1st Credit Card - Maybe

Madnev

Hi

I've never had a credit card before and promised myself i wouldn't ever BUT there are a few things i require to purchase online in November and December prior to my wages being paid.

My bank is offering:

· 0% balance transfers for 15 months - when you transfer your balances within three months of account opening
· 0% interest on purchases – for three months from account opening
· 2.9% Balance transfer fee – (minimum £5), and a Typical 16.9% APR (variable)

Would i be able to sign up, use the card in November & December pay it back on the relevant pay days and with the balance at zero destroy the card and close the account?

I assume if i used the card in this method i would not receive any charges?

Thanks in advance for your help.

:eek:

Joe_Bloggs

I think you have missed the point of the '0%' on balance transfer feature. This is useful if you have accumulated a credit card debt and wish to transfer it to another card who will charge you nothing for the length of the 0% on transfers offer. That is until you consider the fee for the transfer and the amount of time the offer lasts for. If you don't have an existing credit card debt then you do not need this card.

The 0% on purchases deal looks good but the 3 months is a joke. My last 0% on purchases card lasted for 15 months. Every amount of money I spent on the card was eventually matched by an amount of money in a savings account. Thus I could use the card and profit from the interest ( slow stoozing ) and pay it all off just before they started to charge 16% interest.

A balance at zero does nothing and changes nothing it should cost nothing. It is a good thing.

These are only my opinions and you are free to agree and disagree
J_B.

Typhoon2000

Yes using the card like that in November and ecember and paying it off in fuull within 3 moths will mean no charges at all. You free to keep it open with zero balance or close the account after that.

Madnev

Thanks very much, thats the news i was hoping for.

Moggles_2

If this would be your first credit card, you may have a limited credit history, so 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 starter credit card, rather than looking for the best card to meet your present circumstances.

The bank that holds your main current account is certainly the best place to start, but you may not be issued with the market-leading deal you've seen advertised.

That said, many of us here have used credit cards for years free of charge. If you only ever spend what you can afford to pay back on time each month, you'll never pay interest and you'll be building a credit history in the process

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