First credit card

pinkstarsx

Afternoon!

I was looking for a little advise if possible.

I'm in my 20's & will soon be looking to get my first credit card.
I've not had a credit card before, i don't have an overdraft, i have no store cards, never taken out a loan & have never bought anything on finance.
The only thing i have to my name is my phone bill!

I'm currently renting a flat but in a few years time i would hopefully be looking to get a mortgage so i would like to build up a good credit rating before then - is a credit card the best way to do this?

For the flat me & my friend opened a joint account and were told we had really good credit rating and could get a £2,000 overdraft, which we declined for obvious reasons

I'm looking to purchase a car in February, i have £2,000 saved and with part exchanging my car & i should be able to afford the car i would like.. (if not i will wait!)
Would it be best to purchase on the credit card, then pay it straight off so it shows i'm able to make payments?

Apart from the above i would only be using the credit card for petrol and emergancies.

Is there a known credit card that's best to get for low interest rates?

[Deleted User]

pinkstarsx wrote: »

Is there a known credit card that's best to get for low interest rates?

Yes, but unfortunately you won't get it. You need to get a lower level of card - start with your own bank and use that card regularly, paying off in full each month. Failing your own bank, try aqua, vanquis, cap1. Interest rates are irrelevant if you pay off in full each time.

With regards to the car, most dealers charge a fee for a credit card, so you;re probably better off with cash.

pinkstarsx

Deleted_User wrote: »

Yes, but unfortunately you won't get it. You need to get a lower level of card - start with your own bank and use that card regularly, paying off in full each month. Failing your own bank, try aqua, vanquis, cap1. Interest rates are irrelevant if you pay off in full each time.

With regards to the car, most dealers charge a fee for a credit card, so you;re probably better off with cash.

Thank you. I'm with Natwest and have a first reserve as my main account & advantage gold for the joint account. May look into their credit cards then. Just weren't sure if that was the easy option if there's better out there

[Deleted User]

It's the easy option, but also the best (if they give you one). Otherwise you risk damagin your rating by being rejected from better cards. Use it for a year, then bigger and better things will open up to you.

Then unlimited cashback, fee airport lounge access and chauffeur services will be at your disposal.

Or at least Tesco Clubcard points.

londoner1998

pinkstarsx wrote: »

Thank you. I'm with Natwest and have a first reserve as my main account & advantage gold for the joint account. May look into their credit cards then. Just weren't sure if that was the easy option if there's better out there

Hello

i was in a similar situation , also banking with Natwest. I applied for a Credit card and got it approved stright away on line, with a limit of 1,400, which I think it is pretty good for a first card. I also got 6 months 0% interest in all purchases. I got rejected twice before with Virgin and Barclays...

Worth trying with Natwestif you bank with them..
Good luck!

onlypaddy

Agree with above posts, try your bank first.

But - ensure you use it regularly to build up your history, and pay off in full every month. Don't just use it for emergencies. If you use it in replacement of your debit card then you will also have extra security, as fraud protection is generally greater with a credit card (and if anything does happen it does not come out of your bank straight away!).

With regards to the car, zx81 is correct in saying that most dealers charge a surcharge for credit card payments. However, if you pay a small deposit (even just £10 or something daft like that) then you will be covered under Section 75 of the Consumer Credit Act, meaning that if there is a major problem with the car and the dealer wont fix it or take it back, you can claim the full value of the car back from your credit card company.

Think thats everything.....