Card for a 19yo

Janie4Now

OP - There is no chance that you will get a 0% credit card for the sort of sum you are looking for. I suggest that you use your savings to pay what you want/need to pay and then pay back into your savings the amount that you would have been repaying on the credit card.

grumbler

Janie4Now wrote: »

... then pay back into your savings the amount that you would have been repaying on the credit card.

Back to the ISA?

bodmil

...........

Janie4Now

grumbler wrote: »

Back to the ISA?

Well I suppose that he could choose where he wanted to save, but back to his ISA if he wanted to, of course (though I guess it would depend on the sort of ISA he has........).

Rafter

The other suggestion is to talk to your own bank - particularly if you bank with the same institution as your parents and they have a good credit history.

Another suggestion would be for your parents to open a 0% card with you as a joint card holder. They would be responsible if you didn't pay the bill - but you are more likely to get a long 0% deal with an older person as an applicant. It won't do anything to help your rating though as the 'debt' will be against your parents name.

Good on you for not wanting to touch your savings. But as others suggest it is irrational to 'borrow' on a credit card at 15%+ when your savings are only earning say 2% -for £1500 repaid over 6 months you are 'losing' a net £50 in interest.

Drive safe and enjoy your holiday!

R.

YorkshireBoy

Janie4Now wrote: »

Well I suppose that he could choose where he wanted to save, but back to his ISA if he wanted to, of course (though I guess it would depend on the sort of ISA he has........).

I think Grumbler's point was that the OP is highly likely to have already subscribed this year's allowance (£16K at 19 years old would indicate there's been a substantial amount deposited this financial year?).

Janie4Now

Can he not put more money in if he's taken money out (i.e. keep it at the right level for the year)? I can pay in and take out of my cash ISA as often as I want during the year provided I don't go over the limit.

YorkshireBoy

Janie4Now wrote: »

Can he not put more money in if he's taken money out (i.e. keep it at the right level for the year)?

So long as he doesn't exceed £5,640 going in, yes. However, as I said above, with £16K already held he must have been making substantial (the max?) deposits for the last 3 years?

I can pay in and take out of my cash ISA as often as I want during the year provided I don't go over the limit.

...the "limit" being a total of £5,640 deposited this year (2012/13).

Janie4Now

YorkshireBoy wrote: »

So long as he doesn't exceed £5,640 going in, yes. However, as I said above, with £16K already held he must have been making substantial (the max?) deposits for the last 3 years?...the "limit" being a total of £5,640 deposited this year (2012/13).

I wasn't sure what the limit was, but I'm sure you're right! The fact remains that if he takes £3000 out today, then he can pay that same amount in by next April 4th and it will all be OK.

Better than him borrowing at a hideous interest rate anyway!

YorkshireBoy

Janie4Now wrote: »

The fact remains that if he takes £3000 out today, then he can pay that same amount in by next April 4th and it will all be OK.

You haven't grasped what I'm saying have you!?

If the OP has already paid in £5,640 this tax year, he cannot pay any more money (not even a penny!) back into his cash ISA until April 6th next year.