Should I get a credit card?

daz · 21 Oct 2013 at 22:06

credit cards give you what I consider to be an artificial safety net

You're what I consider to be financially backwards.

Credit cards are just a tool - it's how you use it that matters.

Will Gill · 21 Oct 2013 at 22:13

Giggz said:
that's a lot of spendage

just business expenditures, flights, hotels, petrol etc...

that's all i use the card for, so apart from a few quid in my pocket I also now qualify for carte blanche status with eurostar and virgin atlantic gold flying club, it's win win win

oh and king david club with elal

McBain · 21 Oct 2013 at 22:42

Get a cashback card, pay off in full every month = profit.

It's basically free money, as you'd be spending money on fuel, food etc anyway.

Jonny ///M · 22 Oct 2013 at 00:19

Recently got myself a credit card so I can pop my insurance on it in the new year.

When companies like Admiral add on 25% to monthly premiums it makes a lot of sense.

window · 22 Oct 2013 at 00:46

McBain said:
Get a cashback card, pay off in full every month = profit.

It's basically free money, as you'd be spending money on fuel, food etc anyway.

This.

Just spend on the card each month what you would normally whilst leaving the money in the bank then pay off bill. Rinse and repeat. Shold earn £100+ a year like this.

R.C.Anderson · 22 Oct 2013 at 01:12

Are there any decent reward cards that would accept someone with as little credit history as me, or do I have to just go for a generic one at first?

Seft · 22 Oct 2013 at 08:09

R.C.Anderson said:
Are there any decent reward cards that would accept someone with as little credit history as me, or do I have to just go for a generic one at first?

See if your bank has a good card (they already know a bit about you so lack of credit history is less of an issue). Alternatively, Capital One Classic Extra is designed for people with limited/poor credit history. It pays 0.5% of your spend back and is free to use abroad, but because of its target audience it has a fairly high APR and you'd perhaps only have a £200-500 limit at the start.

If you have a decent household income and haven't moved address/bank recently, American Express might consider you.

Card applications go on your credit file and more than a couple in the past six months or so will make you look riskier to underwriters. It should be fine to try your luck with one harder-to-get card, but then I'd suggest focusing more down market.

PhilGQ · 22 Oct 2013 at 08:58

daz said:
You're what I consider to be financially backwards.

Credit cards are just a tool - it's how you use it that matters.

Thanks for another unnecessary rude comment. If you don't agree present your arguments rather than quoting part of one of my sentences back at me. Please read my posts in full, take a few moments to digest the arguments I am making before dismissing them.

As I said, nobody know how they will use their credit cards when they are under a particular type of stress until they have been there. Especially when it comes with other emotional baggage like divorce or losing your job.

In such circumstances, a series of rational short term actions (such as seemingly essential small transactions on a credit card that aren't paid of within the month) can lead to slow march downhill if your financial situation doesn't improve.

I apologise if giving consideration to potential future events seems financial backward to you. Everyone sees risks differently, if you don't agree with me that fine but it doesn't make my opinion invalid.

McBain · 22 Oct 2013 at 10:09

R.C.Anderson said:
Are there any decent reward cards that would accept someone with as little credit history as me, or do I have to just go for a generic one at first?

Aqua do a card that is 3% cash back if I remember rightly, it's aimed as a credit building card so that might be worth a look.