1st Credit Card

pumpkinstegosaurus

Hey everyone- 1st post!
I'm currently doing an art foundation course at college and am going to uni next year. As i will be living away, i will need my own credit card to buy things online, as i currently use my mums and pay her the money. I have a prepay card from 3v but find it very awkward to use. I know plenty of you will tell me not to get a credit card if i can help it but it is something i need to get sooner or later. Fingers crossed i will be able to pay off most or all of it asap after buying things with it.
Thanks in advance for any help or uni advice. Ta!

chris_topher97

Nothing wrong with getting a credit card, just make sure you only buy things you can afford to buy. Like you would do when using your mums credit card.
I only use credit cards when buying online because it provides you with additional insurance should something go wrong.
I would say try and get the Egg Money card because you get cashback for every purchase you make, but i dont think there accepting applications anymore. Also being your first credit card i think you might struggle to get hold of the best offers, you might just be better off going to whoever you bank with and ask them for their credit card.

pumpkinstegosaurus

thanks- i also heard capital one do an identity theft thing which could be good, so im going to look into that too.

The_One_Who

For a first credit card your bank will probably offer you one if you have a student account. The interest is pretty bad, but use the card wisely (pay the full amount off each month by direct debit) and it can help to boost your credit rating a bit.

Mike1989

Yeah, when you sign up for your student account they will ask you whether you want a credit card or not. Unfortunately I went with the bank were my Dad works and he told them I didn't need a credit card. I was going to get one for the same thing, buying online and I am now looking into getting a credit card now.

But as the advise has already been said, only buy what you can afford, pay off the full amount each month and you won't pay interest on your purchases. As for any advises of were to go, try the place you will go to get your student current account from. Either that or try Barclay card as they offer one for students and seem to accept people with lesser incomes/credit ratings (not insinuating anything). Just shop around and find the one that suits you, but it might be easier to get one if you tie it in with your student current account.

cutterschoicenotmine

You dont need a credit card. All sites will accept a Switch /Maestro card which comes with your student account. Its free!

Fire_Fox

I agree: you don't need a credit card for buying online, just a debit card. They are a complete waste of money unless you pay off the full balance EVERY month without fail as the interest rates on student credit cards are very high.

If you are late with even one payment you will affect your credit rating, and jeopardise your entitlement to a bigger interest-free overdraft facility the following academic year. By using the words "fingers crossed" you are saying you are not ready for this type of responsibility on top of all the other new stuff that goes along with living away from home.

babs2008

Credit cards are a terrible temptation. I've only recently paid of mine.

If you really really need a card, for online purchases only, get one and cut it in half. Then you know you wont be able to use it in shops and can still use it online for essentials.

Overall though I don't see why you will need one. As a student surely if there's something you're desparate for you're parents could help.

All I needed at uni was more paper, pens and a library card!

Mike1989

wrote:

You dont need a credit card. All sites will accept a Switch /Maestro card which comes with your student account. Its free!

I agree: you don't need a credit card for buying online, just a debit card. They are a complete waste of money unless you pay off the full balance EVERY month without fail as the interest rates on student credit cards are very high.

If you are late with even one payment you will affect your credit rating, and jeopardise your entitlement to a bigger interest-free overdraft facility the following academic year. By using the words "fingers crossed" you are saying you are not ready for this type of responsibility on top of all the other new stuff that goes along with living away from home.

In regard to both, it is safer to buy online with a credit card than a debit card. You get more protection with a credit card rather than a debit card (maestro, switch, visa etc). Debit cards don't, in general, offer protection if things go wrong, if I'm not mistaken maestro is certainly one of those cards which you can have problems with if things go wrong. You can dispute if things go wrong but this can take a while to end. Plus this is likely to be your main bank account if you are using a maestro or visa card. So surely you wouldn't want to risk your main accounts details being stolen or used frauduently?

It is better and safer to use a credit card, more protection, and your not sharing your main accounts details with the rest of the net. Also if you pay the full amount each month for what you have purchased then you don't pay interest. There is no difference in buying something on a debit card or a credit card if you have the money in the bank ready to pay for that item. So you are better to get a credit card, buy only the things you can pay for in full, that way you are covered if anything goes wrong.

I do agree that if someone says, fingers crossed I can afford the payments, that is a sign that they should not get a credit card. As not paying can cost you in the future. But if they are sensible and can manage their money, and can afford to buy the items out right that month, then a credit card is a better way to shop online than a debit card.

shopaholicleo

Have a look and see what 0% deals are on the site currently, as you could put the money in a savings account, and pay off when the 0% ends. I used my M&S card to pay for my accomodation, then put the money in a ISA for a bit. Of course this can be dangerous, since I do end up buying things, then spend the rest of the 0% period to pay it off. I like the fact I get voucher for M&S, and tend to buy as much meat as I can with the £10 I managed to accumulate.

Mike1989

shopaholicleo wrote: »

Have a look and see what 0% deals are on the site currently, as you could put the money in a savings account, and pay off when the 0% ends. I used my M&S card to pay for my accomodation, then put the money in a ISA for a bit. Of course this can be dangerous, since I do end up buying things, then spend the rest of the 0% period to pay it off. I like the fact I get voucher for M&S, and tend to buy as much meat as I can with the £10 I managed to accumulate.

And at uni they say stay away from store cards... Amazing how from time to time you can get very good deal via a store card such as M&S. Sounds a decent offer when you compare it to student credit cards.