Looking for my first credit card - which one?

krish123

Hi All,








Im looking to get my first credit card, mainly to build up some credit history should I wish to borrow money for the future.
I am 23 so have never had a credit card before just used a debit card.


















I want a credit card where I get some sort of reward for using it preferably cash reward if possible.
What are the best credit cards available at the moment for my needs and also what are the general pointers when using a credit card - positives and negatives?
Cheers.

brett84n

http://www.moneysavingexpert.com/credit-cards/?tab=sect4

SeduLOUs

If you have no history then you might not get accepted by the 'good' cards, but using the MSE eligibility checker should give you a bit of an indication.

If you've been with your bank for several years and behaved well with them, they may be the best people to ask for your first card.

If your history is really bleak, then you may need to opt for one of the sub-prime cards with high APRs that are designed for building/rebuilding credit history. Of the bunch, I'd probably recommend the Barclaycard Initial as building a relationship with Barclaycard will allow you to upgrade to a 'proper' card with them in the future. The APR is horrifc though, so always pay the balance in full to avoid the eye watering interest charges.

krish123

thanks for that link brett useful.


I checked my elegibility on the Amex platinum card and it said 0% chance of acceptance haha. What are they looking for here for acceptance?


With that in mind what do you think would be a decent card for me?


I think Santanders 123 might be a good call as I already bank with Santander and probably have a better chance of getting accepted with this card.


the main benefit I would gain from this card be is the fuel in which I spend £100 a month so that would be a saving of £36 per year not much but better than nothing and builds up my credit history right ?

SeduLOUs

What does the eligibility checker suggest you might have a chance at?

Unfortunately having no history can often be as 'bad' as having adverse credit, and you might need to work your way up slowly to get the best reward cards available.

Try Santander if you have a good relationship with them - I'd recommend going in branch rather than the automatic response you get from online. If you can get a 1-2-3 card, then great

If that fails though, wait a couple of months before applying for one of the cards specifically aimed at people with poor/no credit history and work up from there. I'd personally recommend the Barclaycard Initial, but other options are Capital One Classic, Aqua, Vanquis, Luma.

krish123

Yes good point and that's why I want to build up my history now so at least I have evidence to show I can borrow and pay back money even if it is in small amounts.
It states I will have a very good chance at getting the cards you mention (80-90%) anf 50% for the Santander one.
however as you pointed out if I were to go in branch I reckon I could have a better chance of getting it so I may take this route.
There aren't other cards better than this that I could be potentially eligible for are there?

SeduLOUs

Nope, I suspect based on your little to no history the eligibility has thrown up exactly what I would have guessed - a reasonable chance with your bank and a good chance with the crap cards.

Go for the Santander first, it's actually a decent reward card. There's a £2 a monthly fee which I believe is waived for the first year if you have a 1-2-3 account, and you can get more than that in cashback if you do your everyday spending on it (but pay the balance in full!).

There are cashback calculators on Santander's site for you to get an idea what you could earn from it: http://www.santander-products.co.uk/credit-cards/123campaign

If you do get the Santander I wouldn't bother with the crap ones, just give it 6 months to a year to build up some history and then look at the eligibility checker again to see where you stand.