First credit card advice

TinieT

For my advice don't get one. The first card I was granted had a £300 limit from capital one. I remember being sensible with it then they upped my limit and then I got to £600 and was like wow how did this happen? Little £5 and £50 here and here add up. Then I got a grip on myself and paid all mine up (got to £2,000) but now am in another situation I have posted about regarding having someone else's debt under my name. Separate story but I advise you to not get one if you possibly can!

enthusiasticsaver

Having one credit card for emergencies or the odd large purchase is fine if you are disciplined with money, set up a direct debit to pay it off in full each month and this will help your credit rating but ensure you do not go into debt. Please don't fall into the trap of thinking it is free money. The credit card companies are not your friends and they want to make money out of you. If you buy on credit which is not paid off immediately or on 0% the cost will be higher.

TheShape

Windofchange wrote: »

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.

TinieT wrote: »

For my advice don't get one. The first card I was granted had a £300 limit from capital one. I remember being sensible with it then they upped my limit and then I got to £600 and was like wow how did this happen? Little £5 and £50 here and here add up. Then I got a grip on myself and paid all mine up (got to £2,000) but now am in another situation I have posted about regarding having someone else's debt under my name. Separate story but I advise you to not get one if you possibly can!

Credit cards don't work for you two then because you can't or couldn't control your spending.

That's fine but for someone in control of their spending/finances there can be advantages to spending on a credit card.

I have done virtually all my day to day spending on a credit card for the last 10 years or more.

I've benefitted from s75 protection (though never needed to use it) and picked up plenty of rewards/cashback along the way. My computer and monitor that I am using to access this forum were paid for with play.com/rakuten vouchers earned through my Play.com credit card, as were my freezer and microwave in my kitchen. I've usually got £30-£40 cashback every year from my Nationwide Credit Card and £5 per month for the last 3 months from my TSB card.

In summary, if you can't control your spending/finances DON'T get one. If you can, why not get one and take advantage of the protection/rewards/cashback/flexibility that a credit card(s) can provide.