looking to get my first credit card advice needed

dory22

hello all i am looking to get my first credit card but need some advice on which would be the best for a first credit card.

any advice would be appreciated.

thank you.


kate

[Deleted User]

Your own bank or one of the sub prime providers would be your best shot.

FireWyrm

dory22 wrote: »

any advice would be appreciated.

Dont, would be the obvious answer. We all think we can handle them...but we'll more than likely see you over at the DFW board in a few years time. If you can do without it, do so. It is the best advice I can offer. Borrowing on a credit card is hideously expensive if you do not pay it off in full, every month, without fail. If you save, you never have need of credit, nor a credit file. When you come up to mortgage, and you will, your best defense is a massive deposit - not a sparkly credit file. We live in a debt fueled economy, where banks have to generate debt to leverage money. All the advertising, telling you how much you need a card, is not for your benefit, it is for theirs. Remain suspicious of banks motives all your life and you'll never go far wrong.

There aint no such thing as a free lunch.

thatwilldo

For me a credit card has its uses as long as you are disciplined. I would note the cautionary tale mentioned on here by another poster.

So, my question to you is - why do you need a credit card? Is there something specific you are purchasing that you wish to spread the cost of? If so, Tesco/Barclaycard/M&S are good ones. Are you getting one to prove your credit worthiness in anticipation of a mortgage?

If you are looking for one for monthly spending and to pay off each month then the interest does not matter and you should be looking at loyalty scheme ones.

Not sure of your status and if you live at home with few commitments, then perhaps you should not bother. I would also advise you to look at the lending criteria for the cards and make sure you meet them before applying.

Lots of information on this website about the best credit cards, but as I say you need to start by asking yourself why you need a credit card and take it from there.

iAMaLONDONER

dory22 wrote: »

hello all i am looking to get my first credit card but need some advice on which would be the best for a first credit card.

any advice would be appreciated.

thank you.


kate

Depends on your income and what you are looking for in a CC..

However Capital One/ your bank would be a good starting place..after you've registered on the electoral roll if you haven't already

reclusive46

iAMaLONDONER wrote: »

However Capital One/ your bank would be a good starting place..after you've registered on the electoral roll if you haven't already

This. It very much depends on the bank though. Some banks like the Lloyds Banking group (Lloyds Bank, TSB, Halifax, BOS) and Santander will often be willing to give customers credit cards if they have managed their accounts well, even if they don't have much credit history.

iAMaLONDONER

reclusive46 wrote: »

This. It very much depends on the bank though. Some banks like the Lloyds Banking group (Lloyds Bank, TSB, Halifax, BOS) and Santander will often be willing to give customers credit cards if they have managed their accounts well, even if they don't have much credit history.

I can vouch for Santander been generous at 19 I've just been accepted for a S123 CC with a £3,200 limit!
However I have 9 bank accounts ,1 switched &1 closed bank account, 5 CCs and a closed CC so I know a bit about finance management lol!

greenorange

iAMaLONDONER wrote: »

I can vouch for Santander been generous at 19 I've just been accepted for a S123 CC with a £3,200 limit!
However I have 9 bank accounts ,1 switched &1 closed bank account, 5 CCs and a closed CC so I know a bit about finance management lol!

Did Santander give you an overdraft?

I haven't used them in years, only to get the free £50 via Quidco back in the day, however I found them useless. They wouldn't give me an overdraft, and their debit card had the number written on, rather than punched out like standard cards.

They seem to offer better products now than they did 3/4 years ago when I used them.

reclusive46

iAMaLONDONER wrote: »

I can vouch for Santander been generous at 19 I've just been accepted for a S123 CC with a £3,200 limit!
However I have 9 bank accounts ,1 switched &1 closed bank account, 5 CCs and a closed CC so I know a bit about finance management lol!

Funnily enough my 18 yr old son was actually told he was pre-approved for the Santander 123 card in branch recently. Lenders do seem to have gotten a bit more lenient recently with those who don't have a massive amount of history.

iAMaLONDONER

greenorange wrote: »

Did Santander give you an overdraft?

I haven't used them in years, only to get the free £50 via Quidco back in the day, however I found them useless. They wouldn't give me an overdraft, and their debit card had the number written on, rather than punched out like standard cards.

They seem to offer better products now than they did 3/4 years ago when I used them.

I've didn't apply for an OD.
Ironically I was declined for the CC when simultaneously applied for the 123 CC& Current account back in December!

iAMaLONDONER

reclusive46 wrote: »

Funnily enough my 18 yr old son was actually told he was pre-approved for the Santander 123 card in branch recently. Lenders do seem to have gotten a bit more lenient recently with those who don't have a massive amount of history.

I assume he's had a current account with them for a while?

I was pleasantly surprised -especially I'd applied for 2 CCs successfully yesterday and 2 TSB & Lloyd's accounts in the last fortnight!

Still I'm over the moon about getting the 18 month 0% interest period with 3% cashback on my London travel !