New Credit Card

Gravy0

Just wanted some advice about the best credit card for my needs as there's so many to choose from I can't make my mind up.

Basically, I'm going to book a holiday in the next week or so that will cost about £5k or £6k and I need a card that won't charge me any interest for about 4 months (as I am due to get a big lump sum at the end of November and will then pay the credit card off in full and cancel it) but it would be nice if I could get something back from it as well, ie. cashback, avios points, tesco points, etc.

The place I am booking the holiday says an Amex card will have a 2% charge and all other cards will have a 1.5% charge (don't know if this makes a difference on what card to get but throwing into the question in case it does)

Any recommendations?

Also, what will be (approx.) the minimum I will have to pay each month until I get my lump sum and pay the card off completely?

PS. I have a very good credit rating

Thanks in advance

27yearoldmale

Absolutely no chance you will get that kind of limit!

6k for holiday!!

Wait until November.

Gravy0

Can't wait until November the prices keep going up!!

It's for 3 of us, so only £2k each.

Why won't I get that sort of credit?

Tixy

So you need a card with 0% on purchases, best buys are on this link - http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards that said the best buys tend to focus on the length of the deal and you only require it for 4months.

Minimum payments are typically anything from 1% of the balance to 2.5% of the balance, so that could be up to £150 a month.

What credit cards do you have currently? To get over £6k as an initial credit limit you will need to be a reasonably high earner, if you already have a credit card with a high limit it may be worth contacting them to see if they will offer you a 0% deal on purchases.

Using an existing card would also help on the timescales, as if you apply for a new card now it could easily take a couple of weeks to arrive.

Tixy

27yearoldmale wrote: »

Absolutely no chance you will get that kind of limit!

What are you basing that on? Given that the OP hasn't posted their income or much about their financial situation?

Gravy0

I've got the LloydsTSB Duo (Amex & Mastercard) for everyday use that has a £1000 limit and is paid off as soon as I make a purchase on it.

The Halifax Clarity (for use when I go on holiday only) which has a limit of £2450.

And I've got a Virgin card which I've never used so don't know the limit (only got it for the free case of wine lol)

Gravy0

If it helps, I earn £19k and have no debts (except my mortgage which is paid every month and overpaid when I can) and the credit cards I currently have are paid off in full as soon as I make a purchase on them.

Gravy0

I've just logged onto my Virgin Credit Card and I have a limit of £1900 (there is an option to increase the limit so I might try seeing if they will give me a 0% offer as an incentive to use it )

eskbanker

Worth bearing in mind that one of the factors card companies use is the ratio of available credit to salary, with 50% typically quoted on here as some sort of benchmark. So, if you already have access to nearly £5.5K of credit (even if not all actually used) and are seeking another £6K with a salary of £19K then that might be problematic, so you might wish to close the Virgin card for example. However, this is all an art rather than a science, nobody can say for sure exactly which cards you'd get accepted for and what the limits might be....

moshoodo1

27yearoldmale wrote: »

Probably best the OP takes out 20 pay day loans.

Newbie advising someone to take 20 payday loans ? W T !!! :eek:

Gravy0

27yearoldmale wrote: »

Probably best the OP takes out 20 pay day loans.

Yeah because that would be really sensible - NOT!

I'd appreciate only helpful answers please