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Selfridges store card / creation finance

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2

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  • Archergirl
    Archergirl Posts: 1,774 Forumite
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    I had a Creation card through M & Co. Creation cancelled it as I paid in full each month so they didn't make any money from me. (Yes this is true, I have it in writing......)
  • Watkinsfamilysdcm
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    Wow. I try to pay in full but sometimes leave £10-£20 on it some months as I heard this before. Is your credit good archergirl? Mines not best but got the asda card.
  • guesswho2000
    guesswho2000 Posts: 1,703 Forumite
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    Wow. I try to pay in full but sometimes leave £10-£20 on it some months as I heard this before. Is your credit good archergirl? Mines not best but got the asda card.

    By leaving any balance you pay interest on the whole amount for that month - has no benefit whatsoever.
  • Watkinsfamilysdcm
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    I know that some months I pay interest on £10-£20 but its not much at all and I worried that if I clear in full every month then I won't get an increase or that they would close it?!
    I'm trying to rebuild my credit but improve my odds of an increase also.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    I know that some months I pay interest on £10-£20 but its not much at all and I worried that if I clear in full every month then I won't get an increase or that they would close it?!
    I'm trying to rebuild my credit but improve my odds of an increase also.

    No, as stated earlier if you don't pay in full you pay interest on the whole balance. You would normally pay some trailing interest the following month as well, no benefit to part paying so long as the minimum is paid.
  • Archergirl
    Archergirl Posts: 1,774 Forumite
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    Yes my credit is good, I only got it 'cos I shop at M & Co and it was a way to get reward vouchers.
  • guesswho2000
    guesswho2000 Posts: 1,703 Forumite
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    I know that some months I pay interest on £10-£20 but its not much at all and I worried that if I clear in full every month then I won't get an increase or that they would close it?!
    I'm trying to rebuild my credit but improve my odds of an increase also.

    Leaving a balance won't help you in that respect, in fact clearing it may help - if they see you clearing in full you might get an increase in the hope you'll carry a balance, thereby earning the company more £ :).

    In any case, it's a common misconception that the card co doesn't make any money off those who repay in full - of course they do, it comes from merchant interchange - obviously they make more from those carrying a balance or missing payments/going overlimit, but that doesn't make repayers unprofitable :o
  • jo-bo
    jo-bo Posts: 393 Forumite
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    I have 6 creation cards and agree with cash flow, no issues with me and the only money they've made from me is a balance transfer fee.
  • Watkinsfamilysdcm
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    Thanks so much everyone.
    If you have good repayment history with a company and go for a new product, are you just as likely to be accepted again or does each product/card have different criteria of acceptance?
    It's a mine field, but I'm happy to have been accepted in recent months after being declined for everything last year.
  • guesswho2000
    guesswho2000 Posts: 1,703 Forumite
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    Thanks so much everyone.
    If you have good repayment history with a company and go for a new product, are you just as likely to be accepted again or does each product/card have different criteria of acceptance?
    It's a mine field, but I'm happy to have been accepted in recent months after being declined for everything last year.

    Each product will have different criteria, however a good history with a company does make it more likely said company will accept you a second time around!
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