Credit card newbie - best card for my needs

adamwalker

Hi there,

I looking to purchase an Apple Imac for around £1750 in the next month. I do not have any debt at the moment and would like to pay it off over 6-15 months.

I have had a brief read about credit cards and was not sure if I could put the £1750 onto a credit card that is interest free for 15 months (M&S) and pay it off say £117 a month? Or does it not work like this?

If it does not work like this could someone please suggest the best/cheapest method I could go about financing this?

Kind regards,

Adam

m00m00

if you have a very good credit history then this is certainly viable. You are however unlikely to get a large limit without some existing credit history.

you could also look at 0% offers in retailers, apple products are rarely much cheaper online, than instore.

Venusflytrap

If you live close to a Cancom store (authorised apple dealer) then you can get products for a lil less than from an apple store.

adamwalker

Hi,

Thanks for the replies.

I need to purchase direct from Apple as I can acquire student discount through my flat mate who remains a student for the next two months. This will take 15% (I think) off the cost of the total.

I can get finance through apple - but they obviously charge interest on this. I do not want to pay any interest. I can either save up the money and buy it or split the cost over 12 months if possible. I would rather split the cost if possible, but only if it is free to do so.

So the question I am asking is, can I have the M&S card, buy the £1750 imac with it, then pay that back over 15 months without incurring any extra charges what so ever?

My credit rating is excellent, I shouldnt have a problem getting a large limit card - I earn £25k basic and a further £15-£20k self employed.

Thanks,

Adam

YorkshireBoy

adamwalker wrote: »

So the question I am asking is, can I have the M&S card, buy the £1750 imac with it, then pay that back over 15 months without incurring any extra charges what so ever?

Yes.

Your question reads as though you've never had a (0%) credit card before? If so, how do you know you have an "excellent" credit rating?

bengalknights

adamwalker wrote: »

Hi there,


I have had a brief read about credit cards and was not sure if I could put the £1750 onto a credit card that is interest free for 15 months (M&S) and pay it off say £117 a month? Or does it not work like this?

This is how it works you pay it off before the interest free period is over.

I would recommend though that you check your credit record using the free trials to at least make sure you have enough information on file to allow a succesful application things like existing credit such as an overdraft, same adress and electoral roll registration would give you a pretty good chance of getting the best cards.

adamwalker

Ok - Thanks for the advice, I have already used one of the free trials and my credit was unblemished.

You are correct that I have never had a 0% credit card before, I guess I presumed my credit score would be relatively good due to the high income I have and the previous credit I have had has always been repaid without any issue.

I have had two student overdrafts that I have paid off in full, had a phone contract for 5 years that has always been paid on time without problems and was successful in my application to open a store master card at house of frasier. I was under the impression that previous credit details were only one part of the information used to determine whether you were able to attain credit?

I don't want to apply now as I was informed that if you fail when you apply for credit it goes against your credit rating?

YorkshireBoy

adamwalker wrote: »

I have had two student overdrafts that I have paid off in full

Both reported to the CRAs?

had a phone contract for 5 years that has always been paid on time without problems

Although it probably counts as a positive for you, it's not viewed the same as credit cards offering a form of revolving credit facility.

and was successful in my application to open a store master card at house of frasier.

Again not the same. After all, unless you're going to make all your purchases there it's unlikely to ever be highly used?

I was under the impression that previous credit details were only one part of the information used to determine whether you were able to attain credit?

Correct.

Income
Time at address
Time with employer
Time with bank
Financial associates
Electoral Roll
BT landline
Etc

...all go into the mix.

I don't want to apply now as I was informed that if you fail when you apply for credit it goes against your credit rating?

The CRAs do not record a rejection, merely that an application for credit was made.

adamwalker

Ok - Thanks for the help - I really appreciate it.

So you would suggest giving it a try and if successful - paying for the new iMac on the card? If unsuccessful theres nothing lost?

Cheers,

Adam

m00m00

there is nothing lost, provided you don't try for too many cards.

limit your application to 2 cards at the most, in a six month period

see what kind of offer your own bank could make you, as they are by far the most likely to accept you.

adamwalker

Cool - Just want to be absolutely sure I can pay for the computer on the card and stretch the payments out over the 15 months without paying any extra. I didnt think it would be possible, otherwise what would the point be in getting a loan?