New to Credit Card usage..

MCalvert

I was wondering if anyone could help - i'm quite new to this money game! I'm now dangerously into my overdraft with a £1 a day interest that won't be cleared anytime soon. Do you think i should get a credit card to pay this off? And if so would i then be getting a 'balance tranfer' card or a 'purchase' card?
I'd really appreciate your advice and clarification :-)

RichL74

There's a whole lot more you need to consider before applying for anything!

What is your credit history like, do you have any other debts, are you on the electoral roll, have you been in trouble financially before, what is your salary etc, etc.

All these things (and more things that you'll never know about!) lenders will look at.

Best thing to do if you want a card is to try with your bank first of all then take it from there.

MrSilk

Depending on how long you have been in your overdraft, how much into it you are (or how near to the limit you are), your age, electoral roll information, how long you have been living at your current address, previous debt or arrears and your wage/salary, all these could affect your ability to obtain the credit card you desire.

As far as I am aware, some credit cards don't allow funds to be paid into a bank account, someone though, please correct me if I am wrong. Not sure if you could pay it off via credit card either.

MCalvert

Wow so much more than i thought to consider! I'm thinking it might be easier to work my way out of my overdraft then go through the daunting task of getting a credit card. I've always been good at saving and i am worried that with me being self employed with a student loan still to pay - the chance of me getting a card is very slim?
Overtime here i come!

MrSilk

The student loan won't come into it, being self employed will, you'll find that you would need to prove your annual salary when applying, most card expect you to earn around £14,000 per year.