First credit card?
- Thread starter ScoobyDoo69
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ScoobyDoo69 said:I'm employed full time working for ICT support for the NHS.
Sorry probably should have checked, just assumed you were in education =/
Well i'm working too presently, i started off with my card with a £500 limit, just one provided by my bank, but they kept increasing it as i paid it off every month on time =/ its now 2k, but i think its stopped there now. I've never used more than £500 in one go anyway, or thereabouts, like you want to, i just use it for convienience.
Doesnt matter which on you get, just: PAY IT OFF IN FULL EVERY MONTH
p). Ask your bank for theirs, its probs easiest.
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LeperousDust said:Sorry probably should have checked, just assumed you were in education =/
Well i'm working too presently, i started off with my card with a £500 limit, just one provided by my bank, but they kept increasing it as i paid it off every month on time =/ its now 2k, but i think its stopped there now. I've never used more than £500 in one go anyway, or thereabouts, like you want to, i just use it for convienience.
Doesnt matter which on you get, just: PAY IT OFF IN FULL EVERY MONTH
No need to apologise
I really don't think there will be a month where I don't pay it back in full. But if there is, I presume you just pay what you can? There must be a minimum payment (depending on how much is on the card?) I gather! And then the next month just has a bit of interest on it?
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Thats exactly how it worksScoobyDoo69 said:No need to apologise
I really don't think there will be a month where I don't pay it back in full. But if there is, I presume you just pay what you can? There must be a minimum payment (depending on how much is on the card?) I gather! And then the next month just has a bit of interest on it?
Also you can set up a direct debit, (like myself) so you can pay it off in full automatically from your bank every month, or just pay off the minimum (generally around 5% or something, minimum £5 something like that anyhoo) automatically. But it really is best to just use it as a debit card. If your going to buy something big that you cant afford in one month. Just wait two? Its simple and save you money...! 
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Cool, thanks very much for your help. I might take a look at what Barclays offer (ease of use due to internet banking with them?)
then explore egg and mint. Suppose this is only going to be a decision I can make when I turn 18 as I can see what they fully offer
then explore egg and mint. Suppose this is only going to be a decision I can make when I turn 18 as I can see what they fully offer
saitrix said:
Ultimately, you'll need to earn self discipline at some point in your life when it comes to finance. So it might as well be with a credit card.
Oh and one thing, (don't think it's been mentioned so far):-
Pay it off every month!
Jokester
I'm 18.
I applied for a credit card a few weeks ago. I went to my bank (HSBC) and they accepted me (i applied online). They sent the papers through the post and all i had to do was sign them and send them back. The limit for me was £500.
However, after talking to my parents about getting a credit card we decided that it wasnt worth it. Solo is accepted nearly everywhere that accepts VISA and even online.
If you do need a credit card then go with your bank or Egg (that was what i was recommended).
I applied for a credit card a few weeks ago. I went to my bank (HSBC) and they accepted me (i applied online). They sent the papers through the post and all i had to do was sign them and send them back. The limit for me was £500.
However, after talking to my parents about getting a credit card we decided that it wasnt worth it. Solo is accepted nearly everywhere that accepts VISA and even online.
If you do need a credit card then go with your bank or Egg (that was what i was recommended).
If you have no past history of credit, you may find you are limited as to which lenders will accept you.
The most likely to do so is probably your bank, so that's who I'd approach for my first card if I were doing it again.
It won't have the best rate of interest and may not have any interest free ballance transfer period (but then, you won't have any ballance to transfer anyway!!). Clear it monthly and you can't go far wrong.
The most likely to do so is probably your bank, so that's who I'd approach for my first card if I were doing it again.
It won't have the best rate of interest and may not have any interest free ballance transfer period (but then, you won't have any ballance to transfer anyway!!). Clear it monthly and you can't go far wrong.
ScoobyDoo69 said:Cool, thanks very much for your help. I might take a look at what Barclays offer (ease of use due to internet banking with them?)
then explore egg and mint. Suppose this is only going to be a decision I can make when I turn 18 as I can see what they fully offer
I had a barclays credit card here. 22 (just) my first CC, i have a 3.5k limit and currently have just over 1000 on it, which i pay off a little bit each month, no big problem there.
I'd reccomend a proper Visa card though, all shops will accept a Visa Debit card, so no real reason to get a CC. I got one as i was travelling down south a lot, for emergency use and it evolved from there.
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Also, remember that your APR is going to depend on your credit history and score. You might get the same card as another guy but at twice the interest rate. Most credit companies will say "A low APR starting at ...." That means that that is the lowest they will go for the APR but your gonna have to have great credit.
Also, credit cards are not the spawn of the devil like some people make them out to be. I have about 4 credit cards, and two store cards that I use and have never been behind on a payment. Make sure you spend what you can afford and always pay more than the minimum.
When looking for a card trying looking for the added features. For example, I have one that is linked to my Delta Skymiles account. So for every x $'s I spend on it I get x Sky miles. I usually use this one to fill up my car and then pay it off each month.
Also, credit cards are not the spawn of the devil like some people make them out to be. I have about 4 credit cards, and two store cards that I use and have never been behind on a payment. Make sure you spend what you can afford and always pay more than the minimum.
When looking for a card trying looking for the added features. For example, I have one that is linked to my Delta Skymiles account. So for every x $'s I spend on it I get x Sky miles. I usually use this one to fill up my car and then pay it off each month.
That is a seriously important point.Chronos-X said:
Credit is something of a catch-22 situation, and a bit like sex - it can be hard to get it if you've never had it.
Seriously, though, few things make lenders more nervous than a complete lack of credit history. In many ways, it's worse than a dodgy history. Ironically, many lenders are now finding that people with seriously bad credit records are quite good risks. While it may be perverse, the logic seems to be that having had problems, and experienced the pain they cause, people know the problems and are determined not to go through that again.
But no history at all ....? Oh dear.
So, taking out a card, using it occasionally and paying it off in full, and on time, sets you up for a good rating when the time comes to apply for mortgages. Chronos, and PeterNem, are right about that. Very right.
I've have credit cards for conveniece and security, and my dad also said it would be a good idea to build up my credit history for when I want to buy a house. That and the cashback on amex is great annual bonus.
they're fine if you understand its not free money and treat it accordingly. My problem is that no matter what I do I get bills of £200-£300. I think this may just be me being scared by the seeing cost of day to day living on paper and what going drinking with a credit card and buying silly rounds of drinks costs.
they're fine if you understand its not free money and treat it accordingly. My problem is that no matter what I do I get bills of £200-£300. I think this may just be me being scared by the seeing cost of day to day living on paper and what going drinking with a credit card and buying silly rounds of drinks costs.
I think regardless of whether or not you think you'll benefit from it, you should get a credit card as long as you can trust yourself not to abuse it....as people have said it helps your credit rating, and the security for purchases is fantastic. When i was 14 my dad bought me a bike for my birthday on his VISA, and it got stolen from school 2 months later....they replaced it no hassle, with a better spec bike infact
Tom.
Tom.
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I've got credit cards and I'm terrible with them. I'm not dangerously in debt but I am in debt and have rather a lot of crap I don't need, if I could do it again I would get a low limit one and not use it nearly as much, which is what I'll be doing in future.
I've still left myself a bit of a hole I need to dig out of though. Get one, but don't do what I did and fail miserably to control your spending impulses!
I'm going to be looking for a loan soon to consolidate the cards into one loan with a better APR, and cut the buggers up. They're not evil or anything - I'm just rubbish at money and I need to sort it out!
I've still left myself a bit of a hole I need to dig out of though. Get one, but don't do what I did and fail miserably to control your spending impulses!
I'm going to be looking for a loan soon to consolidate the cards into one loan with a better APR, and cut the buggers up. They're not evil or anything - I'm just rubbish at money and I need to sort it out!