What Credit Card Should I Get?

Credit_Card_Newbie

I'm getting a credit card for the first time to make a large one-off purchase. Has anyone got any recommendations? I don't know what I should be looking at.

Thanks!

runninglea

Tesco is doing a 0% on purchases for 13 months - as long as you make minimum payment.

Do you have to use a credit card,not worth going into debt if you dont have to!

Credit_Card_Newbie

It'll be a large one off purchase of about £6000 possibly and thought a credit card would be better than a loan. So is it better to get 0% on purchases as opposed to a very low interest rate?

Thank you!

runninglea

As long as you can pay it off within the 0% period.

Need to pay minmum amount each month then put aside just under £500/month into ISA or something - this way you have the full amount to pay at end of 13 months plus interest.

scottishblondie

It's very unlikely that you will get a CC with a limit as high as £6k (my first had a £500 limit), and even more unlikely that you'll be able to get a 0% card or even one with a low interest rate as your first card. Of course it is all dependant on several factors - income, being registered to vote, any existing debt etc etc. You can try, but don't count on getting something suitable for your needs immediately.

BugsyBrowne

Credit_Card_Newbie wrote: »

It'll be a large one off purchase of about £6000 possibly and thought a credit card would be better than a loan. So is it better to get 0% on purchases as opposed to a very low interest rate?

Thank you!

Mate you have got zero chance of getting a credit card with a 6k limit,with no credit card history my bet your limit will be £250 on a sub-prime card.

Seriously mate don't bother with tescos as runninglea recommended as you won't get it,you need start to build up a credit history first,by going for a sub-prime card such as vanquis or cap 1 classic.

Ralphy101

Weigh up the pros and cons...

With many 0% purchases ... they dont generally exceed 13 months...

so you would have to pay around £500 a month in order to make this a "free loan".

I dont know your income ... but that is alot of expenditure a month ! but if you can afford £500 a month and you will repay this everymonth without fail then do it...

Otherwise you would have to card tart the exsisting balance to another 0% credit card before the 0% offer is up. - This has a risk - you dont know what the future brings 13 months down the line - you could get rejected for another card and end up having to pay the balance off with the credit card interest....

Or

apply for a loan and spread this out over say 3 years... to keep your monthly payments lower and there would be no hassle about "transfering debt to another card". You would get charged interest mind, but the monthly payements would still be lower to help live month to month better!

KingElvis

6k on a new card with no credit history is a thing of the distant past.

BugsyBrowne

Ralphy101 wrote: »

Weigh up the pros and cons...

With many 0% purchases ... they dont generally exceed 13 months...

so you would have to pay around £500 a month in order to make this a "free loan".

I dont know your income ... but that is alot of expenditure a month ! but if you can afford £500 a month and you will repay this everymonth without fail then do it...

Otherwise you would have to card tart the exsisting balance to another 0% credit card before the 0% offer is up. - This has a risk - you dont know what the future brings 13 months down the line - you could get rejected for another card and end up having to pay the balance off with the credit card interest....

Or

apply for a loan and spread this out over say 3 years... to keep your monthly payments lower and there would be no hassle about "transfering debt to another card". You would get charged interest mind, but the monthly payements would still be lower to help live month to month better!

Mate did you read his post properly,credit card newbie has no credit history and your giving him/her a suggestion to card tart,just see those pigs fly past again!!

Credit card newbie do you have any credit history atall
Also what is your income?

xposis

If you are going to pay it off straight away and just using it for security I would suggest a cashback credit card.

Amex is currently giving 5% for 3months and if they don't take amex try a card like egg money.

If your going to leave the balance on it I think the choices above are great.

BugsyBrowne

xposis wrote: »

If you are going to pay it off straight away and just using it for security I would suggest a cashback credit card.

Amex is currently giving 5% for 3months and if they don't take amex try a card like egg money.

If your going to leave the balance on it I think the choices above are great.

Yeah nice one mate forgot american express do credit builder cards.