Credit card for xmas!

Murphy_1989

Dont currently have a credit card but thinking about getting one to boost my credit rating. With xmas coming up im thinking about getting a Tescos Credit card.


Purely for what its offering. For example if I get 600 pound or only spend 600 pound then pay £50 a month back via a standing order to the card will I incur any charges. Do you think this is a good idea?

Phil

redpete

Are they offering an interest-free period for new purchases on the card?

If not then:

if I get 600 pound or only spend 600 pound then pay £50 a month back via a standing order to the card will I incur any charges.

Yes, you will pay ionterest on all purchaszes, and if you mean by "get £600" get cash out then you will also incur a cash advance fee.

Do you think this is a good idea?

No, because of the above and because Christmas is not a good reason for stacking up debt.

maginot

You currently get 16 months interest free on new purchases with Tesco. So you wouldn't pay any interest if you paid £50 every month for 12 months to pay back the £600.

If you have a bad credit rating you may find it difficult to get though.

You need to ensure that you don't keep spending on the card as this is what causes long term problems, as interest will star occurring after the interest free payment. This is why credit card companies offer this to attract you and then keep you!

unimaginative_user_name

What is your credit history like? Are you on the electoral roll?

How long is the 0% deal for on the card? You won't incur charges if you pay at least the minimum payment on time each month and don't go over your limit.

I don't know if tesco's give cards to people with no credit history. You say you don't have a card currently. Have you had one in the past? How long ago? How well did you manage it? More questions than answers I'm afraid!

Murphy_1989

0% on purchases for 16 months from account opening.

epresentative example representative 16.9%APR (variable)

Based on a credit limit of £1,200 Purchase rate 16.9%

All the purchases will be made on the card, I know with Credit Cards you are often charged for Taking money out.

The Card will be easliy paid off in full by the end of the year if not sooner as I go to sea and can pay it off if need be.

Murphy_1989

unimaginative_user_name wrote: »

What is your credit history like? Are you on the electoral roll?

How long is the 0% deal for on the card? You won't incur charges if you pay at least the minimum payment on time each month and don't go over your limit.

I don't know if tesco's give cards to people with no credit history. You say you don't have a card currently. Have you had one in the past? How long ago? How well did you manage it? More questions than answers I'm afraid!

My Credit History is very good, I'm a member on Experian and its something like 989, never missed a payment on anything in my life. I have a car on finance , insurance, phone bill, I've had small loans in the past and paid off in full in time etc.

I don't have a credit card currently I mean. Never had a credit card, Just my normal Bank card 10 years. Im good at putting money aside each month if need be like my ISA account etc.

Questions are good anything to help:)

fozmcfc

One of the best ways of using a credit card, is exactly what you want to do.

Over the past 3 years or so, I have had 3 0% for xx month credit cards. I simply make purchases during the 0% period and then pay them off before the 0% runs out.

With something like the Tesco card or the M&S card which offers 15 months at 0%, you get vouchers to use, so even better. If you pay off everything before the 0% runs out, you get 0 interest but £££'s in vouchers.

Just remember you do need to pay the minimum payment each month as per your monthly statement. I.E. you can't pay something on month 1, then nothing for months 2 & 3, then something on month 4, then nothing on month 5 etc...

Finally paying by credit card of course, particularly for larger purchases, gives you added protection if companies go bust etc...

opinions4u

My Credit History is very good, I'm a member on Experian and its something like 989

What benefits does this membership give you?

What does the number mean?

What credit facilities will Experian provide?

RichL74

The number means nothing to the companies you are applying for a card from.