Credit Cards Explained guide

Alexd52

good_cooker wrote: »

zx81 - It's certainly new for me - I've had this card since 1985. Perhaps this has been standard practice for more recent cards, but it's the first time I've come across it, and their own reply to me clearly said it was new. Nor does this condition apply on any of the other credit cards I hold.

I’ve had a capital one credit card for over 30 years, and trailing interest has always been part of the t&c’s.

HP_123

Hi everyone. I have been doing some research on credit cards and building credit rating for the future , however I am still a bit confused with the whole concept. I am a university student with a good paying part time job and depending my income floats from 350-900 per month , without the additional SFE (Student Finance). Ideally I want to build my credit score from now so perhaps i will have better access to better loans and even a better mortgage in the future. Among my research , last year I was told I could not finance something as my "credit score is bad" regardless of me never having a credit card. It went ahead and was put under my fathers name despite me paying it all by transferring the money. I want a credit card to build score and just that , so I would put little monthly standing orders like a phone bill, Spotify and even small food shops. Currently I bank with Monzo.

It looks like Aqua is the only place offering me a credit card , with a 49.9% annual interest which to me seems high? But I do not know as I am a bit unaware of the whole procedure. If I was to go ahead with this and assume they gave me a balance of £500 , and I used £40 a month and paid £55 off fully monthly before the closing dates would this boost my score? If my maths is not wrong the total amount paid that year would be £610 with the interest.. Or should I be aiming for more substantial amounts? 
Any help and advice would be appreciated , specially on how Aqua deal with newcoming customers and any general advice on credit cards generally!

eskbanker

HP_123 said:

Hi everyone. I have been doing some research on credit cards and building credit rating for the future , however I am still a bit confused with the whole concept. I am a university student with a good paying part time job and depending my income floats from 350-900 per month , without the additional SFE (Student Finance). Ideally I want to build my credit score from now so perhaps i will have better access to better loans and even a better mortgage in the future. Among my research , last year I was told I could not finance something as my "credit score is bad" regardless of me never having a credit card. It went ahead and was put under my fathers name despite me paying it all by transferring the money. I want a credit card to build score and just that , so I would put little monthly standing orders like a phone bill, Spotify and even small food shops. Currently I bank with Monzo.

It looks like Aqua is the only place offering me a credit card , with a 49.9% annual interest which to me seems high? But I do not know as I am a bit unaware of the whole procedure. If I was to go ahead with this and assume they gave me a balance of £500 , and I used £40 a month and paid £55 off fully monthly before the closing dates would this boost my score? If my maths is not wrong the total amount paid that year would be £610 with the interest.. Or should I be aiming for more substantial amounts? 
Any help and advice would be appreciated , specially on how Aqua deal with newcoming customers and any general advice on credit cards generally!

Duplicated post answered at https://forums.moneysavingexpert.com/discussion/6121717/beginner-w-credit-cards-aqua