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Basic Credit card advice for newbie?
chippy_250
Posts: 85 Forumite
in Credit cards
Ok So i'm considering getting a credit card. The main reason is because I want extra protection, e.g. Buying online etc.
My questions are...
1. I don't want any interest charges on my purchases.... EVER! If I pay back the amount I spend almost straight away will I avoid paying any interest or is this only available for a limited time e.g. First 6 Months free.
2. Is there a minimum use contract? E.g. you must have the card for at least a year and you can't cancel. Or you must make at least one purchase or transfer every now and again etc? (I don't want to be forced into buying stuff I don't want just to keep it up and running).
3. What special offers are there with the cards. For example I've heard you can get cash back with some?
4. Are there any hidden things I should be careful about?
So basically If you could briefly answer them questions and give me a quick rough guide to credit cards that would be great. (I have read the article on the home page as well).
My questions are...
1. I don't want any interest charges on my purchases.... EVER! If I pay back the amount I spend almost straight away will I avoid paying any interest or is this only available for a limited time e.g. First 6 Months free.
2. Is there a minimum use contract? E.g. you must have the card for at least a year and you can't cancel. Or you must make at least one purchase or transfer every now and again etc? (I don't want to be forced into buying stuff I don't want just to keep it up and running).
3. What special offers are there with the cards. For example I've heard you can get cash back with some?
4. Are there any hidden things I should be careful about?
So basically If you could briefly answer them questions and give me a quick rough guide to credit cards that would be great. (I have read the article on the home page as well).
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Comments
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1) set your direct debit to pay the complete balance every month, and you won't pay any interest. You don't pay until your statement is issued, so can get over 50 days interest free depending on when in the statement cycle you purchase.0
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chippy_250 wrote: »Ok So i'm considering getting a credit card. The main reason is because I want extra protection, e.g. Buying online etc.
My questions are...
1. I don't want any interest charges on my purchases.... EVER! If I pay back the amount I spend almost straight away will I avoid paying any interest or is this only available for a limited time e.g. First 6 Months free.
2. Is there a minimum use contract? E.g. you must have the card for at least a year and you can't cancel. Or you must make at least one purchase or transfer every now and again etc? (I don't want to be forced into buying stuff I don't want just to keep it up and running).
3. What special offers are there with the cards. For example I've heard you can get cash back with some?
4. Are there any hidden things I should be careful about?
So basically If you could briefly answer them questions and give me a quick rough guide to credit cards that would be great. (I have read the article on the home page as well).
Have you any credit history whatsoever?
Also have you asked your bank?0 -
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chippy_250 wrote: »Credit history? Well I'm 21 and have a few accounts with catalogs and a phone contract if that counts?
My bank Lloyds have been offering me a card so I must be available to get one.
Try Lloyds and if they reject you then try one of the sub-prime cards like Vanquis or cap1 classic which don't have any 0% offers,these would be your more likely cards as your credit history is very limited.0 -
Ring Phone Bank with lloyds, if your pre approved wont be any issues.Can I find out my credit score?You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)0
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There are like 4 or 5 different cards to choose from though. Air miles, air miles duo etc :SKirbyBirch wrote: »Ring Phone Bank with lloyds, if your pre approved wont be any issues.0 -
chippy_250 wrote: »There are like 4 or 5 different cards to choose from though. Air miles, air miles duo etc :S
Have they actually Pre-approved you for a card.0 -
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That doesn't mean you've been pre-approved, they're just inviting you to apply for a credit card0
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