Soldato
Who cares what the APR is when you're going to pay it off in full every month?
Can anyone advise me on Credit Cards?
- Thread starter Nitrojan
- Start date
Right so basically.. all I do now is.. stick something on it like phone contract.. ensure I have money in the bank to pay it off, and leave the card to build me a credit rating?
Soldato
Why not just use it in place of your debit card? Make sure you have a direct debit set up to pay the full balance and see the cashback build up. Fuel, shopping, online purchases etc.
The mobile networks charge for payment by methods other than direct debit don't they?
The mobile networks charge for payment by methods other than direct debit don't they?
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Associate
I got a credit card when I was 18, and now I'm 22 and was in 10k+ debt. It's all under control now, but it wasn't for a while and I chose to ignore it. But I'm impulsive, spontaneous and irrational at the best of times. I don't mix well with money, not everyone does. Some of my friends are brilliant with managing money, but it's important to understand which you are. Thankfully I have a fiancée now who is fantastic with money and keeps me in check! I have a mortgage too which I had from 18, so you can imagine the implications if I had slipped any further down the slope.
I'm steering well clear of credit cards and loans for the moment. But I probably should, I can't be trusted
don't be fooled by the notions of bad money management being fuelled by stupidity/unintelligent behaviour, there are plenty of geniuses and a lot of successful businessmen who are bad with their own money (Richard Branson is a very good example). It's more of a mentality or way of life that drives your behaviour. It's always important to know yourself and your personal limitations!
I'm steering well clear of credit cards and loans for the moment. But I probably should, I can't be trusted
don't be fooled by the notions of bad money management being fuelled by stupidity/unintelligent behaviour, there are plenty of geniuses and a lot of successful businessmen who are bad with their own money (Richard Branson is a very good example). It's more of a mentality or way of life that drives your behaviour. It's always important to know yourself and your personal limitations!
Associate
- Joined
- 10 Jul 2006
- Posts
- 2,423
If your looking for a "sucess" story.
I did this myself and got a Natwest Classic Credit card with a 2.4K credit limit at 18 working around 30hours a week I had an income (take home) of around £1,200/month (so you can gauge the card and credit limit with my earnings). I didn't make any real massive purchases in my first year of the card as I was saving from university, but every purchase was made on the card.
I made every purchase (small or large) on my card. I've had thousands go through my card and have never paid a penny interest because I paid in full every month. I'm now 20, at university (with a much lower income) and Natwest have "upgraded" me to their YourPoints card so I am earning points/airmiles on what I spend.
I did this myself and got a Natwest Classic Credit card with a 2.4K credit limit at 18 working around 30hours a week I had an income (take home) of around £1,200/month (so you can gauge the card and credit limit with my earnings). I didn't make any real massive purchases in my first year of the card as I was saving from university, but every purchase was made on the card.
I made every purchase (small or large) on my card. I've had thousands go through my card and have never paid a penny interest because I paid in full every month. I'm now 20, at university (with a much lower income) and Natwest have "upgraded" me to their YourPoints card so I am earning points/airmiles on what I spend.
Last edited:
Associate
Got one, don't use it. Have VISA on my HSBC debit card.
Just a quick question and sorry for bringing up my old thread.
After purchasing car insurance in one go at the start of January, I have been using my credit card this month to fund my expenses and I am nearly at my limit of £500 (Uni transport, food, petrol etc). Before anyone disregards me for being the age I am and having a credit card, I can pay it off in full on the 1st of next month however my question is this - do credit card companies decrease your credit rating if you nearly max out your card each month? If so, what is the recommended level of spending you should use your card for if your limit is £500? I have set my payments to be taken in full via direct debit each month so there's no problem with missing payments or anything. I'm looking to increase my credit rating in the long run.
After purchasing car insurance in one go at the start of January, I have been using my credit card this month to fund my expenses and I am nearly at my limit of £500 (Uni transport, food, petrol etc). Before anyone disregards me for being the age I am and having a credit card, I can pay it off in full on the 1st of next month however my question is this - do credit card companies decrease your credit rating if you nearly max out your card each month? If so, what is the recommended level of spending you should use your card for if your limit is £500? I have set my payments to be taken in full via direct debit each month so there's no problem with missing payments or anything. I'm looking to increase my credit rating in the long run.