first time credit card advice

ste187

never had a credit card and am thinkin of gettin one to buy an item . just wanna no if i set up a direct debit for a small amount each month can i pay the remainder of as and when .also what are good cards for purchases . thx .

stephane_2

I you've never had a credit card then unlikely that you'll get one with a decent rate....you are more likely to get one with a very small limit maybe £150/£200 with an apr of around 30% to 40%. You would have to pay at least to pay the monthly minimum payment with generally is about 3% to 5% of the balance including interest....

ste187

mmmm why is it always difficult when you never had much credit lol . i do only need a quick 200 quid ish . any things i should be wary of when looking . thx .

grumbler

Credit Ratings - MSE article

0% Credit Cards: 17 mths interest-free spending
'Bad Credit' Credit Cards: Best cards for poor credit scorers

And if you get it, spend a little extra on a new keyboard with working 'Shift' keys, please.

ste187

working shift keys ??

rb10

stephane wrote: »

I you've never had a credit card then unlikely that you'll get one with a decent rate....you are more likely to get one with a very small limit maybe £150/£200 with an apr of around 30% to 40%.

This is by no means true ... if you have a good relationship with your bank (i.e. regular salary credits, staying within the limit, no bounced payments), then it's very often possible to get a £500 limit with 15-20% APR.

Willing2Learn

ste187 wrote: »

working shift keys ??

Sentences start with a capital letter... lol .... grammar police :rotfl:

Back to your question though.
If you were to borrow £200 through a card with a high 35% APR due to being a risk as first-time lender without a proven history, then repaid £6/month (just above minimum repayment), it would take approx six years to repay and you pay back around £450.

stephane_2

Of course....it's always best to check with your bank first.....but that does not always work out, especially now where banks are even more cautious....

ste187

thx for the replys , very helpful . i got the message regards keyboard just thought oh ott , i am not writing a letter for a job and just askin for advice . thx again for the positive input .

ste187

would my credit be ok ? as i have had personal loans for around the last 6 years and never missed a payment .

rb10

ste187 wrote: »

thx for the replys , very helpful . i got the message regards keyboard just thought oh ott , i am not writing a letter for a job and just askin for advice . thx again for the positive input .

Capital letters make any sentence easier to read.

If you make it easier for people to read, they are more likely to give you a decent reply. The same is true whether you are applying for a job or asking for help on the internet.