Credit Cards

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smurphy
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AKA: A Little Cocky Child
Location: Scotland

PostRe: Credit Cards
by smurphy » Thu Feb 28, 2013 3:27 am

Question: If I get a credit card with 12 months interest free, and buy something that's say £200, I can just pay that off as I want over the next 12 months and pay nothing extra?

And have we decided that your current bank is the best place to apply to? My only credit currently will be my phone bill, and I've never been in debt.

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Holpil
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PostRe: Credit Cards
by Holpil » Thu Feb 28, 2013 12:43 pm

As long as you pay their minimum monthly repayment amount then yes you will be repaying interest free for 12 months. If you're looking to withdraw cash then that's usually exempt from the 0% interest offer so just use it for purchases.

Going with your own bank has the benefits of them probably using their internal file to gauge your credit worthiness so you'll likely get a higher a credit limit, plus less to fill out - just pop into your branch and speak with an advisor and they'll send out the card/information.

I got a 0% for 15 months card last June-ish, I'm 23 and it was my first card. Bought myself the parts for a new gaming PC and a 60" Samsung Plasma in the first week. :lol: I'm close to paying it all off now having paid no additional interest. I think if you're sensible enough and you realise you'll have an additional £100+ of outgoings every month for the next year then you'll be okay. If I didn't have relatively good job security I wouldn't have done it though.

What bank are you with out of interest?

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Andrew Mills
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Location: Cranfield

PostRe: Credit Cards
by Andrew Mills » Thu Feb 28, 2013 12:58 pm

Just a quick warning about getting a credit card with your existing bank. Whilst they very well may use an internal scoring system to make it easier to get, if you run into trouble for any reason, be wary of the 'rule of off setting', where they can use any available current account credit (whether that's your savings or overdraft) to clear your CC debt. And the amount they choose is at their discretion.

http://www.moneysavingexpert.com/banking/setting-off

Just a word of warning as it's not well known at all...

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Slartibartfast
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Location: Worcestershire

PostRe: Credit Cards
by Slartibartfast » Thu Feb 28, 2013 1:16 pm

Maybe I ought to start using my HSBC credit card (which I was sent unrequested), in order to not slip into my overdraft (which is currently an interest free graduate account, but that won't last forever).

Edit - Ah yes, the interest free overdraft ends in July. I don't often go into it, but I try not to keep too much cash in my current account as it's at 0%, so I try and get rid into saving accounts.

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smurphy
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AKA: A Little Cocky Child
Location: Scotland

PostRe: Credit Cards
by smurphy » Thu Feb 28, 2013 5:08 pm

Holpil wrote:What bank are you with out of interest?


HBoS. I went in today and they said I wouldn't be applicable for any cards. I've just started a new job after being away travelling and then jobless for two months, so that may be why. Said I could check again next month.

Kind of annoying. I just want to buy a Nexus 7 and pay off £30 or so a month for now, then use it to build credit. I'd only need 6 months or so 0%. Anywhere else I could try, or am I not likely to get it anywhere?

Glowy69
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Location: B6

PostRe: Credit Cards
by Glowy69 » Thu Feb 28, 2013 6:04 pm

Go to money supermarket put your details in and they,l search for the best card based on your credit scoring.

My mom has just got a barclaycard one because it has 25 months interest free balance transfers

Fabian Delph is a banana split.

Drumstick wrote:I'll go on record in stating that Villa won't finish inside the top 6 this season.

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smurphy
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AKA: A Little Cocky Child
Location: Scotland

PostRe: Credit Cards
by smurphy » Thu Feb 28, 2013 10:12 pm

I tried doing a basic credit check on Noddle and it can't verify my identity on either card I have. I've had both accounts for ages, the address is all correct. I have no idea what's wrong. I guess this doesn't bode well.

Glowy69
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Location: B6

PostRe: Credit Cards
by Glowy69 » Fri Mar 01, 2013 6:12 pm

Go onto money supermerket.com it does a soft search and tells you what you can get

Fabian Delph is a banana split.

Drumstick wrote:I'll go on record in stating that Villa won't finish inside the top 6 this season.

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BraithGwirod
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Location: Bristol

PostRe: Credit Cards
by BraithGwirod » Sat Mar 02, 2013 8:54 pm

smurphy wrote:
Holpil wrote:What bank are you with out of interest?


HBoS. I went in today and they said I wouldn't be applicable for any cards. I've just started a new job after being away travelling and then jobless for two months, so that may be why. Said I could check again next month.

Kind of annoying. I just want to buy a Nexus 7 and pay off £30 or so a month for now, then use it to build credit. I'd only need 6 months or so 0%. Anywhere else I could try, or am I not likely to get it anywhere?


I work for HBoS, and can tell you that the credit scoring seems to be completely random. I've never had any debt in my life and had an amazing credit rating (as I found out when I got my mortgage) and wasn't eligible for any loans or cards till recently. Do check back, because they change really quickly. You can always do a balance transfer into a 0% All-in-One card at a later date if you get one somewhere else for the time being.

:wub:
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smurphy
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AKA: A Little Cocky Child
Location: Scotland

PostRe: Credit Cards
by smurphy » Thu Mar 07, 2013 11:02 pm

I went into RBS to see if they could do me anything. They said I needed three months worth of payslips, in the end just got a bank statement with 3/4 of a single pay on it, and got a card with 15 months interest free and a £1700 limit. 8-) I had a savings account which I kept loads of money in until I went travelling, probably helped. I had been fined for unplanned overdraft at HBoS so that's probably why they weren't so interested in me.

Time to go mental.


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