118118 credit card

2e0arr

dazzaofdagenham wrote: »

That’s not true....a lifetime friend who has had a few bumps on the journey.

We all need a helping hand s9metimes

has your lifetime friend offered you London bridge as collateral ?
why dont you open up a new credit card for your self and give your trusted friend a card from it, that way he will not betray your trust

dazzaofdagenham

Fairly harsh comment...

As previously said, some people fall upon hard times and need a little help.

Glad to say he ditched the card about 8 months after having it and paid it off and closed it

Hope you approve

2e0arr

dazzaofdagenham wrote: »

Fairly harsh comment...

As previously said, some people fall upon hard times and need a little help.

Glad to say he ditched the card about 8 months after having it and paid it off and closed it

Hope you approve

When you say fall upon hard times do you mean they spend money they don't have and are unable to repay without hoping that money comes their way ?

dazzaofdagenham

No absolutely not.

When a friends wife develops a illness and husband needs to take time off from work and therefore has a reduced income.

Bills need to be paid and kids still need feeding.

Mrs_Ryan

I’ve got one of these cards- I get charged £3 a month on a £250 limit. I’ve also got 2 Capital One cards and a Vanquis card. I stopped using the 118 card about 2 months after I got it and reverted to using my Capital One instead. I might misunderstand but the monthly interest which my statement tells me I would pay on my Capital One cards (which I have never paid and never will, I clear them both in full every month) is more than the £3 fee charged by 118?!

LobsterMemory

Mrs_Ryan wrote: »

I’ve got one of these cards- I get charged £3 a month on a £250 limit. I’ve also got 2 Capital One cards and a Vanquis card. I stopped using the 118 card about 2 months after I got it and reverted to using my Capital One instead. I might misunderstand but the monthly interest which my statement tells me I would pay on my Capital One cards (which I have never paid and never will, I clear them both in full every month) is more than the £3 fee charged by 118?!

Er... maybe

But...

Why are you spending 3 pound a month for a card you don't use and don't need?

dazzaofdagenham

Am I right in saying the 118 card charges the fee each and every month....even if you don’t have a balance outstanding with them......almost like paying the money to have access to credit.

Anyways I think the best idea if your not using the 118 card is to close it down and save £3 a month

System

dazzaofdagenham wrote: »

Am I right in saying the 118 card charges the fee each and every month....even if you don’t have a balance outstanding with them......almost like paying the money to have access to credit.

Yes, this is correct.

dazzaofdagenham

Atypi_Gal wrote: »

Yes, this is correct.

T8me to ditch card then ?

SnowTiger

Mrs_Ryan wrote: »

I’ve got one of these cards- I get charged £3 a month on a £250 limit. I’ve also got 2 Capital One cards and a Vanquis card. I stopped using the 118 card about 2 months after I got it and reverted to using my Capital One instead. I might misunderstand but the monthly interest which my statement tells me I would pay on my Capital One cards (which I have never paid and never will, I clear them both in full every month) is more than the £3 fee charged by 118?!

An effective APR of 14.4% according to the slidy thingy on their website if you keep it maxed out.

That effective APR jumps to 360% if your balance is only a tenner.

I'd guess paying £3 a month for borrowing nothing is an effective APR of infinity. Perhaps not very MSE.

Presumably you're paying £3 a month to have this unused credit account with a £250 limit and APR of 0% reported to the CRAs. Not worth it in my opinion.