New to credit cards

SLaidlaw

Hi Everyone

As i am very new to credit cards (never had one before) i was hoping some of you can give me the low down on how to work the 'system' so i don't have to pay interest.

I ma planning to buy a new car and have some money saved up and plan to pay the rest out right and get as best a deal as possible from the dealer.

This is where i am not sure, should i get a credit card or get a loan to pay the rest?

I see that there are cards that offer 0% of purchases and 0% on balance transfers but not sure of the terminology.

If i borrow on a 0% purchase card can i then transfer this to a 0% balance transfer card without incurring interest????

What is balance transfers as well???

Thanks in advance

Moggles_2

If I borrow on a 0% purchase card, can I then transfer this to a 0% balance transfer card without incurring interest?

In theory yes, BUT if this would be your first credit card, you may have a limited credit history. What other credit facilities are held in your name?

If you have a limited credit history then, from the lender's perspective, you're something of an unknown quantity. They are likely to see your lack of a payment history as too great a risk. You probably need to be more concerned about actually getting a credit card, rather than looking for the best cards to meet your present circumstances. The bank that holds your main current account may be the best place to start.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

CLAPTON

the way to avoid paying interest is to save up for the things that you want.

you haven't told us how much you want to borrow, how much you earn, how long you have been employed, what your employment is, how old you are, whether you are a property owner, whether you are on the electoral role, what existing credit agreements you have
....so its a little difficult to give advice

but

if you haven't already got a CC then you're very unlikely to get a high credit limit (say more than £500) or a decent APR (say less that 25%)
but it depends upon the details....