First Credit Card

huntingbears

Hi,

I currently don't have any credit cards or store cards. I only have one current account with Northern Bank, based in Northern Ireland. The only debt I have is a student loan.

However, I am going to be doing a lot of travelling this year so thought it would be best to get a credit card. It will mainly be used for hotel reservations, and as an emergency. I have recently graduated and have only just started my first graduate job so will have a steady income (£18k).

Which cards would you recommend? I would ideally like to apply online (My first trip is coming up soon and as I have only just started my job, I don't want to take time off work to go to the bank as my branch only opens business hours) and I would like to be able to make payments online also.

I've read the credit card section of this website, and the two categories seem to be cashback or balance transfer.

Anyone have any suggestions? Anyone been in a similar situation? Which cards are best for travelling (Europe and USA) with? I am thinking of applying for the Marks and Spencer card as it has no interest period - would it be suitable?

Thanks in advance.

izools

Cards designed for your intention are:

Vanquis
Aqua
Capital One Classic
Barclaycard Initial

These are all high interest cards, I've listed them from highest to lowest interest rate, however the higher the interest rate the more likely you are to be accepted.

You aren't likely to get a mainstream card like the M&S card until you've built up at least a years worth of positive history on a low-limit, high interest, sub prime card first off. High street / prime lenders don't lend to people without a proven credit history to score you on.

Unless you can get the Barclaycard Initial I would strongly recommend against ever ever borrowing more than you can afford to repay in full each month - thereby avoiding interest - as the interest will kill you on a sub prime card. The Barclaycard Initial is different as their retentions team can reduce your APR every six months if you keep the account in good order.

Are you registered on the electoral role to vote at your current address? If not, do so, and wait two months before applying, as it is very unlikely that you'll get any card without being on the ER.

Good luck, and keep us posted

huntingbears

Thanks for the reply.

Would I be better going to my bank to get a credit card? When I first got a student account with my bank, I was given a Visa card. However, as I didn't use it and had no need for it then, it didn't get renewed.

Thanks again.

izools

It couldn't hurt but remember every time you apply for credit a footprint is left on your credit file; too many applications in a short space of time can mean you appear as under debt stress, desperate to acquire credit ergo lowering your credit score.

Have a chat with your bank first to see what they say first, don't go in headlong and apply without getting some input from them first.

What has the turnover on your current account been like? Have you incurred any charges lately?

If your current account has a healthy turnover and is run very well, this will count very much in your favour when applying for a credit card from them