Which credit card is right for me?

Kamran

Hi all, I was hoping for some opinions,

I'm a new graduate, my earnings will be in the region of £32k pa. I suspect I'll spend between 8-15k on a credit card annually (since this would be my first card, and my first job, I have no idea what is normal for me). I intend to pay anything off in full every month via direct debit.

1) Having read the articles, I like the sound of the Amex Platinum (5% for 3months, 1.25% after) - this gives a nice lump sum at the end of the year.

2) The GM card is useless for me as I'm not interested in buying a GM car any time soon.

3) British Airways AMEX - i can't guarantee I'll spend 20k on the card so I'll have to give this a miss.

4) BMI Amex - I like this card. I'm a keen traveller, and the sound of 20,000 miles appeals to me.

The question for me therefore is 1) vs 4) (Amex Platinum Vs BMI AMEX) - this seems like a nobrainer to me - surely the BMI AMEX wins hands down - ie, for a £10-15k estimated annual spend, I'd be getting more value for money with the BMI amex?

Lastly, have i missed out any BIG cards here?

Thanks guys, much appreciated.:T
Kam

CLAPTON

you are unlikely to get a good benefits card as a first card

take anything you can get and use it wisely and start to build credit history

try you bank account first

once you have a proven trach recird then apply for one with benefits to suit

Kamran

CLAPTON wrote: »

you are unlikely to get a good benefits card as a first card

take anything you can get and use it wisely and start to build credit history

try you bank account first

once you have a proven trach recird then apply for one with benefits to suit

Thanks. Would there be any reason why I shouldn't apply for the BMI amex card in any case?

chexum

Kamran wrote: »

Thanks. Would there be any reason why I shouldn't apply for the BMI amex card in any case?

Well, the recorded search can push you a bit below even the sub-prime lenders' criteria. If you don't require credit, it doesn't hurt to try any of the best cards, you may get lucky. For example your employer may have a connection to the lender and they could handle employees preferentially (after verification).

Mind you, it's good to have a nice salary, but lenders will like to see stability, not just the money that even you haven't seen yet - so unless you've been in the same job for at least 6 months, you are still a much higher risk.

At this point, if you never had credit, the only bank that can see your stability is the one that you are with now.

CLAPTON

Kamran wrote: »

Thanks. Would there be any reason why I shouldn't apply for the BMI amex card in any case?

there's no reason why you shouldn't try;

but if you are turned down then don't apply for many more as it will adversedly afffect your credit rating for a while.. 2/3 applications may be ok

Kamran

chexum wrote: »

Well, the recorded search can push you a bit below even the sub-prime lenders' criteria. If you don't require credit, it doesn't hurt to try any of the best cards, you may get lucky. For example your employer may have a connection to the lender and they could handle employees preferentially (after verification).

Mind you, it's good to have a nice salary, but lenders will like to see stability, not just the money that even you haven't seen yet - so unless you've been in the same job for at least 6 months, you are still a much higher risk.

At this point, if you never had credit, the only bank that can see your stability is the one that you are with now.

I'd hope to think that my new job is a stable job with the NHS - and as you say i don't require credit as such so I guess I'll apply and see how it goes.

If that fails then perhaps going to my bank (natwest) who I have been with for 6+ years would be a better option?

Kamran

CLAPTON wrote: »

there's no reason why you shouldn't try;

but if you are turned down then don't apply for many more as it will adversedly afffect your credit rating for a while.. 2/3 applications may be ok

Was unsuccessful for the BMI card but successful for the AMEX platinum cashback.

So the name of the game is just to make sure those repayments are in full every month, via direct debit, right?

Any other words of wisdom for this credit card newbie?

Thanks for all your help. :T

CLAPTON

Kamran wrote: »

Was unsuccessful for the BMI card but successful for the AMEX platinum cashback.

So the name of the game is just to make sure those repayments are in full every month, via direct debit, right?

Any other words of wisdom for this credit card newbie?

Thanks for all your help. :T

well done

CCs are very useful and for some things almost essential (renting cars, booking hotel rooms ) but basically the most important things are to keep within your credit limit (leave a decent safely margin ) and pay on time otherwise the CC will harm your credit rating rather than enhance it; and pay in full each month so you never pay interest.
Amex is not accepted everywhere so it's best to get another 2 or so but I would wait for 6 months or so before making further applications

Kamran

CLAPTON wrote: »

well done

CCs are very useful and for some things almost essential (renting cars, booking hotel rooms ) but basically the most important things are to keep within your credit limit (leave a decent safely margin ) and pay on time otherwise the CC will harm your credit rating rather than enhance it; and pay in full each month so you never pay interest.
Amex is not accepted everywhere so it's best to get another 2 or so but I would wait for 6 months or so before making further applications

Cheers. Natwest have given me a visadebit card so for the moment it will go well with the amex with regard to being accepted. I shall wait 6months then and see what good amex alternatives are about.