Stupid question about a credit card (Capital one, platinum)

bengal-stripe

DebbieZed wrote: »

And I don't think I'll ever use it again!

Continue using the card! Use the card for your everyday purchases (supermarket, petrol), never exceed your limit and pay it off in full. This way the card won't cost you anything and your credit rating will improve as you demonstrate that you are able to deal with credit.

One day you might want to apply for a mortgage!

DebbieZed

bengal-stripe wrote: »

Continue using the card! Use the card for your everyday purchases (supermarket, petrol), never exceed your limit and pay it off in full. This way the card won't cost you anything and your credit rating will improve as you demonstrate that you are able to deal with credit.

One day you might want to apply for a mortgage!

Oh is it just cash withdrawals from an ATM that they charge you crazy amounts for? So instead of using my debit card for anything, I'd just monthly pay off the credit card? I really wish I had investigated this further! Is it only paying it off in full monthly that demonstrates I've been good with credit?

Horseunderwater

Monthly int rate = 2.53% so around £122.01 to pay in full after you get 1st statement. 56 days int free from 1st purchase date for buying, but only if you clear in full before due date.

grumbler

horseunderwater wrote: »

monthly int rate = 2.53%

For 30% APR it's (1+30%)^(1/12)-1=2.2%

However, 34.9% is more typical to C1, that indeed is 2.53% monthly.

Voyager2002

DebbieZed wrote: »

Oh is it just cash withdrawals from an ATM that they charge you crazy amounts for? So instead of using my debit card for anything, I'd just monthly pay off the credit card? I really wish I had investigated this further! Is it only paying it off in full monthly that demonstrates I've been good with credit?

General advice is to set up a direct debit so that the full amount gets paid automatically each month.