Best bank account for me :18 years old

popadom

Hi. Im hoping someone might be able to advise me on the best creidt card.

Im 18, earn£120(before tax) a week. Im currently with hsbc. Ive lived “independtally” without parents since 16 and so have been pretty good with money(so more mature than the majority of my peers regarding money)The Reason I want a card is until my wage comes through I would like to use the card then pay, in full at the end of the month. I can pay off at the end of the month. Ideally I would like one I can check online like online banking.
I would like one for day to day spending such as buying stuff online (no more than £40 in a transaction!) but things like a book from Amazon.
I can pay off in full, and hate debit to be honest(saw family go through being bankrupt so put me off!), but im sure I can pay off every month, not jus min payments as I only have rent £45p/w(inc electrical, water and some food)
Im worried I wont get one as ive never borrowed and heard that can be bad for a credit rating !

Questions:
Is hsbc card any good, the only reason I ask is I do internet banking.
How do they bill you? Do they send a statement and ask for cheque
Can you withdraw cash

Just given my life story lol, help appreciated , thanks

Tixy

You could hsbc try them if you have banked with them for a while. Maybe ask them informally in branch before they do a credit check. Have you checked you are on the electoral roll? need to do this before you apply anywhere.

But you may well find that your low salary, age and lack of credit history means you will only be able to get a subprime card. As you want to pay off in full each month this means the high APR won't matter to you and you'll be able to start building up a credit history which should mean you can get a high street card in 6-12months. You'll only get a low limit to start (perhaps £250) but that sounds sufficent for your requirements.

http://www.moneysavingexpert.com/cards/bad-credit-credit-cards

popadom

could i in theroy get a card and never use it? would it make my credit rating good?

Jon_B_2

I'll be surprised if anybody would give a credit card to an 18 years old on 6k a year. I'd probably knock the idea on the head, not being harsh, but no other way of really putting it. Not even sure if you have a real reason to need one to be honest, maybe worth seeing if you can get a small overdraft facility on your current account before looking for out and out credit cards.

stevemartin2010

hi there, im in the same situation i have a debit, i am on 12K P.A i just tried to get an overdraft of £300 i currently have a £100 but money has been tight this month. i got knocked back by bank of scotland, they recommended a CC i stayed on phone for about 30 minutes just to get rejected.


So all the best.

popadom

Jon_B wrote: »

I'll be surprised if anybody would give a credit card to an 18 years old on 6k a year. I'd probably knock the idea on the head, not being harsh, but no other way of really putting it. Not even sure if you have a real reason to need one to be honest, maybe worth seeing if you can get a small overdraft facility on your current account before looking for out and out credit cards.

People have to start somewhere...and dont students get accept for them?

p00hsticks

rgay1992 wrote: »

I would like one for day to day spending such as buying stuff online (no more than £40 in a transaction!) but things like a book from Amazon.
I can pay off in full, and hate debit to be honest(saw family go through being bankrupt so put me off!), but im sure I can pay off every month,

In this case, if you really don't want to get in debt, then I think you'd be better off just using a debit card - it jsut means there may be times wher you have to wait a week or two for that book from amazon until you get paid, whcih shouldn't be any hardship...

Typhoon2000

rgay1992 wrote: »

.
Questions:

Can you withdraw cash

Dont even go down that slipery road... As well as withdrawal fees you will also have to pay interest (likely to be very high with the card you may get) and no interest free period.

pinkarsenalprincess

Personally I don't understand why you need a credit card. Just use a normal bank account with an everday debit card.

7891368

Jon_B wrote: »

I'll be surprised if anybody would give a credit card to an 18 years old on 6k a year. I'd probably knock the idea on the head, not being harsh, but no other way of really putting it. Not even sure if you have a real reason to need one to be honest, maybe worth seeing if you can get a small overdraft facility on your current account before looking for out and out credit cards.

I'm 19, a student, and earn less than 6k a year.
I have 2 credit cards, with 2350 credit available to me?

Jon_B_2

7891368 wrote: »

I'm 19, a student, and earn less than 6k a year.
I have 2 credit cards, with 2350 credit available to me?

Just goes to show what a sham the bank system is in when you can get more credit than myself when I earn more than 5 times as much as you.