Capital One Classic Complete

Andy010

Hi all,

I'm looking at getting the Capital One Classic Complete Credit Card (0% Interest untill May 2014)

Fortunately i'm not in HUGE debt, however I owe a friend £400 and i'm due to pay this back next week - This will leave me with £16 in my Halifax Bank account for the whole month ( after all my DD are taken, Until next pay day).

As you can imagine £16 will not last. Petrol, shopping, Living etc will all add up. Halifax charge £1 a day for being in your overdraft

So, I was thinking about getting this credit card, to pay the £400 to my friend & then Pay the Card back £80 a month, for 5 months.

Is this doable? I've never had a Credit Card Before.

Many thanks, im really worrying about this!

callum9999

It seems doable to me. You'd have to give the money from your bank account and put your daily spending on the credit card though. And I wouldn't bank on receiving it next week even if you're accepted today.

Andy010

If I gave the money from my Bank account, I wouldnt have any money in my Bank account to repay the Credit card untill the following month - So id be charged wouldnt I and loose the 0% interest? ( I hope that makes sence?)

Is there a way to transfer £400 from the CC to my Bank account, to then forward onto my friend? Without being penalised?

wiseshark

Capital One Classic tend not to give large limits initially, usually £200, sometimes a little more, which may not suit your situation at this time. Don't wish to sound negative.

Do think that is a good interest free period for a sub-prime card and am impressed.

Perhaps it might be best to talk to Halifax about your chances of success of acquiring one of their cards. The minimum credit limit would be £500.

Failing that, perhaps they might give you a £500 overdraft costing £1 a day. Good luck.

iancrt

you would be better off doing a deal with your friend, perhaps with a sweetener to say thanks. Offer £220 this month and £220 next month.

he may never lend to you again, but that's a good thing!

wiseshark

A Credit Union could be an alternative here. Many are willing to lend the amount you need to new members who have no savings at all once they pay the membership joining fee normally just £5.

They are very approachable, why not contact one and explain your circumstances. They have helped many people escape the scourge of payday loans (not your case) and I do feel they probably would help you.

Deru

And if you think you'll use the Overdraft facility in future, try to get an account with a different bank also. Certainly would be cheaper than £1 a day. Halifax is for those who don't use the OD much.

You can't really take money from a credit card without huge fees. To treat it as spending....there's only loopholes but you wouldn't get the card in time anyway for what you need.

The only bank that I know of that could open a current account that quickly for you is Metrobank (20 mins odd). If you had that, you'd have a Current account and an Overdraft facility that doesn't cost £1 a day.

If possible, ask your friend for an extension. Otherwise, Do you have anything of value that you can sell?

Credit Unions...some only lend to those whom have already been saving with them but worth asking them. I just opened an account with one to Save.

zerog

Pay him the whole £400 (to show that you are not trying to not pay) and ask him to borrow £100 of it back until you get paid.

iAMaLONDONER

Andy010 wrote: »

Hi all,

I'm looking at getting the Capital One Classic Complete Credit Card (0% Interest untill May 2014)

Fortunately i'm not in HUGE debt, however I owe a friend £400 and i'm due to pay this back next week - This will leave me with £16 in my Halifax Bank account for the whole month ( after all my DD are taken, Until next pay day).

As you can imagine £16 will not last. Petrol, shopping, Living etc will all add up. Halifax charge £1 a day for being in your overdraft

So, I was thinking about getting this credit card, to pay the £400 to my friend & then Pay the Card back £80 a month, for 5 months.

Is this doable? I've never had a Credit Card Before.

Many thanks, im really worrying about this!

Do you have a link for the application page