My First Credit Card

LukeyMagic

Hello

Here's the deal, I live in London so decided to get a commuter bike because I am sick and tired of travelling by public transport to and from work. But the problem is I need money to buy the bike, about 1500.

I have never got a credit card before and was looking for advice. From what i gather this Barclay Card one is good, the Platinum Extended Balance Transfer. (wont let me post links because im new)


Will it allow me to transfer 1500 into my bank account then pay it off in monthly direct debit payments from the money I would've been paying for my monthly travel ticket?

Will I get charged a load of interest to do this? As I said before I have never had a credit card before and any help would be much appreciated.

Luke

stephane_2

If you've never had a credit card before then very unlikely that you would be accepted for a Batclaycard Platinum, but you might want to try Barclaycard Pre-application check which will give you an idea if you would get a chance to be accepted for one of their cards. Otherwise best to try with your own bank first....if they say no then you would need to start with a sub- prime lender like Vanquis, capital one....the interest will be very high & credit limit very small but if you manage you account well for at least 12 months then a mainstream lender might be willing to give you a card with a higher limit & lower interest rate.

CLAPTON

a £1,500 bike in london is not a commuter bike it's simply an object to be stolen; think £100.

LukeyMagic

Thanks Stephane, I shall look into what you said.

1500 is not just for the motorbike, there's other costs, got to take the test, buy the gear and get mot and roadtax

jonesMUFCforever

From reading yoiur first post I assumed that you wanted a pedal bike not a motorbike.

Fruit_and_Nut_Case

Welcome to MSE. :hello:

LukeyMagic wrote: »

Will it allow me to transfer 1500 into my bank account then pay it off in monthly direct debit payments from the money I would've been paying for my monthly travel ticket?

Most credit cards will not let you do this, however MBNA cards often will (for a fee). You'll see a few references to this on the Forum as "Super Balance Transfers".

jonesMUFCforever wrote: »

From reading yoiur first post I assumed that you wanted a pedal bike not a motorbike.

LOL Me too!