First time CC: Which to go for and advice!

Ostinato

Hi there
I am looking to buy an engagement ring in the near future and have been considering payment options as I would like to purchase it on finance - ideally over 2 to 3 years.

However, a friend mentioned to me rather than taking out finance from a jewellers and paying a big sum of interest an option to consider would be to take out a creditcard and just pay the balance back that way - giving me more freedom to pay back more or less as required each month.

The ring I have been looking at is around £1000 - so I have done some quick calculations based upon Tescos credit card offer of 0% interest for the first 13 months... so if I paid around £600 by the 13 months are up I would only have £400 left on it + 14.9% apr?

Just looking for some opinions and feedback on doing it this way and if maybe anyone could suggest better credit cards or anything.
I am a bit apprehensive as I have always avoided credit cards and don't want to go down a a slippery slope or anything but I feel this method does make sense.

Thanks

stephane_2

If it is your first credit card then extremely unlikely that you'll get a card with a 0% offer with the limit you want. Best to try your own bank first and see if they can offer you a card with a decent rate. Otherwise you best option would be to try sub-prime cards like Vanquis or Capital one but interest will be very high, but used wisely it will help you build a credit history for future application.
You can still try applying for the tesco credit card, you never know...but don't get your hope too high

pinkarsenalprincess

stephane wrote: »

If it is your first credit card then extremely unlikely that you'll get a card with a 0% offer with the limit you want. Best to try your own bank first and see if they can offer you a card with a decent rate. Otherwise you best option would be to try sub-prime cards like Vanquis or Capital one but interest will be very high, but used wisely it will help you build a credit history for future application.
You can still try applying for the tesco credit card, you never know...but don't get your hope too high

You may also find that the rate of APR you get after the 0% promotion is a lot higher than 14.9%

Ostinato

I see - thanks for the info. Like I say I haven't ever really looked at credit cards before but would like to start trying to build up a credit history this way obviously.

Do you guys have opinions as to using a credit card to make a purchase for something such as an engagement ring as opposed to store finance?

BugsyBrowne

Ostinato wrote: »

I see - thanks for the info. Like I say I haven't ever really looked at credit cards before but would like to start trying to build up a credit history this way obviously.

Do you guys have opinions as to using a credit card to make a purchase for something such as an engagement ring as opposed to store finance?

Mate try beaverbrooks jewelers they do 0% finance

Just read your post again and you have no chance of getting finance in there as you have never had credit so thats a no no..

Ostinato

Well I think I have got some sort of credit rating as I am renting out a flat and obviously am paying tv license and everything else... Also when I got virgin media it involved a credit check so I presume I passed that alright :S

Do you think it is worth applying for the tesco card online and even just seeing if it is accepted or not? Surely if I am not accepted for that I wont be accepted for beaverbrooks or anywhere else...

BugsyBrowne

Ostinato wrote: »

Well I think I have got some sort of credit rating as I am renting out a flat and obviously am paying tv license and everything else... Also when I got virgin media it involved a credit check so I presume I passed that alright :S

Do you think it is worth applying for the tesco card online and even just seeing if it is accepted or not? Surely if I am not accepted for that I wont be accepted for beaverbrooks or anywhere else...

Whats renting out a flat anything to do with it,do your landlord report to the credit agencies now,also t.v license whats that got to do with it either.

Mate sorry to sound harsh you have been giving advice that you have no chance whatsoever in being accepted for a tesco card,

Like stephane said you need to start with a high apr sub-prime card

MFWannabe

Would your partner really want you getting into debt for her engagement ring??!! I'm sure she'd rather have something cheaper that you don't get into debt for and then start saving for the wedding.

adam_a5

I got a tesco 0% credit card for my first card. This was without any credit rating. Give it a go mate!

Ostinato

Thanks for the encouragement Adam.

The reason I actually mentioned renting is because the agency which I did it through ran a credit check - sorry but I felt that was relevant to add.

BugsyBrowne

adam_a5 wrote: »

I got a tesco 0% credit card for my first card. This was without any credit rating. Give it a go mate!

Thats strange mate because on your other post you said you have a good credit rating.