barclayscard initial

Ross_Robertson

Just a quick few questions before I apply for one of these, my credit rating isn't the best and I'm going to be using this to build up my credit score. Say I was short on cash and just wanted an extra spare 50-100 pound to tie me over untill the next pay day and i knew I could pay the full amount of money back every time work paid me would that bring my credit score up? And also would I be charged interest if I was paying the full amount back each month.

I'm sorry about the questions but I'm new to this credit card malarkey!

Thank you!

Tixy

The best way to use a card to build up a positive credit history is to put a few purchases on a month and repay each statement in full.

If the credit card is paid in full each month, you don't go over the limit and you only use it for normal purchases (not cash withdrawals/not gambling purchases/not overseas transactions) then you won't be charged interest.

Cash withdrawls on a credit card should generally be avoided.

Ross_Robertson

Oh yeah what ever I need I won't be doing cash withdrawals it'll all be paid on the card, one more question would I be to transfer money to my bank account or would that be a charge aswell?

thebritishbloke

Ross_Robertson wrote: »

Oh yeah what ever I need I won't be doing cash withdrawals it'll all be paid on the card, one more question would I be to transfer money to my bank account or would that be a charge aswell?

BarclayCard sometimes make offers allowing you to do this, but it isn't a standard available feature. If they do make you an offer, there will be a fee levied.

If you're just wanting this to improve your credit rating, just get the card and put fuel on it, have a direct debit set up to repay it in full every month. Don't start carrying a balance or getting money sent to your bank account or you're just going to end up in debt.

CLAPTON

Ross_Robertson wrote: »

Just a quick few questions before I apply for one of these, my credit rating isn't the best and I'm going to be using this to build up my credit score. Say I was short on cash and just wanted an extra spare 50-100 pound to tie me over untill the next pay day and i knew I could pay the full amount of money back every time work paid me would that bring my credit score up? And also would I be charged interest if I was paying the full amount back each month.

I'm sorry about the questions but I'm new to this credit card malarkey!

Thank you!

if you know you can pay an extra 50-100 on every pay day, why not save that up so you will always have ready access if you happened to want some cash.

regularly withdrawing cash from a CC will be a negative on your credit record.

just use the card for things you need to buy anyway and the pay in full each and every month : improves your credit record and you are charged no interest.

manami_mnm

CLAPTON wrote: »

regularly withdrawing cash from a CC will be a negative on your credit record.

Do credit card issuers report cash withdrawals to CRA's?

Ross_Robertson

Thank you for the advice.

CLAPTON

manami_mnm wrote: »

Do credit card issuers report cash withdrawals to CRA's?

yes

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