Luma credit card

Archer-gil

After researching online, I think I kinda understand what credit cards are, but I have some questions that need answering

First of all, as I am a student, I do not have the time to work, but there are weeks where I am left off with the bare minimum to survive (Mostly due to helping household bills, but also poor management). Now I applied for the Luma credit card (after being rejected numerously by other companies, due to a bad credit score), and they've accepted me, which was surprising. Now I want to confirm some things, if I borrow money like £100 from the card but I pay it back within the time limit, does that mean I won't have to pay any extra money?
Do I have to put money into the account on a monthly basis regardless of borrowing money?

Another question I wanted to ask was, are there any charges that will occur regardless of whether or not I pay? I read on some sites that there's an annual fee, so I guess it's the same here?

The reason why I'm asking these questions are because I intend to borrow money, not to get caught in a spiral of debt, but rather, having a smoother financial life.

Zenboor

Archer-gil wrote: »

Now I want to confirm some things, if I borrow money like £100 from the card but I pay it back within the time limit, does that mean I won't have to pay any extra money?

If you pay off the entire balance within the interest free period then you will not pay any extra

Archer-gil wrote: »

Do I have to put money into the account on a monthly basis regardless of borrowing money?

No. Luma is not a pre-paid credit card. You do not need to top it up to use it unless you've already maxed your credit limit. However, there is nothing stopping you from crediting the account with extra cash though I fail to see th reason for doing so.

Archer-gil wrote: »

Another question I wanted to ask was, are there any charges that will occur regardless of whether or not I pay? I read on some sites that there's an annual fee, so I guess it's the same here?

Check the Terms and Conditions of your credit agreement. Does it mention an annual fee?

Archer-gil wrote: »

The reason why I'm asking these questions are because I intend to borrow money, not to get caught in a spiral of debt, but rather, having a smoother financial life.

Very good attitude but ultimately the best way to achieve smooth financial life is to live within your means if possible and save up some cash for emergencies. Easier said than done I know I know but I wish you the best of luck!

Archer-gil

No. Luma is not a pre-paid credit card. You do not need to top it up to use it unless you've already maxed your credit limit. However, there is nothing stopping you from crediting the account with extra cash though I fail to see the reason for doing so.

Okay, I was just wondering if it's a necessity.

Check the Terms and Conditions of your credit agreement. Does it mention an annual fee?

Just checked, it says there's no annual fee.

Very good attitude but ultimately the best way to achieve smooth financial life is to live within your means if possible and save up some cash for emergencies. Easier said than done I know I know but I wish you the best of luck!

Very true, the reason why I am even applying is because of my father's health forcing him to retire early, leaving household bills on me. Thank you and I too wish you the best of luck!