Just turned 18 and want to make money off credit cards

clabcom

Hi All,

It was my 18th birthday yesterday, so I can now bin my solo debit card that I've had since 12 and replace it with a credit card. I have always been in four figure credit and never overdrawn. I would prefer a credit card e.g. Visa as it is more widely accepted than solo (not sure about American Express though!) and also offers buyer protection as standard in case of fraud/identity theft.

I project to spend about £2500 over the next 3 months and would like to get some cashback on it, ideally £100 if I can get 4%. I don't even know if I'm on the electoral register. Anyone have any tips where I can start...

thanks in advance:j

Bokkens

My tip would be read every one of Martin's articles until you fully understand the credit card shuffle and what a mule card is etc.
I cannot see any credit card company giving you a card with a decent limit for stoozing until you have established a good credit history with them.
Approach your bank as a starting point and get on the electoral register.

UK007BullDog

Are you working? Income?

You might get a card offering you max £500 if you are lucky.

OllyM

When I turned 18, Natwest gave me a Mastercard with a £1250 limit straight away, with 9 months 0%, no cashback though.

sicker

I think the only chance you have of making money (and it won't be much) is to get a money back credit card and use it to pay for all you can. But make very sure you clear the balance every month and don't get into debts. Personally in your circumstance I would forget about making money from your credit card and just concentrate in building a good credit rating.

Good luck whatever you do.

John

King_Of_Fools

If you have just turned 18, you can usually get a card without problems from the bank you have had your current account with for the past few years (as they know your account history).

It is a lot less likely that you would be offered a card from another credit card company (although you can try).

My advise would be to get a card from your bank, use it for at least a year (you will still benefit from the purchase protection, etc.) and then apply for a cashback card once you have built up a bit of credit history.

Also, regarding your Solo card, you probably want to ask your bank to convert this to a full debit card (either Maestro of Visa). A debit card still has its uses where a credit card cannot be used (paying bills, etc.) and you should keep hold of one.