Newbie questions

ChristopherM87

I just got a Natwest World card with a credit limit of £3700. This is my first card so I plan to leave it at home as my emergency card. Is this a good idea?

Am I being too cautious by planning to get 1 card to keep on me, 1 card to keep in the office and 1 card to keep at home?

jonesMUFCforever

Keeping in the office ? A bit security lax IMO.
Keep one in your wallet and one in your card holder.

I would use it from time to time just to build up a credit score with that provider - it should not cost you anything as long as you pay back in full every month.

ChristopherM87

Ah so I need to use it to build up a credit score?

Fruit_and_Nut_Case

ChristopherM87 wrote: »

Ah so I need to use it to build up a credit score?

Sounds like NatWest have quite a good opinion of your creditworthiness already since they have given you a card. Do you have a current account with them? That would have let them see how you are with money.

If you use the card regularly this will be reported by the credit agencies and will let other financial institutions see how responsible you are.

If you do not use your card from time to time NatWest may decide not to renew it when the time comes.

ChristopherM87

Yeah Ive had a Natwest current account since 2006 with no overdraws. Sounds like paying for my weekely shopping on my card is a good idea than.

Fruit_and_Nut_Case

ChristopherM87 wrote: »

Yeah Ive had a Natwest current account since 2006 with no overdraws. Sounds like paying for my weekely shopping on my card is a good idea than.

Good idea.

In addition...

• I am of the opinion that you should set up a Direct Debit for the mimimum payment.
• If you plan to pay in full each statement you should consider a DD for the total payment.
• For the sake of fairness I should say that there are others around here who may disagree.

ironlady2022

If your main account is with Natwest my suggestion is let this be your regular credit card that you keep in your wallet. You only need to use one credit card to keep up your credit rating and advantage is using it is you are deepening your banking relationship with Natwest in the future in case you need a loan or a mortgage. If you say have an MBA and use that, yes your credit file would be good but Natwest cannot see your credit card spending.

ChristopherM87

Fruit_and_Nut_Case wrote: »

Good idea.

In addition...

• I am of the opinion that you should set up a Direct Debit for the mimimum payment.
• If you plan to pay in full each statement you should consider a DD for the total payment.
• For the sake of fairness I should say that there are others around here who may disagree.

How do i set up a DD if i dont know how much my monthly spend will be?

ironlady2022

DD set up is for minimum or full balance. For me I make incremental payments throughout the month so I'm not hit with a big bill at the end of the month.

ChristopherM87

Ok

How long will it take for me to get an Amex? Another year or so buidling up good credit?