0% borrowing rate credit card?

Mbyrne338

Hi there,

I merely want a credit card to start getting a credit rating, I've always been against them but now I have been told i'll find it easier to get a mortgage when it comes to getting my house in however long..

Anyway, Im planning on just purchasing petrol on the card..

I need to borrow £1000 and I thought the most suited way of doing this for me would be from a credit card which offers a 0% borrowing rate over 6/9/12 months..

My question and point of this topic, which card offers 0% borrowing for my £1000 which I intend on paying off within 3/6 months..

Many thanks

Saucepot

Sainsburys offer 0% on purchases for 10 months. And a book of shopping tokens.

grumbler

Without a credit history you are very unlikely to be accepted for a 0% credit card unless it is offered by the bank you have your current account with. It is allways recommended to aplly to this bank for your first credit card. And there is no need to borrow in order to build your credit history. You can do this just by spending on the card and paying balance in full and on time every month. In this case this doesn't cost you anything even if the card doesn't have 0% introductory offer.

jay78

Until a month ago the only credit history I had was a mobile phone I had for 9 months. I've applied to Barclaycard, Egg and Virgin and been accepted by all three for their 0% offers. I'm on the electoral role, with a good salary so it's worth giving it a go.

Rafter

MByrne,

Your posting is a bit contradictory - you want a card to get a credit rating but you are then going to borrow on it to buy petrol?

If you are on a fairly low wage, under 25, living in rented accommodation a number of things are working against you to get offered a zero% card.

You may be stuck with a credit builder product like that from Capital One or Barclaycard initially. Just make sure you pay it off in full and if you do get your £1000 limit and use it for petrol, make sure you are saving enough to pay it off and not getting stuck in the trap the credit card companies want you to get into.

R.

Cara79

Sorry I'm a bit confused too. Do you need to borrow £1,000 or get a credit card? What is the £1,000 for?

Mbyrne338

Hi,

Sorry for not being clear

I want to get a credit card so I can start to build a credit rating, I also need a quick £1000 which I will pay off witin 3 months for a private sale purchase.

So, as soon as I get the card, I would wish to withdraw £1000 and pay it off over the course of 3 months, once paid off, use the card to purchase petrol. I would then pay off the credit card at the end of every month..

Any ideas which card is best suited?

grumbler

You can draw cash from a CC, but this is very expensive. You pay 2% fee and higher interest from the day of transaction, even if you have a card offering 0% for N months. This offer is on either Balance Transfers (from other cards) or(/and) purchases.
The only exception are cards with 0% on BTs and SBT facility, that are very rare now. See Super BTs and Stoozing links in the blue box above. Not an easy job to do for a beginner.