Credit card advice needed please

tonki_boat56

I have never had a credit card
and i need to know a few things

I am working part time and I want to purchase a new tv costing around £350 i don't want to take out a finance plan with the store

and i was thinking of getting a credit card and I could pay the tv off in 3 months with 100 pounds a month,then i would not use the credit card again and cut it up . IS that allowed or do u have to continue to use it?

So i just really want to purchase a tv then pay for it in the next 3 months on what would be the ideal card to get?

I aint in no debt niether just to add in lol


is this a good idea ?

any advice will be great thanx

midnight_caller2002

Hi- This all depends... most cards now are offered with no annual fee.
In theory you could get a credit card buy the TV pay it off in 3 mths then keep the card in your wallet and never use it again....

You say you work parttime... do you know what your credit history is like... this will determine what limit your card will have and alos and most importantly which lenders will offer you a card -AND AT WHAT RATE!!!
if you are definate that you only want TV then most lenders will offer cards with limits that suit your requirements.

A couple of other notes...

1. If you can buy food or petrol on your new credit card and PAY IT OFF IN FULL every month then might help future credit.

2. If you rip it up once paid off. make sure you tell lender, other wise your credit report could show it as an existing line of credit when you next apply for future loans mortgage etc.

hope this helps.
:cool:

tonki_boat56

MIDNIGHTCALLER2002

Thank you for your help, would the halifax credit card 0% on purchases for 12 months be of any use? I would just like the credit limit to be £350 for the tv and i just want to pay it back within the next 3 to 4 months just simply really.

I have good credit also.

CLAPTON

if you haven't had a CC before you are only likely to be offered one with a very high interest rate.
I would really suggest you simply save up for 3 months (its not very long) until you have the cash and don't go into debt atall.

tonki_boat56

but if i apply for the halifax and get approved for it for 0% on purchases for 12 months then i could easily pay off the £350 for the tv

right ?

iceicebaby

Agree with clapton

asharon

My honest thought would be to just save up for the three months and then buy it. You will save some on the interest and it is better not to get in the habit of buying on credit even for a short time.

emma396

get a 0% on purchases card, and make sure you do pay it off. of course u can stop using it, call them up to cancel it. some do cashback as well. look up the deals

tonki_boat56

ok well, I wanted to know if i purchase the tv and i have 0% for 12 months on purchases

what about if i didnt make a payment in the first 2 3 months what happens then ?

is there minium payment to make or could i just pay any time before the 12 months run out ?

Kilty_2

There is a "minimum payment" whether you are on a 0% deal or not. (Typically £5 or x% of the balance whichever is highest). If you are on 0% and you miss the minimum payment you'll be charged £12 (usually) and the 0% deal will end.

tonki_boat56

Intresting ... so I could pay around £25 a month and be sorted. This is cool.