good idea or not?

happymummy

This has probably been asked before, but I'm rubbish at searching so please forgive me.

At the moment I am stuck with a pretty basic bank account with only a visa electron card, I've not much hope of upgrading in the near future, but because visa electron is so pants I'm missing out on alot of bargains and savings (ie tesco, they dont take electron so I can use money off codes)

I have seen the capital one CC where it says guaranteed acceptance, I know the APR is very high, but if I was to apply for one to use basically for online shopping etc and pay it off weekly when I get paid then the apr shouldn't be a problem should it?

What do you think?

Also, does anyone know if capital one take payment by phone (visa electron) as this would be much easier for me, I could then just pay my bills with the CC then pay the CC bill with my proper money iykwim

Any advice will be gratefully received!

Viv

Walletwatch

Hi Viv

I think it is a good idea, and don't see any flaws in it, assuming you ensure you don't ever get yourself into a situation where you end up paying the usurious interest.

zcaprd7

happymummy wrote:

Also, does anyone know if capital one take payment by phone (visa electron) as this would be much easier for me, I could then just pay my bills with the CC then pay the CC bill with my proper money iykwim


Viv

Why not set up a direct debit to pay it off in full each month, at least you'll get a few days interest free credit (if that comes with the card) and you won't forget?

happymummy

Good idea, only trouble is I get my money weekly, would they be ok with a weekly DD do you think? for example, my credit limit isn't likely to be any more than £200 so I could set up a weekly DD of £50 or more, would that work?

Walletwatch

happymummy wrote:

Good idea, only trouble is I get my money weekly, would they be ok with a weekly DD do you think? for example, my credit limit isn't likely to be any more than £200 so I could set up a weekly DD of £50 or more, would that work?

Why can't you just set up a DD with Capital one for full payment of the credit card balance due on statement date? That would maximise your interest period, of course, assuming you keep your balance in your account and don't normally switch it to another savings account or something...

zcaprd7

Indeed - let the cash build up in your account (savings preferably), and use it to pay the credit card off in full at the end of the month.

Just make sure you don't over-spend on the credit card...or get put overdrawn on your current account because you forgot about the direct debit payment.

grumbler

happymummy wrote:

This has probably been asked before...

Yes, the similar question was discussed in this THREAD