Credit card as a student..

tomharris26

Wondering if anyone could give me a bit of advice/guidance, please! I'm currently a student with a part time job at John Lewis (earning around £3k/year from that).

In the summer, I'm looking at taking my dad to Florida, which I've worked out and set a budget to £3000. I've got £500 in a Savings account at the minute and with my earnings over the next few months (including extra christmas income + my JL bonus in March) I will have enough money to cover this.

HOWEVER, my problem is I need to get it booked ASAP. What's the best way to borrow money to book flights/hotel/tickets, etc. I'm assuming a credit card, but then as a student with only a £26/m phone contract to my name, my credit rating won't be very good!! What's the best low (0% if at all possible!) interest card that I can realistically be approved for?

Thanks MSE!
Tom

Lokolo

There will be extra fees when booking with a credit card, so its unlikely to be useful.

You are also extremely unlikely (I mean EXTREMELY) to get a 0% credit card. To get a lower interest rate means you need a better credit rating so unfortunately its not going to be great for a first timer.

Have you looked at the holiday makers to see whether they have a Deposit to book option?

tomharris26

Lokolo wrote: »

There will be extra fees when booking with a credit card, so its unlikely to be useful.

You are also extremely unlikely (I mean EXTREMELY) to get a 0% credit card. To get a lower interest rate means you need a better credit rating so unfortunately its not going to be great for a first timer.

Have you looked at the holiday makers to see whether they have a Deposit to book option?

I thought just as much... In regards to booking with a deposit, I'm booking it all directly with each provider (flying with Virgin, hotel with Holiday Inn, and there's no deposit option unfortunately )

atypical

Have you already used your 0% student overdraft?

V_Chic_Chick

Why on earth are you planning on going into debt for a holiday? It seems spectacularly silly to put such a luxury on a credit card.

Can't you save up and take him next summer?

If he's terminally ill and going to see a relative for the last time, then I understand, but not if it's just a nice jolly...

tomharris26

atypical wrote: »

Have you already used your 0% student overdraft?

I stupidly went with Lloyds who only give me £500 for the first 6 months.

V_Chic_Chick wrote: »

Why on earth are you planning on going into debt for a holiday? It seems spectacularly silly to put such a luxury on a credit card.

Can't you save up and take him next summer?

If he's terminally ill and going to see a relative for the last time, then I understand, but not if it's just a nice jolly...

I'm not going into debt for it, I will be earning the money over the next few months but my problem is being able to book it beforehand (whilst it's still relatively cheap).

fishybusiness

I'm in my fourth year as an HE student, I have a Mastercard, which I had before becoming a student.

I've applied for other credit cards over the time I have been a student, and no one is now prepared to give me one.

Barlcaycard used to give students a credit card with a £500 limit, was easy to get at the time - I had one and closed the account.

Since becoming a student, my credit score has plummted, quite scary really, and I owe no one!

green_hat778

Perhaps try changing banks/opening a new student account (but be honest if you're going to have more than one account- not sure if this is allowed?)? I'm not sure if you'd get all of the student bonuses changing mid way through your course, but banks are keen to get the student market- they want your future mortgage/loan/credit card business..

Does your dad have a credit card/is he in a position to apply for a 0% card which he could use to pay for the holiday on the condition that you pay him back?

Or if it doesn't need to be this year, save the money in a high interest savings account and go next summer instead!

Good luck and have a fab time!

moneyhustler88

You should go with HSBC, i had a terrible credit rating when I was a student and no banks would give me a student account let alone a overdraft..my credit was that bad..and the only bank who helped me was HSBC..on top of that once i got student loan in I remmeber they gave me a £1500 overdraft limit..most of my mates at the time got the same too. HSBC's customer service is awesome too..better than crapwest (natwest) I was with before..and best thing? it was 0% interest the overdraft..

Derivative

tomharris26 wrote: »

I'm not going into debt for it, I will be earning the money over the next few months

That is what 'going into debt' is.

Buying something you don't have the money for and paying for it later.