New to credit cards.

leev_21

Hi,

Im totally new to credit cards. and dont know much about them.

I purchased an item 6 months ago on a 'buy now pay in 6 months' deal.

Since then I've had problems with the car and most of the money saved for the repayment has been spent on the car.

I've seen the page on here show M&S as the best card for 10 months interest free...
http://www.moneysavingexpert.com/cards/best-0-credit-cards#deals

I hoping to get a card so I can stick £700 on it to pay for the item.

Would I have to pay the £700 back the next month or do they break it down in monthly installments?

Sorry if I sound thick but I have never used a card in my life!

Any help would be great.

Thank you.

bengal-stripe

leev_21 wrote: »

I purchased an item 6 months ago on a 'buy now pay in 6 months' deal......
I hoping to get a card so I can stick £700 on it to pay for the item..

It is questionable, whether you are allowed to use a credit card to settle the “buy now, pay later” deal. You’ll have to check that out yourself.

If you get the 0 % CC and if you can use the card to pay for the previous purchase, then you will only have to pay the minimum every month for as long as the 0 % deal runs. Then you will have to pay the entire balance, or you will start getting charged interest on the outstanding monies.

leev_21

bengal-stripe wrote: »

It is questionable, whether you are allowed to use a credit card to settle the “buy now, pay later” deal. You’ll have to check that out yourself.

If you get the 0 % CC and if you can use the card to pay for the previous purchase, then you will only have to pay the minimum every month for as long as the 0 % deal runs. Then you will have to pay the entire balance, or you will start getting charged interest on the outstanding monies.

Thanks for the reply.

I will get in touch with the finance company to see if i can pay on credit card, then apply.

Thanks

sicker

If you get an mbna credit card you will still have to make the minimum repayment each month (£25 on mbna I believe) but you can do a balance transfer to your current account and thus pay off your 'buy now pay later' deal. You will of course first have to be accepted for a card and if you are DO clear the balance for any 0% balanse transfer deal runs out or you will be back to square one.

leev_21

How long does it take from the start of application to actually receiving the credit card?