Questions About First Credit Card

Jib111

Hi today I've been accepted for a Capital One Classic which will be my first card, was shocked when they accepted me as I've never had credit before and this will give me a chance to get a good history.

And so I have a few questions.

Is it possible to go over your credit limit or would it block you once it reaches your limit? And if so how much could you go over by?

Does every card come with a cash advance or do you have to ask the company to add one? And if you do have one will it stop you from taking more than your limit?

When I get my bill how long do I have to pay it off before I would get charged interest?

And when I pay the bill how long would I wait until I can use my credit limit again?

How much is PPI if I chose to take it out and would you recommend I do?

And lastly is a Capital One Classic a nice card to start out with?

Many thanks people.

[Deleted User]

In order -

1 . yes. It varies, but you need to stick to below your limit.
2. All that I know of. And yes, it can take you over your limit.
3. It'll tell you on your statement. 2-3 weeks is typical.
4. Assuming you used your whole limit, paid it off in full, then when your payment is cleared, you can start spending again.
5. Varies. About 80-90p per £100 is typical. But only you can judge if you need it.
6 It's an average starter card.

Tixy

Its possible to go over yes, you need to know your own balance at any given time and to remember to allow for interest being added etc each month. Its your responsibility not to go over the limit, even if they let you.
How far over would depends on the circumstances, limits etc. But you will be charged for doing so.

Not a good ideato take cash advances from your credit card, it will cost you a lot. Some cards have a cash limit of 50% of the overall limit (or some other %). Gambling transactions (eg to bookies websites) also count as cash advances.

From your bill to due date usually around 18-21 days. It will be clearly marked on your statement when the due date is - remember that is the day the money needs to reach your account not the day you pay them - read the statement, some methods can take 5working days for the payment to be processed.

Not sure of the cost of PPI - whether you take it out is a personal decision. Are you planning on paying in full every month? if so you probably shouldn't need it. But you need to consider how secure your income is, what you would do if you lost your income, if you could still pay the minimum repayment etc. Often you will find it is cheaper to take out unconnected insurance rather than the PPI provided by the credit card company.

Jib111

Many thanks you two.

Eliblu

Sorry to but in on this thread. But I am in urgent need of advice re red,lowell, hamptons..... nice crew.... not. with ref to Capital1 and Vanquis an try as hard as i can for 2 days I cannot work out how to put a new thread up on the site.

Can anyone help please.

Thanks

Tixy

Elibu
On whichever section of the forum you want to post in on the top left hand side you'll see a button like this.
But from the sounds of it your question would be best asked in the Debt free wannabe section - so click on this link http://forums.moneysavingexpert.com/newthread.php?do=newthread&f=76