Credit Cards - newbie advice

BM-AK

Hi all,

I've basically never had a credit card before (believe in spending money you have) but I've finally decided to take up a credit card as looking for a new car so looking for one where I can make a £5,000 payment on and have 0% for x months.

I got one with my bank as I didn't really know my credit rating. Its 0% for 3 months on purchases, thereafter goes to 16.9% apr.

I applied today and got accepted but am now thinking its a bit crap if its only 0% for three months. I'm tempted to go for the Tesco one as its seems good but what would they be like for newbies?

crazyguy

You will be very very lucky to get a 5k limit on a new card unless you have thousands in the bank and a very good income, if that were the case then you wouldnt need a 5k limit.

I suggest you seek this amount elsewhere as it is nere on impossible that you will be given 5k limit, bare in mind not to apply to many times at once !

BM-AK

My bank accepted and offered a £5k one to me which I took. Just not happy with the 0% APR for 3 months only and I can't do balance transfers (which have a longer 0%) as apparently they won't allow me to transfer the balance from a credit card on someone elses name to mine - if for example, I pay with one of my parent's cards and want to transfer their balance onto here to take advantage of the 0% balance transfer.

If I go and apply for a Tesco one on the same day (i.e today) will this affect me in any way? I don't mind if it is lower personally as can then split between two.

crazyguy

It depends how many credit checks you have had, idealy keep it to a minimum so a couple shouldnt harm you.

jd87

BM-AK wrote: »

I can't do balance transfers (which have a longer 0%) as apparently they won't allow me to transfer the balance from a credit card on someone elses name to mine

They don't normally find out if you don't tell them.

crazyguy

Try for a tesco one and then wait six months and then apply for another 0% card and switch over the balance to the new one

scottishblondie

You may run into problems when paying for a car with a credit card, many places don't take cards and those that do will likely charge a % of the sale price as a fee, probably 2.5% upwards. Just something you should probably look into before making any additional applications.

McKneff

Haggle with the garage about the charge on the credit card, I did this 18 months ago and they waived it.