Is a credit card the best option for me? ... What deals etc?

KrazyKel

Ive recently moved and used all my savings - still a few things I need to buy so am thinking of getting a credit card.

Ive had one before but not really used it, did get it with the aim of using it to buy stuff online as more protection but dont think i ever really used it

I do have an overdraft I can use, but would a 0% on purchases be better option/cheaper?

Looking for a limit of around £1000 - 1500 at the most.

Is there anything I need to look out for....

Thanks

Tixy

If you've just moved and are not yet on the electoral roll then you may struggle to get a new 0% card - maybe worth trying your own bank if they offer a 0% card.

If you can get a 0% purchase card then yes it would be cheaper than your overdraft (assuming thats not also 0%) as long as the places you are buying from accept credit cards (if you are buying any furniture etc secondhand then you'll presumably need cash).

As long as you pay at least the minimum payment on time each month and don't go over the credit limit then it would seem to be a sensible option. I'd only spend as much as you can afford to repay in the 0% period though.

If you still have the card you had before then you could try phoning them up to see if they'd offer any 0% purchase deals to you as an existing customer - which would save having to wait for a new card and save having to go through a new credit check.

KrazyKel

Yeh think the address is going to be a problem as i havent changed a lot of my stuff over yet. In the process of doing it all now.
Would it be possible to apply putting my old address? (my mums) and changing it once Ive been accepted maybe?

KrazyKel

I've applied but got declined!
Not sure what my options are now!

Will go to my bank and see what they offer - got accounts with lloyds and hsbc! But don't think they offer any long / 12months ish on purchases

Curr946

You would have been better making the application before you moved. As for option now, nationwide you a pre score online, but its not guaranteed to be successful.

What the rate on your overdraft? How long will it take you to replay?

KrazyKel

Just looked online at hsbc and lloyds and are around 19.9% ish! I'll go in and ask next week see what options they have!

Wish I did apply before I moved but didn't think I would need to! Suprising how thing add up quickly when moving out - having to buy so much!

Might use my overdraft if I have to! Might make me pay it off sooner knowing I'm paying interest on it than thinking I've got a year to save/pay it off too!