Credit Card Q?

DK-Tandy

I was browsing the site and came across 'Stoozing'. And i think i could get this to work to my advantage.. Hopefully..

[moneysavingexpert.com/cards/stooze-cash-credit-cards]

I came to the Tesco Clubcard Credit Card.. As the income to apply for it is low, Im only 18, earning very little per week, Earning under £50 per week, but with my hobbies, i'm always [STRIKE]earning[/STRIKE]Receiving "have a drink on me" money, whether £10 or £40 per week depending on how busy i am.

But im looking into applying for my SIA badge to get a better job, i have college during the week so i can only work weekends, hence why my wage is so low.

So could i apply for the Tesco Clubcard Credit Card and use that to pay for my SIA training and badge, with the 0% on all purchases for 16 months. Training and badge comes to £410, divide that by, lets say 12 months. Thats £34.16 (just say £35 per month) to pay back, which in a normal 4 week month, is under £9.. So i could pay it all back within 12 months, even less if i wanted to pay back more than £9 per month..

is my understanding of this correct or am i missing something? Can a credit card be used to pay for online 'things'

Forgive me if i am wrong, but its better to ask and learn than to jump right in, knowing nothing.

Thanks in advance
Dan..

CLAPTON

well

you may find it difficult to get any CC
Tesco has a minimum income fo 5,000 per year

0% deals tend to go to people with a proven history of handling money well (i.e. already have a CC for a year or so) and good incomes

I've no idea what a SIA badge is but you would need to check that the supplier will accept payment by CC

CC are find to use online as most companies will accept payment by them although some charge a fee.


I would suggest you apply for any CC from your own bank who know how you handle you a/c
then use it regularly for normal spending and pay in full each and every month
this will build a good credit rating

in a year or so try for a 0% card

Simon7685

I would say you have thought this out and your calculations are by and large right. However in my opinion it is highly unlikely you would be accepted for a Tesco credit card due to;
a. Your age
b. Your low weekly earnings of which you can't really count your "have a drink on me" money, as it is not guaranteed income.
c. Your lack of credit history.

Assuming you have a curent account with your bank, you may be better trying them first, although again due to your low income I doubt they would accept you for a credit card.

Of course you could always just give it a go, as it would only cost you a search on your file and I suppose you could get lucky. However if you do try and they turn you down, don't go silly trying other lenders as each search will affect your credit rating.

Your best bet to be honest would be to save your "have a drink on me" money to pay for the training, or ask your parents if they could lend you the money for it.

I don't believe you would qualify for even a sub prime credit card like Vanquis with such a low income and if you did you would be looking at an APR of around 60% or higher. Of course I may be entirely wrong and other people may advise you differently on here but I would be surprised.

DK-Tandy

for the training i can pay by CC, i also think i can pay for the SIA badge (Security Badge) with a CC. I never considered i earned less than £5k per year, something i over looked, although the M&S allows you to apply without a set yearly income.

i did try with my bank (HSBC) but they dont provide a lengthy interest free period to allow me enough time to pay back what i owe, as i've never been in debt before, i dont want to start being in debt now, so im playing my cards carefully..

I just hope i can get my SIA badge as it will bring more income in

EDIT: Ive read both of your replies and can see where you're coming from, i suppose the best thing to do would be to apply and see where i get, if i was to apply fo the M&S CC, would they do checks with HSBC to see about my account and how ive never been in the "-£", i've always got like £100+ in my account to cover for any unplanned incidents such as covering vehicle repairs/parts etc..