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Short Term Credit Card
highguyuk
Posts: 2,763 Forumite
in Credit cards
Hey,
As a backup over the next few months, and a short term loan for some important items, I am looking towards getting a credit card. I also aware of receiving some money in the next few weeks which I will be able to pay off the card straight away.
From reading the articles, this points me to a 0% on purchases credit card with no early repayment penalties. Or if not 0% a very low APR!
I am 20, have a debit card/chequebook and a loan. I have never missed a payment of my loan during the 7/8 months ive had it. It is set up by direct debit. I have not requested any searches of my credit file since my loan as far as I am aware and therefore would hope to get a credit card without too much stress.
Where do I start? I have seen Egg mentioned alot on here but don't know if its best for my intended use? All help much appreciated ...
As a backup over the next few months, and a short term loan for some important items, I am looking towards getting a credit card. I also aware of receiving some money in the next few weeks which I will be able to pay off the card straight away.
From reading the articles, this points me to a 0% on purchases credit card with no early repayment penalties. Or if not 0% a very low APR!
I am 20, have a debit card/chequebook and a loan. I have never missed a payment of my loan during the 7/8 months ive had it. It is set up by direct debit. I have not requested any searches of my credit file since my loan as far as I am aware and therefore would hope to get a credit card without too much stress.
Where do I start? I have seen Egg mentioned alot on here but don't know if its best for my intended use? All help much appreciated ...
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Comments
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At your age, and with (I suspect) so little on your credit file, I'd suggest approaching your own bank - especially if your loan is with them as well.highguyuk wrote:Where do I start?0 -
Yup, my loan and current account are both with Nationwide.0
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I'm afraid everything is working against you...highguyuk wrote:Yup, my loan and current account are both with Nationwide.
You are quite young
You might not have much (anything at all?) on your credit file
You (presumably) have a short employment history
You (presumably) are not a home owner
In addition to rectifying the above, you really should be on the electoral roll to have any chance at all with other lenders.
So, and especially since you have said your loan is with them, I definitely think your best chance is with the Nationwide - who just happen to have a 0% on purchases card.
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You can improve your credit rating, as well as being on the electoral roll, do you have any DD like for mobile phone contract etc, make sure they are all spotless.
Nationwide is a good card to have anyway, hang onto it for overseas spending, and dont worry about early repayment penalties, they are a problem with loans but dont exist for credit cards. If you pay it off before the payment date, then no interest charged, simple as that.
i have never paid interest on my credit card0
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