Warning high interest card 39.9 APR

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Comments

  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    Hi - you are right, this would be a very poor card if you were going to have a balance sitting on it.

    But it does have other uses. Some people have a lot of trouble getting any credit at all - for example, they have no previous credit rating, they are young, they have had defaults etc in the past.

    This card is therefore useful to them because they'll give it to almost anyone. It is much easier to get than most CCs. So if you get one, and pay it off every month, it helps you build a credit record, showing that the payments are made every month.

    But with an APR like that, it shouldn't be used for borrowing at all, and ought to be paid off at once.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • MABLE
    MABLE Posts: 4,080 Forumite
    First Anniversary First Post
    If you pay the balance off each month and yes some people do that, then it could be a very useful card to hold. I myself do not have one because I have an A1 credit rating but some poorer members of society may find it beneficial if they want to build up their credit history or rating etc.

    Also the apr quoted is alot cheaper than a door to door lender. So best not to knock it without looking at all the facts.
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