Advice Needed!!!

princesspinky

Hi, im 19 years old, i currently have a loan which i pay off fine each month, but after all my DD have gone out im left with £300 to myself, At the moment im managing fine, but im going on holiday in August, it has to be paid off by 1st June. Iv already paid off £650! I have £630 left which to be honest im going to struggle with.

I am very rarely in my overdraft and im quite good when it comes to watching my money. I also get a payrise next month.

Is it ok to get a credit card to pay off my £630 off my holiday? I know absoloutly nothing about credit cards!

But ive heard you can get a 12month no interst, which would suit me perfect.

Do do i just apply for the credit card and then do you get like minimum payments every month until you pay it off? I really do not want to be paying any interest!!

Have i got this right, or am i missing something! 12 months no interest seems to good to be true!

Thanks

BugsyBrowne

You need to go and check your credit status from experian free 30 days trial.
Take a look at that first b4 you apply for any card especially if you want 12 month 0%,you will need a good history to take advantage of one of these cards..
check if you are on the electoral roll,check for miss payments etc,whats your income,how much available credit you have,how much debt you have..if you have a good history then you may well apply for a 0% credit card..

Tixy

You may well find it pretty hard to get a 0% credit card at your age.

I think it might be a good idea for you to write yourself a statement of affairs (income & expenditure) to see how much money you should have left each month and whether you can afford the holiday. There is no point getting further into debt if you cannot really afford it (and £1280 is a pretty large amount to be spending on a holiday for an individual).
Whilst you say you are good with money you are in a position where you need £630 that you do not have.

If you do manage to get a 0% card to do a balance transfer make sure you remember the golden rule to never use a BT card to make purchases, instead cut the card up straight away.

BugsyBrowne

Tixy you said golden rule never use a bt card to make purchases,i never really understand that,so if ive a card which is 0% for say 12 months,and after that its 17.9% purchases can i use the card after i have payed my balance transfer..

Tixy

To be fair although it is the golden rule it does partially depend on the card and the deal you have. If you have a card which has 0% on transfers and purchases for 12months, and then they both increase at the same time to say 18% then it won't actually make a difference.

The issue is that often cards have 0% on BTs and say 18% on purchases. http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#never

Once the BT has been paid off then yes there is no reason not to use the card for purchases