Credit Card newbie-worried about getting turned down

BugsyBrowne

Sparkay apply for this card.http://www.flybe.com/card/
It aint going to hurt with one application just so you know where you stand..

sparkay

Why do you recommend this card? Do you use it yourself?

Just to check I'm understanding this right:

It says 'the interest free period is up to 50 days on standard purchases when you pay your balance in full every month by the due date. Any interest free period only applies to any other transactions notified to you by us.'

Does this mean that I have 50 days that are interest free from the time I make a purchase, as long as I pay the minimum payment each month?...Or does it mean I wont be charged interest for spending if I pay off the full amount of the purchase?...

BugsyBrowne

Its not a bad card,they seem to be more lenient than other prime lenders..

fozmcfc

Try this also, they do a quick scan of your credit report, but as Barclaycard say

"This unique tool only places a search ‘footprint’ on your file to show your credit information has been accessed but because it's not a formal credit application it won't affect your ability to get credit another time."

https://letmechoose.barclaycard.co.uk/

WelshRarebit

sparkay wrote: »

Does this mean that I have 50 days that are interest free from the time I make a purchase, as long as I pay the minimum payment each month?...Or does it mean I wont be charged interest for spending if I pay off the full amount of the purchase?...

Let me try and explain what "up to x number of days interest free" means. Anyone please feel free to correct me if I'm wrong....

Say your statement date is 1st of each month. You make a purchase with your credit card on the day after your statement date. For that specific purchase only you will not have to pay for it until the payment due date of your following month's statement which could be up to 50 days in the future from the time you made the purchase.

However, if you make a purchase on lets say the 7th day of the month you will have only 43 days interest free period before you have to pay for that item as there are now fewer days to go before the next statement's payment due date.

Therefore purchases you make just after your statement date will enjoy the maximum interest free period while those purchased just before your statement date will get the minimum.

Off course this assumes you pay the balance off in full every month. Not paying the balance off in full or only making the minimum payment will normally result in you being charged interest on the full purchase value of the item(s) from the date they were applied to you card until the time it is paid in full.

gtaz

Being in your overdraft barely makes a difference, going over the limit does.

Ive had my £1500 overdraft since being a student, it isn't a good thing but I have been in my overdraft without really coming out of it for 5 years(it is interest free so worry about other stuff first) and I have been accepted for 3 credit cards (total £11000) and 3 mobile contracts (all open same time) never had a rejection for credit.

Your report shows a '0' if you sit in your overdraft, only problem is when you go over the limit and even then I haven't had a negative mark for that the 2 times it happened despite being charged because I paid the money straight back in.

naijapower

gtaz wrote: »

Being in your overdraft barely makes a difference, going over the limit does.

Ive had my £1500 overdraft since being a student, it isn't a good thing but I have been in my overdraft without really coming out of it for 5 years(it is interest free so worry about other stuff first) and I have been accepted for 3 credit cards (total £11000) and 3 mobile contracts (all open same time) never had a rejection for credit.

Your report shows a '0' if you sit in your overdraft, only problem is when you go over the limit and even then I haven't had a negative mark for that the 2 times it happened despite being charged because I paid the money straight back in.

I have to agree 100%. Being within your authorised overdraft isn't really an issue. It when you go over your limit or get into default that poses a problem

sparkay

Thanks Welshrarebit, Gtaz and Naijapower, very helpful comments.