Spec me a credit card

I've never used a credit card. My fear is not paying the bills on time or overspending :(

Use a direct debit and have standing orders set up to push all my money in to a savings account.
 
I've just got a Tesco credit card, 0% on purchases for 13 months (although I don't intend to use this really) but mainly you get Tesco points for every £4 you spend on the card.

I do all my shopping at Tesco anyway so the points vouchers will come in very handy.

Credit cards are not the root of all evil, you just have to be sensible with them. If you're not sure you can be sensible, then steer well clear until you can.
 
0% purchases cards are attractive but only of use if you plan to make a reasonable spend and not pay it off quickly.

If you are paying in full every month then it matters not if the APR is 0% or 10000000%, because you'll never incur interest. Set up a direct debit for the full amount every month and then pick the card that offers you the best benefits, be that either cashback, vouchers for a shop you like, competitive foreign exchange, etc.
 
[TW]Fox;17949302 said:
0% purchases cards are attractive but only of use if you plan to make a reasonable spend and not pay it off quickly.

If you are paying in full every month then it matters not if the APR is 0% or 10000000%, because you'll never incur interest. Set up a direct debit for the full amount every month and then pick the card that offers you the best benefits, be that either cashback, vouchers for a shop you like, competitive foreign exchange, etc.
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This :)

Why people ever think it's a good idea to borrow on credit cards I'll never now.

Ironically it's the people who 'borrow' money on credit cards then never pay it back/run away that partly cause the very high interest rates.

I know of one credit card company that losses out on 100s of millions of pounds a year through people not paying money back.
 
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platypus said:
@Bledd direct debiting all the bills will cause Seek untold financial damage, don't be stupid.
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Should have been clearer, I meant direct debit utilities etc on your current account

Instead of waiting for the quarterly bills to come through, have them trickling out each month.



-edit, just re-read your post, and realised you're in 'GD mode' :p
 
alx said:
This :)

Why people ever think it's a good idea to borrow on credit cards I'll never now.
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Well there are often situations when it's a good idea. It's car insurance time, your insurer wants a grand and like most people you tend to run out of money near payday and dont have a grand.

Bingo, 0% credit card and it's £83 a month.

Trouble is that it requires financial discipline to do this sort of thing properly and not get into a mess. And people with financial discipline usually have built up a reserve fund for such expenses anyway.
 
[TW]Fox;17949413 said:
Well there are often situations when it's a good idea. It's car insurance time, your insurer wants a grand and like most people you tend to run out of money near payday and dont have a grand.

Bingo, 0% credit card and it's £83 a month.

Trouble is that it requires financial discipline to do this sort of thing properly and not get into a mess. And people with financial discipline usually have built up a reserve fund for such expenses anyway.
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Yeah good point, it's the lack of discipline that gets most people.

I love my credit card, but then again I pay it off each month and get cashback so there isn't much to complain about :D
 
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