First credit card advice

Guwop

Hi, I have recently started my first full time job earning around 16k and want to take out a credit card for purchases. I have used Experian which gave me a credit score of 910 which I presume has been built up from my mobile contract and some subscriptions. It also says I have a 9.5/10 chance of being accepted for a Barclaycard platinum credit card with 0% interest free for 27 months. I bank with HSBC but their credit card is only 0% for 3 months, so I would prefer to apply for the Barclaycard but I have read that it is better to go with my bank first. Is it likely that I would get accepted for the Barclaycard platinum even though its not a initial credit card?

Dobbibill

If you have a 5/10 chance of acceptance then you also have a 5/10 chance of rejection too.

Your score means nothing and is just an indication of how Experian view you.......meaningless really as Experian are not a lender.

How big are your purchases going to be if you need a 0% offer. You do know you don't pay interest if you clear in full every month right.

Carl31

my advice to you would be to only get a card if you have a specific need for one. Non essential Small purchases here and there soon add up, and assuming you are in your late teens /early 20s, paying your card can soon become less of a priority

If you have a specific purchase in mind that you really cant pay cash for, then a 0% card is very useful, but dont just get a card because you can

Guwop

Thank you for your replies. The purchases I will be looking to make are essentials like train tickets, fuel, food, car maintenance costs etc. I would say I am good with money as I dont make many unnecessary purchases on things that I want. If I was to then it would come out of my savings. As for paying the bills I would set up a standing order to pay a certain amount every month.

Dobbibill

Guwop wrote: »

Thank you for your replies. The purchases I will be looking to make are essentials like train tickets, fuel, food, car maintenance costs etc. I would say I am good with money as I dont make many unnecessary purchases on things that I want. If I was to then it would come out of my savings. As for paying the bills I would set up a standing order to pay a certain amount every month.

You need to make that a direct debit to pay in full.

If they are essentials then it is something you budget for each month and normally pay from your current account, therefore the direct debit would suit the purpose as it would take it from your current account instead.

Superscrooge

Guwop wrote: »

Hi, I have recently started my first full time job earning around 16k and want to take out a credit card for purchases. I have used Experian which gave me a credit score of 910 which I presume has been built up from my mobile contract and some subscriptions. It also says I have a 9.5/10 chance of being accepted for a Barclaycard platinum credit card with 0% interest free for 27 months. I bank with HSBC but their credit card is only 0% for 3 months, so I would prefer to apply for the Barclaycard but I have read that it is better to go with my bank first. Is it likely that I would get accepted for the Barclaycard platinum even though its not a initial credit card?

Barclaycard also have their own eligibility checker. If this also gives a high likelihood of acceptance then I would apply.

https://www.barclaycard.co.uk/personal/credit-cards/eligibility-checker

sosotalk

Dobbibill wrote: »

You need to make that a direct debit to pay in full.

If they are essentials then it is something you budget for each month and normally pay from your current account, therefore the direct debit would suit the purpose as it would take it from your current account instead.

Is it okay to get a 0% credit card, pay the minimum repayment each month and then pay off the rest in a lump sum at the end of the 0% period?

[Deleted User]

Yes. Though it's much less likely you will get one as a first card.

Dobbibill

sosotalk wrote: »

Is it okay to get a 0% credit card, pay the minimum repayment each month and then pay off the rest in a lump sum at the end of the 0% period?

As zx81 said - you can if you are eligible

things to note....

it needs to be a 0% for purchases rather than BT or MT so check what you are being offered.

you need to be aware of which date it ends (it won't necessarily fall exactly on a statement date, it will be x amount of months since taking the offer so could be mid-statement)

do it right and you can earn interest on your lump sum in other high interest accounts, get it wrong and it could cost you a fortune so make sure you are VERY disciplined to do this

Jlawson118

You have to go with whoever you would feel better with, and if that's Barclaycard so then go with Barclaycard I've had a few credit cards where I don't bank with that particular lender. It doesn't really make a difference I don't think.

One of my colleagues on a part time job worked for Lloyds Bank and I used to talk to him about their financial products, the office he worked in also had people working for Halifax too. One day I was discussing how I'd like the Clarity card from Halifax but I've been rejected a few times, I asked him if I'd have more of a chance getting it if I banked with Halifax, and he said it makes no difference whatsoever

Windofchange

My advice? Don't get one, or get one with a very small (£500) credit limit. Take it from someone who has been there, got the T-shirt and very nearly lost the T-shirt off his back things got so bad. It sounds to me like you are wanting to fund day to day spending like food, petrol, car etc which also says to me you are living beyond your means as surely you would just pay these out of your salary as others have said?

I guess only you can answer how much of a liability you will be with credit, but it becomes addictive. Get one card, max it out, get another, get a loan to pay down those two and oh, I can get another card now to go on holiday. I put myself in a situation in my 20's that I am only just recovering from now I am approaching 40.