Free stuff please?

harrywatson

Hi,

Next Wednesday, I will turn the tender age of 18! I can enjoy my first (legal) pint, and I can get into debt!

I'm almost at the point of finishing school, and will have a little time on my hands before getting a job.

I have read two particular articles on "Credit Card Freebies" and "Stoozing". I like the idea of both, but had some questions.

• Firstly, how easy will it be for me to get into debt if I try? I have had a 16-18 bank savings account until now, but effectively have no credit rating. Will I even be able to set-up the accounts to achieve the things I want to do?
  
• To Qualify for most freebies you need to hit a minimum spend trigger, generally in the £100-£250 range. Can I do this simply by getting the account/ card, transferring the exact amount of money required from one of my savings accounts into the freebie account, then transferring the same amount of money back to the first (savings) account?
  
  Is there any other tips of things I could do with a little spare time to generate some cash like this?
  
  I think that's all for now, and thanks in advance for any help.

Stereo

When I was 18 my bank (Lloyds TSB) gave me a credit card with £1000 available on it. I had no previous debt. On saying that, it was 7 years ago... there's been a huge change in the economy so I don't think they would be so willing to do the same now.

You may be better off applying for a "bad credit" card (like Vanquis, Capital One etc). Having no credit history is the same as having bad credit history.

pqrdef

harrywatson wrote: »

To Qualify for most freebies you need to hit a minimum spend trigger, generally in the £100-£250 range. Can I do this simply by getting the account/ card, transferring the exact amount of money required from one of my savings accounts into the freebie account, then transferring the same amount of money back to the first (savings) account?

No. All credit cards are very clear about the difference between a purchase and a cash transfer.

When you make a purchase, they settle with the retailer at a discount. All freebies, cashback etc come out of this discount, so you're getting a bit of your own money back. Well you didn't think they were giving you their money.

With a cash transfer, there's no discount, so they charge you a fee instead. And they don't give you anything back out of the fee.