Added on a parents credit card?

CLAPTON

the point about using credit cards and paying them in full each month
is
a. get useful consumer protection (CC company is jointly responsible for the products as the retailer)

b. you get 1% cashback

c. you get the interest free period before you have to pay


editted to add : you can pay uni fees by credit card ..well at least at one uni.

going2die_rich

Does having a credit card from someone else not link you financially for future credit checks?

YorkshireBoy

going2die_rich wrote:

Does having a credit card from someone else not link you financially for future credit checks?

If you mean as a secondary cardholder, then the answer is no.

Davidboy

Grumbler - I don't get it? Why would anyone want to pay stupid rates of interest on Credit cards? My kids have them for EMERGENCY use i.e. if they break down in the car, I also pay my daughters petrol money while she is away (She is a student nurse and has to travel to different places), my other daughter I pay her train ticket how...yes by the credit card!! Why I stated that they pay me before the bill arrives, teaches them how to use credit cards and not how to get into debt by them. Do you mean to say you do not pay off the balance every month then??? I get use out of the cc by what I get in return..points for things to get money off.

And yes some uni's do take CC to pay accomm bill...more points for me!! Eldest ones did last year.

I have never paid interest on a CC yet, and I never intend to.

D

grumbler

Davidboy wrote:

Grumbler - I don't get it? ...Do you mean to say you do not pay off the balance every month then??? ...

Yes, I always pay balance in full. However, I have at least two weeks after I get the bill. Demanding money from your children before you get the bill is a little bit cruel IMHO. Some companies send bills straight after the statement date. In this case for some purchases your children have just a few days to pay you. Yes, you gain points, but they don't gain anything besides stress. If they have money to pay you back in a few days, it is easier for them just to use this money (debit card) instead of the credit card.

student100

Whilst it's probably going to be a rubbish card, a good way to "get your foot in the door" with regards to CCs for students is to try applying for one with the bank with whom you have your student account.

There will probably be no cashback, and a very low credit limit, but it's a start...build a bit of good credit history then 6 months or a year later apply for a better card.

(Using a card on your parent's account will do nothing for your credit history).

payless

Some of the debit cards issued are not as widely accepted as credit cards ..
I was keen to get my son a proper credit or debit card but at age 15 they seem to want to issue maestro or eletron ... not sure if these are acceptable for his forthcoming trips aboard