard for online shopping/payments. I don't have any credits.

Why not look at an O2 money card or visa debit card then

arleitiss

my parents are in different bank. But they are registered in this bank as my parents. Since I got this card and account when I was 16

arleitiss

cookie1977 wrote: »

Why not look at an O2 money card or visa debit card then

Where can I get such Visa debit card?

cookie1977

https://www.permanenttsb.ie/whatweoffer/currentaccounts/bankcardsguide/visa-debit-card/

http://www.ulsterbank.ie/roi/personal/daily-banking/current-accounts/card/visa-debit.ashx

arleitiss

cookie1977 wrote: »

https://www.permanenttsb.ie/whatweoffer/currentaccounts/bankcardsguide/visa-debit-card/

http://www.ulsterbank.ie/roi/personal/daily-banking/current-accounts/card/visa-debit.ashx

So I can't do that with AIB?

cookie1977

No

arleitiss

cookie1977 wrote: »

No

WHat about that? http://www.aib.ie/personal/current-accounts/AIB-Debit-Card

cookie1977

Thats a Laser/Maestro card. Not a visa debit card

arleitiss

Ah crap. I guess Laser can't be used in paypal or online?

cookie1977

No.

arleitiss

cookie1977 wrote: »

No.

Ah ****.

dotsman

arleitiss wrote: »

So I can't do that with AIB?

AIB are switching to Visa Debit next summer. BOI start switching at the end of this year.

It's still possible to get a student credit card without income, just a lot more difficult, especially with your parents not banking there. Ultimately, a student credit card has a very small limit, and as a student, even if you did have income, they'd know it's sporadic/seasonal etc. From the bank's perspective, they just want to be 100% sure that should you build up a debt, that it can cleared easily. Have you tried your parents bank? If they are financially sound, and willing to go as guarantor, you might have an option there. As a last resort, you could ask your parents to go as an authorised user on one of their cards (you would get a duplicate card for yourself). The downside is that the bill would go to your parents, so they would know exactly what you're spending and what you're spending it on!

Best bet is to apply to your bank first. Failing that, try your parent's bank.

Corruptedmorals

I got an AIB Mastercard student credit card no problem when I was in college, but I was earning €17k a year at the time. The initial limit is €600. A condition of the card is that some or all of your bill MUST be paid by direct debit from your account. If you don't have an income the whole thing will be messy to say the least, you will need lodgements etc. from your parents accounts. They will also take either €30 or €40 stamp duty off you every year, I forget which.

I chose for the whole lot to come out of my account by direct debit, it's safest that way. But there's little point if you've no income- have a look at the O2 moneycard (there are charges attached to loading money onto it) it works just like a credit card except it's pre-loaded. You don't need to be an o2 customer. Or you acould use your parents credit cards, with their permission of course.

Lord TSC

This is relevant to my current situation. Difference is I'm 24 and unemployed.

I was talking to a guy on AIB's support line a few weeks back after getting a letter saying I could apply for a credit card. When he heard I was unemployed, he promptly told me I was never going to get one. Got the letter again yesterday as well :S

What annoys me is I've got over 3 grand in the bank and I'm getting my dole obviously, so I could easily afford a card with a lower limit on it. I'd love a card cause at the moment I'm having to use my parents' and I'd rather be able to just get my own, since I do a fair bit of online shopping. But despite having money, they aren't interested in giving me one

dotsman

Teamshadowclan wrote: »

This is relevant to my current situation. Difference is I'm 24 and unemployed.

I was talking to a guy on AIB's support line a few weeks back after getting a letter saying I could apply for a credit card. When he heard I was unemployed, he promptly told me I was never going to get one. Got the letter again yesterday as well :S

What annoys me is I've got over 3 grand in the bank and I'm getting my dole obviously, so I could easily afford a card with a lower limit on it. I'd love a card cause at the moment I'm having to use my parents' and I'd rather be able to just get my own, since I do a fair bit of online shopping. But despite having money, they aren't interested in giving me one

But being on the dole, your income is not high enough to support a credit card. It doesn't matter how much you have in the bank today. A credit card is unsecured lending. What matters is not how much money you have today, but how much you have in a year's or 5 year's time should you ever go crazy with the card. As it stands, if you were to be given a credit card, there'd be nothing to stop you spending that 3 grand, then maxing out your credit card and then turning around and saying that you are not going to repay the debt. As the bank gave you a credit card without you having any income, no court would ever enforce a judgement on you.

A credit card is not like a loan. It is unstructured and unsecured.

Lord TSC

dotsman wrote: »

But being on the dole, your income is not high enough to support a credit card. It doesn't matter how much you have in the bank today. A credit card is unsecured lending. What matters is not how much money you have today, but how much you have in a year's or 5 year's time should you ever go crazy with the card. As it stands, if you were to be given a credit card, there'd be nothing to stop you spending that 3 grand, then maxing out your credit card and then turning around and saying that you are not going to repay the debt. As the bank gave you a credit card without you having any income, no court would ever enforce a judgement on you.

A credit card is not like a loan. It is unstructured and unsecured.

Wouldn't that be possible for just about anyone though? Whats stopping someone with a job from quitting their job, maxing out their cards and doing the same thing? It's not really fair, since the only difference is the level of income.

So/Also, why not protect it by only giving a small limit, like one or two hundred euro? Someone on the doll would have no problem paying that "debt" off, and it would allow me to purchase stuff online. Not anything massive but at least I'd be able to do something without having to put up with the stupid transaction charges of the pre-paid cards...

Shorty11857

I got an AIB student credit card even though I had no income, however I also had my minimum payment set to 25% of the balance so I'm not sure if they took that into account

dotsman

Teamshadowclan wrote: »

Wouldn't that be possible for just about anyone though? Whats stopping someone with a job from quitting their job, maxing out their cards and doing the same thing? It's not really fair, since the only difference is the level of income.

The main difference here is that they know a person on the dole today definitely will very likely have a problem. A person who is working - you are right, they may lose their job, and the bank/provider has no way of predicting that - but they are far less likely to have problems, and ultimately, that's the risk banks/providers take!

Lord TSC

dotsman wrote: »

The main difference here is that they know a person on the dole today definitely will very likely have a problem. A person who is working - you are right, they may lose their job, and the bank/provider has no way of predicting that - but they are far less likely to have problems, and ultimately, that's the risk banks/providers take!

Fair enough. I just think that could be balanced by only giving a limit that's proportional to the income, presumably as they do with everyone else. I'm not saying someone on the dole should be given a limit of a few thousand which could be abused. But the dole is about 200€ a week (144€ for me for a few more months) so why not let there be a relative limit of two weeks wages?

Yag reuoY

Solution: pop into an Ulster Bank branch and open a sep account.

Simple.

rainbowtrout

Teamshadowclan wrote: »

Fair enough. I just think that could be balanced by only giving a limit that's proportional to the income, presumably as they do with everyone else. I'm not saying someone on the dole should be given a limit of a few thousand which could be abused. But the dole is about 200€ a week (144€ for me for a few more months) so why not let there be a relative limit of two weeks wages?

Because even if your limit two weeks wages a person on the dole would have a limit of approximately €400, you could then run the card up to it's limit and still not be able to pay. I wouldn't think many people could afford to clear that bill if their income was €800 per month.

So even if the limit was such and you cleared it every month, the credit card company are making no money from you and if you did have an outstanding balance the interest it would attract would not be a huge amount and the credit card company would still not be making very much from you. And you still mightn't pay it back. They could effectively be out of pocket for a greater sum if you left a bill unpaid than they would make on interest from you with such a small liimit. Not worth the hassle for them and they would never get a judgment against you. If the limit was less than €500 it wouldn't be worth their while bringing you to court due to legal costs. So it could expose them to lots of unemployed people applying for credit cards, running the bill up to it's (small) limit and just walking away from it. Lots of small bill do add up.

Kenny Logins

arleitiss wrote: »

I just need MasterCard for online shopping/payments. I don't have any credits.

Look into a Moneybookers card, it's prepaid, instant fund transfer from laser and has very low fees. Works just like a 'real' credit card but without the high interest rates and fees.

Lord TSC

rainbowtrout wrote: »

Because even if your limit two weeks wages a person on the dole would have a limit of approximately €400, you could then run the card up to it's limit and still not be able to pay. I wouldn't think many people could afford to clear that bill if their income was €800 per month.

So even if the limit was such and you cleared it every month, the credit card company are making no money from you and if you did have an outstanding balance the interest it would attract would not be a huge amount and the credit card company would still not be making very much from you. And you still mightn't pay it back. They could effectively be out of pocket for a greater sum if you left a bill unpaid than they would make on interest from you with such a small liimit. Not worth the hassle for them and they would never get a judgment against you. If the limit was less than €500 it wouldn't be worth their while bringing you to court due to legal costs. So it could expose them to lots of unemployed people applying for credit cards, running the bill up to it's (small) limit and just walking away from it. Lots of small bill do add up.

See, I'd understand that if they took it on a per-person basis, where they ask people about their personal history and judge if a person was likely to mess them round. Personally, I'm 24, living at home and have pretty much no real bills. I don't drink and as such I don't rip through the 144 a week I get. Most of that goes into the bank and my savings. I know I'm biased, but I think I'd be pretty trustworthy with a card, since all I'd be using it on is amazon and other online orders and I'd be paying it off within a day or two. But because I'm unemployed, I'm instantly deemed untrustworthy, despite the fact there's plenty of employed people who would not be great keeping debts in tact and plenty of unemployed who would.

But then I think we're also starting to sink to the real problem; as you said, there's no real money to be made on me I guess. I can appreciate that from a business stand point. From a personal one, it sucks. But from a money making one, I get where you're coming from.

Anyway, I'm in e-mail correspondance with AIB at the moment. I sent off an enquiry about getting a card and asked them at the very least to stop sending me letters telling me I'm eligible for a card if I'm not. They started asking me for reference numbers for my application and I told them I didn't have one sicne I didn't offically apply yet; I rang up and was promptly told to go away. They asked for an application number a second time and I repeated myself, to which they responded that untill I apply, they can't talk to me. So screw it, I'm going to apply and see what the response is. I really cannot be bothered to open another account with another bank. It's an annoying inconvience but just one I want to see if I can do anything about.

MagicMarker

Yag reuoY wrote: »

Solution: pop into an Ulster Bank branch and open a sep account.

Simple.

You doing even need to go into the bank, you can apply for an account online, they'll send out the forms to sign, send them back and they'll post everything you need once you're approved.

I moved to Ulster Bank solely for the Visa Debit card, getting a credit card when on the dole is ridiculous.