Probably the easiest question you'll ever answer :)

EltonJohnFan

Hi all,

This is just a simple question, nothing too difficult I'm sure. Today I received my very first credit card, quite an exciting moment for me but I'm still very much a newbie to how they work. I'm going to have to get used to the idea of using a credit card as opposed to just withdrawing money from the ATM with my debit card as I've always done before now, quite a frugal person by nature and never had credit before. The reason I have a credit card is not because I'm having money difficulties or whatever but rather that I want to build a credit history as I don't have one. Would I be correct in saying that I can use a credit card just as I would a debit card? am I able to check my balance/limit in an ATM machine, pay for things through chip and PIN instore, buy things online etc? I intend to pay my balance off in full each month, don't have a large credit limit (£800) so I don't envisage any problems whatsoever. Thanks everyone and good night

scottishblondie

Yes, do all of the above. Just remember not to withdraw cash on it at the ATM.

Jox

The credit card company will probably up your credit limit without you asking them so watch out for that and please make sure you pay off in full every month, I have been in credit card many times in my life and have paid so many thousands in interest *sigh*

lr1277

Didn't realise you could check the balance of your credit card at an ATM!

I use internet banking to check my balance/transactions. This is because a few years ago there was fraud on my card. I found out about it because my banks sends me text messages with a mini-statement. When I told them about the fraud they stopped the card and created a new account. They reimumbursed me for my losses, including losses due to movements in the exchange rate on forex transactions.

Since then I have a program where I enter everything I spend down to the last penny, by whichever method of payment. Then I know to the last penny how much cash I have spent, how much is in my current account and most importantly, how much is owed on my credit cards. This means if there is fraud again, I will know exactly how much I owe the bank/credit card company at the moment the fraud took place. This is anal, I know, but it works for me.

Good luck.

Mk14:37

Good for you for aiming to pay off the full amount each month. However, don't forget that if you can't make full payment one month, you must always pay off the minimum amount due every month.

For some reason, when my friend got his first credit card, he thought he wouldn't have to pay the monthly minimum as he'd paid £100 the month before. This is where things start to go wrong.

Fairzo

Good idea to check transactions on a frequent basis (daily even) for ones you don't recognise.

McKneff

You could set up a direct debit to pay the balance off each month so you dont have to try to remember.

Hax

McKneff wrote: »

You could set up a direct debit to pay the balance off each month so you dont have to try to remember.

Still have to remember to ensure there's enough money in the account the DD is set up on