credit card

Starskybunny

Hi all,



I’m in need of some credit card advise please. Next month I’m travelling to Australia for three weeks, I need to borrow £1,000 - £1,500 for spending money and I thought a 0% credit card would be the best method for this. I’ve also seen the Halifax clarity credit card gives a very good exchange rate and looks to be the better option rather than purchasing currency from somewhere like the post office. My thought was to obtain a clarity credit card to use whilst I was abroad for withdrawing cash and general expenditure, then to use a second credit card with a long 0% balance transfer period, to pay the clarity card off, and then pay this second card off monthly.



I’ve seen there are balance transfer cards that offer up to 34 months at 0% but with a 2-3% fee but I’m trying to avoid paying any kind of fee or interest and I should be able to pay the amount I borrow off in less than 15 months so I was looking at the Santander card at 0% interest for 15 months with a 0% fee.



Can someone confirm that my idea will work and it’s also the best method of obtaining the currency as cheaply as possibly as well as paying back the £1,000 - £1,500 I plan to borrow without incurring any charges, whether it’s interest or a fee percentage.



Thanks

Fruit_and_Nut_Case

Welcome to MSE :wave:

The concept is sound, with the proviso that you actually get the cards and are given a large enough credit limit on each. You don't give any information about your background so we are unable to advise about the likelihood of this.

Lioness_Twinkletoes

Agree with the above - do you have a Plan B for spending money if you fail to get a card or get a card with a high enough limit?

leeroy2009

yes, need to get a move on, Halifax can be a instant decision when you apply online.

Steve_Foster

I got a 4k limit on the Clarity card for my Australian visit. The exchange rate ended up better than taking cash. So I dont know the answer about using other cards for pay for it all but can definitely recommend the Halifax card.

Starskybunny

Firstly thanks for your advice. Background wise I have recently had an issue with Orange with my last phone bill of £41. I forgot to pay the bill within the two weeks they gave me, so they used a collection agency to collect the money owed, which has now been fully paid. Other than this, I’ve never had an issue with any companies before. The only money I’ve ever borrowed is for my car which is on a Toyota finance agreement, this is almost two years old now and I haven’t missed any of the payments.

Yes, i guess i will have a plan B, but i wouldn't want to rely on family members help.



I believe that if I apply for the two credit cards I’m interested in, and I get rejected, it’ll adversely affect my credit score. Are there any websites I can use to check my credit score, free of charge, before applying?



Thanks

leeroy2009

forget the credit score it means nothing, use the eligibility checker on this site for a look at potential cards, 2 applications wont hurt anything if you aint applied for anything else in last 6 months and don't intend to for another approx. 6 months.


http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards?&_ga=1.76646613.1145178023.1419091567#preapply


sign up to noddle to see your free credit report which is different from a random generated credit score.

Lioness_Twinkletoes

leeroy2009 wrote: »

forget the credit score it means nothing, use the eligibility checker on this site for a look at potential cards

But please don't assume a high chance of acceptance is guaranteed acceptance. Even when this site said I had a 90% chance I got declined.

The missed payment will hurt your chances, but you may as well get on and apply for at least one card. After all, it is possible you get accepted for the card but with a low limit like £500.

Starskybunny

Hi all,

I completed the eligibility checker and the best percentage it gave me was 20% and it didn't list either of the cards I'm interested in.

I've also signed up to noddle, it gave me a 1/5 rating. I looked at the reasoning behind this and it lists the late £37 Orange payment I mentioned earlier in this thread.

Is there anyway I can remove this late payment from my credit score? It's frustrating that such a small amount can have such a negative affect on my credit score, especially when I have completed nearly two years of payments to Toyota finance

Thanks

jonesMUFCforever

If it is still outstanding swallow your pride and pay it - it should then show as settled on your credit files.
It won't go away but will help in long term.