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Accidentally ordered a credit card

Hi guys first post so bare with me
Been reading about for a wile so thought I would join as have a few q's ,
I was surfing on the pages on here and it said something about an eligibility cc checker so after reading it I clicked the link to the capital one card website and after filling in the 60second 'find out if your eligible bit' I was given a reference number and been told as long as there is nothing else the company has to check I have to check I should receive my card in within 7 days... Now I only wanted one particularly to help build my credit rating again (due to so,e damage from a couple of overdrafts and a bad time with a certain payday loan but that's for another thread) now as I have somehow accident,y ordered a credit card ...? I have some questions about them, do you only get charged if you don't pay tem back in time so if I pay them off at the end of the month so if I was to pay them then it will work? . My plan was to buy my company diesel on it then weekly when I get the money back from the boss I can then pay it back with that... Is that right ? Sorry for the long winded explanation but I think I got my question out ? :)
Sparky

Comments

  • Gromitt
    Gromitt Posts: 5,063 Forumite
    The T&Cs will explain everything, but typically...

    Withdraw cash from ATM = Get charged fees and interest.

    Use it to buy goods and pay off in full by the "due date" on the statement you'll receive = No charge.

    Don't pay off in full, get charged interest from the date of the transactions.

    So yes, it's quite easy to run a credit card and be charged nothing. Heck, you can make a profit from credit cards (cash back).
  • Ah I see, never knew you couldn't withdraw money from a cc thanks for the help :)
  • NYCSavage
    NYCSavage Posts: 96 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Sparkyc wrote: »
    Ah I see, never knew you couldn't withdraw money from a cc thanks for the help :)

    You can withdraw money but you will pay an arm and a leg for it!

    Stopped doing it for a while, need to get back into this!
    2016 winnings so far
    2 x Microsoft Surface Pro 4s, Jabra Sports Pulse earphones, Jabra Soulmate speaker, Sony Xperia Z5, KeepKey BTC hardware wallet, Jamkik waterproof speaker, £5 love2shop voucher
  • Gentoo365
    Gentoo365 Posts: 579 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    My plan was to buy my company diesel on it then weekly when I get the money back from the boss I can then pay it back with that.

    Seems like a good plan. Only use the card for business expenses, pay it back each month in full.

    Do that for a while and your credit rating will improve.

    Then, with your improved credit rating get a cashback card.

    Just don't buy anything you cannot pay back in full
  • Well that is the plan will just have to try and keep it away from the mrs....:D
  • bsms1147
    bsms1147 Posts: 2,277 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Sparkyc wrote: »
    Ah I see, never knew you couldn't withdraw money from a cc thanks for the help :)
    You're not alone, six million people in the UK do it each year. I bet many of them think it doesn't cost anything extra.

    Credit cards, used properly, are great. Just don't buy things you wouldn't be buying anyway and pay the statement balance in full every month.
  • Gentoo365
    Gentoo365 Posts: 579 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Sparkyc wrote: »
    Well that is the plan will just have to try and keep it away from the mrs....:D

    Just be very strict with yourself and set a rule that this card is ONLY for work expenses that you will be able to claim back in full.

    Set up a direct debit for the minimum payment (to ensure no payments are missed) and make the residual payment on a set day, e.g. when you get your payslip.

    If you time it all correctly you will never pay any interest. Also keeping it as a 'business expense only' card means that if there is any dispute with your employer you can just provide credit card statements. As they will be 'clean'.

    One of the often overlooked benefits of credit cards is the ability to keep certain types of outgoings separate. I have one card that I only use for food shopping (including food when at work). I pay it off every month, but because it is separate I know exactly how much I spend on food, without having to faff about with adding up numbers.

    The main 'risk' of credit cards, and one I have fallen into a few times. Is that sometimes it means that a purchase decision can be accelerated. Because instead of having to work out what money you have where, and transferring savings etc. you can just buy that thing right there and then.

    Which is often tempting.
  • JKSandy
    JKSandy Posts: 711 Forumite
    If you can apply for a credit card accidently then you sound like someone who should be extra careful when having one and follow the above advice when managing your card.
    All that glitters is not gold.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    Here's what happens.

    - You spend money
    - You get a statement which lists your transactions and tells you how much you have to pay
    - You continue to spend money
    - On the payment due date, you pay in full what's in your statement. Any spending since the statement was issued goes on your next statement

    I put all spending on my credit card and pay it in full every month. That way you can earn interest on the money you would otherwise have spent. If you can get a cashback credit card you'll get even more back as well.

    When you call to activate your card just tell them to set up a direct debit to pay in full every month.
    What will your verse be?

    R.I.P Robin Williams.
  • JKSandy wrote: »
    If you can apply for a credit card accidently then you sound like someone who should be extra careful when having one and follow the above advice when managing your card.
    I only logged n as it said you can check your eligibility and after filling out the forms it just wait your card should arrive within 7 days and if the team need to talk about anything further they will be in contact ....

    Cheers for all your help though guys :)
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