What Credit Card is best for me?

YoungSaver_2

Hi I'm looking for information on what credit card is best for me.
I'm 19, earn 26k pa and live at home.

I'm looking to put all my fuel spend on the credit card and any big purchases. I will be paying the balance of in full every month.

Also looking for one with rewards etc. my credit score is in the good section on w CRAS. I have no debts or other credit cards.

Cheers

keeleyjadex

What kind of rewards? Tesco's offers clubcard rewards which can be spent on loads of things! My Natwest world card offers loads of rewards too but I've not actually looked in to them! Stick it in google 'credit card with rewards' and I'm sure that loads will come up! Just check you meet the criteria before you apply - age, salary etc.

Don't mean to sound rude, but I've seen a previous post from you regarding gambling, do you think it's a good idea to have credit available to spend? It's easy to rack up the debt on cards when you can't even see the money being spent, but if you trust yourself then good luck!

YoungSaver_2

Yep. I've been 'clean' for 3 weeks. Things are positive at the moment. It's to rebuild my credit rating, etc after stupidity taking out a wonga loan which has nice been fully repaid.

And a low credit limt would be good to stop me spending. Lloyds tsb duo cards looks good, rack up enough points for flights etc

keeleyjadex

I know when I applied to Nationwide, it gave me my max credit limit, but I could select lower if I wanted.

I'd recommend Natwest World - it comes with mypoints which you can use on flights, vouchers etc. I've got over 4500 points already and I don't use my card a lot!

BugsyBrowne

Forget about lloyds & tesco credit cards and low APR cards because you won't get them, you are 19 years old and haven't had any experience of managing credit hence the reason mainstream lenders will view you as a high risk.

CLAPTON

YoungSaver wrote: »

Yep. I've been 'clean' for 3 weeks. Things are positive at the moment. It's to rebuild my credit rating, etc after stupidity taking out a wonga loan which has nice been fully repaid.

And a low credit limt would be good to stop me spending. Lloyds tsb duo cards looks good, rack up enough points for flights etc

you need to be 'clean' for rather more than 3 weeks

and if you need alow limit to stop you spending then you shouldn't get a CC until you have total control of your spending

learn to save first and only then consider a CC

NickX

CLAPTON wrote: »

learn to save first and only then consider a CC

No problem using a Credit Card for normal spending and paying back in full - getting one that offers rewards\cashback makes good financial sense.

Stereo

BugsyBrowne wrote: »

Forget about lloyds & tesco credit cards and low APR cards because you won't get them, you are 19 years old and haven't had any experience of managing credit hence the reason mainstream lenders will view you as a high risk.

Yep, apply for something like Barclaycard Initial - high APR (29.9% I think), no rewards but to be honest you're not going to get accepted for anything with no credit history.

On a side note, when I worked at Capital One we used to have to ask people how they rated their own credit history. The amount of people who said "I have a great credit history, I've never had any debt" was unbelievable. Don't ruin your file by applying for loads of mainstream cards and getting rejected for them all. Good luck

bouncydog1

I'm with Clapton on this one. Having a credit card may be too much of a temptation and you may replace one addiction with another.

Keep persevering with keeping off the gambling and start saving all of your money in either a savings account or similar where it gets locked away for a couple of months. After 6 months see how much you have managed to save, then if you haven't gambled see about a card from your bank.

Three weeks is a great start but unfortunately people who have been "clean" for a good while longer than that fall back into bad habits. Gambling is an addiction like alcoholism and you can't consider yourself "cured" after 3 weeks.

Spottedleopard

Don't do it.

My sister got a credit card when she turned 18 to build up credit, and she maxed it in one day shopping with her friends and big brother had to bail her out.

She kept it bottled for months, and the interest was something ridiculous like 34.4%.

It only had a £500 limit but that interest soon kicked it up.

If your into something stupid like gambling, I wouldn't risk it. Just because your "clean" now- doesn't mean you will be when that credit card is sitting in front of you.

Kick your habit once and for good and get some form of credit. The only thing I would suggest for someone your age would be to take out a phone contract- make sure you pay it dead on time every month, even one missed payment is going to make you look like a bad- I had a 5* credit rating and it was soon knocked down to 3 when I missed one phone bill payment by two days because I was abroad

Paul_the_Painter

Sadly you do not have a good credit record, what you have is very little negative credit history. You also of course have very little positive credit history.

It is slightly unfair, as of course you have not had enough time to get a "good" credit history, at 19 it's just not possible.

No 1. Ask your bank for a card.

If they say no

Go for a Vanquis/credit builder type card.

Reward type cards are generally offered to those with a bit of history behind them.

What credit companies like is history, and you unfortunately cannot give it. I've been pretty stable in my life, never changed main bank account, stayed for about 5-7 years for each address etc. and despite getting into some "issues" a few years back and missing a few payments. I have no issues obtaining credit, and have access to around my annual salary in credit card debt.

The "scores" you see that give a number are totally useless, they don't take enough account of history.

Most lenders would rather lend to someone who has missed a couple of payments, but paid every payment and cleared the debt, than someone who has no history at all.

Of course they would rather lend to someone who has loads of hostory and never missed a payment!