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how to buy a car on a credit card
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bltchef
Posts: 292 Forumite
in Credit cards
hi the last 18 months i have work pt ut now i have getten a full time job:) i now need to buy a car i have some money saved up for the car insurance i have appleyed for the tesco credit card and it say my limmet is £600 how to get them to increase my credit ? and anty tips buy a car on a card i have seen a car £2500 many than:beer:ks for help
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Comments
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Credit card companies will always set the limit on new cards at a low level until you have a track record and then may increase at a later date. This said I think you could get a personal loan with your bank at a lower rate of interest, if they are willing to lend.0
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Credit Cards won't usually increase your limit until 3-6 months (depending on issuer) they will want to see that you can manage the credit you've got.
And I've never known a CC issuer to increase a credit limit from £600 to £2,500+ they will usually double it.
But if you intend to buy a car in the area of £2,500 then have you considered a loan? Tesco Bank offer a loan at 12.8% so if you can afford to pay off a loan over a 1-1.5 years period, you may be better of with that.0 -
Credit card companies will always set the limit on new cards at a low level until you have a track record...
Are these "low level" limits a new thing?I think you could get a personal loan with your bank at a lower rate of interest0
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