123 santander credit card?? fingers crossed.

The_Boss

bar_t1 wrote: »

well suddenly the credit card details have appeared on my online banking!!
with a credit limit of £500 !!
My first ever credit card.... lol, god knows how i secured that??
thanks for all the comments folks...
(still waiting on the card though )

Just make sure you keep it up to date and they wil raise it at some point in the future giving you flexibility for paying for more expensive items.

But what makes you think you have a poor history?

bar_t1

The_Boss wrote: »

But what makes you think you have a poor history?

i know i must have poor credit history for 2 unpaid phone contracts not to mention ccj's over the years...

The_Boss

bar_t1 wrote: »

i know i must have poor credit history for 2 unpaid phone contracts not to mention ccj's over the years...

Right. Wasn't sure if you just thought you might or if it was because of somethng like that. Remember that ccjs come off your files 6 years after satisfaction so they will not haunt you forever. Same goes for the phone contracts.

bar_t1

yes the phone contracts are older than that, last ccj was 5 years ago.
The future is bright the future is debt lol

The_Boss

bar_t1 wrote: »

yes the phone contracts are older than that, last ccj was 5 years ago.
The future is bright the future is debt lol

nah, you're a reformed character hopefully

bar_t1

i do have a question though. if you pay your balance in full each month, then you are avoiding any interest charges but the bank does not make any money from you so whats in it for them??

Buzby

Have you forgotten there is a MONTHLY charge for the 1-2-3 card, and is actually quite expensive when there are other cheaper alternatives? They make money when you forget to pay on time, in the fees they get from your purchases and of course the monthly charge.

Cardew

bar_t1 wrote: »

i do have a question though. if you pay your balance in full each month, then you are avoiding any interest charges but the bank does not make any money from you so whats in it for them??

Like all credit cards(Visa/Mastercard/AMEX etc) the retailer has to pay (indirectly)a commission on all CC purchases.

The £2 monthly for the card is waived for the first 12 months if you have a 123 account.

bar_t1

commision on all cc purchases...??. i better swat up a bit more :-(

The_Boss

bar_t1 wrote: »

commision on all cc purchases...??. i better swat up a bit more :-(

All retailers do - it just isnt passed on to you.