Help please

Bella(1)

Hi all I was hoping for a bit of advice, I’m 45 and never had a credit card not that I’ve ever been refused but never applied for one just because they scare me! Got to the stage where I think I should have one in case my fridge breaks and haven’t got cash to get one. I know I need a purchase card so it’s interest free for a year or so would be great but
1. Should you get a card that no ones heard of?
2. What if I get one and don’t use it does that matter or will I be charged?
3. How does it work do they send you a statement every month? How do you pay in post office or cheque or direct debit?
4. Can you keep adding to it with purchases? How do you know how much a monthly payment will be
Thankyou so much for your advice

bhjm

i am sure somebody else will do - can you please give your post a proper subject line please?

[Deleted User]

Any card will work. But if you plan to carry a balance on it, APR becomes an issue. If you have a thin credit file, then you're not likely to get a 0% offer. Try an eligibility checker.

If you don't use it, it may be closed for dormancy. So make at least some purchases on it and clear in full each month.

You can make payments online, over the phone or send in a cheque. Direct debit would be a more reliable method if you're not sure what you're doing.

The minimum monthly payment will be at least 1% plus fees and and interest. It may be more, but you should aim to pay 100%.

redpete

Bella(1) wrote: »

I know I need a purchase card so it’s interest free for a year or so would be great

In your case I'm not sure it's worth worrying about the interest free offer. You are looking for a potential sjort term loan to pay for irregular events such as an appliance breaking down. If it happens how long before you gad the money to pay it off? What would you do once the interest free offer finishes?

1. Should you get a card that no ones heard of?

someone will gave heard of it. The CC articles on here are a good source of advice on which card is best for you

2. What if I get one and don’t use it does that matter or will I be charged?

no but they might close your account. Use it to pay for regilar spending (groceries, petrol...) and pay off every month.

3. How does it work do they send you a statement every month? How do you pay in post office or cheque or direct debit?

they do send a statement every month. You can set up up a DD for the minimum or full payment every month, if the minimum then you can pay the balance using online or phone banking or by cheque (naybe at a post office).

4. Can you keep adding to it with purchases?

Yes, up to the credit limit you are given.

How do you know how much a monthly payment will be.

Up to you. Keep your own running total on paper or a spreadsheet. By regularly checking online.

normanna

I think you're looking at this the wrong way. You should be building up an emergency fund first of all to pay for this type of thing. Don't get a credit card to do that - if by chance you can't afford to save into an emergency fund how will you be able to make monthly payments and before you know it you'll be paying interest. If you want a card to start building up some credit history then make small purchases and pay off every month without fail - after building an emergency fund.

maisie_cat

I have had the same credit card since 1995, I pay it off every month and simply use it as a charge card.
I have another one that is a 23 month interest free one that I got as an emergency backup. I used it to pay £1500 in vet bills so it was handy. If you are worried that you will go on a spending spree, then don't have it in your purse, lock it away for emergencies

binaryuniverse

Bella(1) wrote: »

Got to the stage where I think I should have one in case my fridge breaks and haven’t got cash to get one. I know I need a purchase card so it’s interest free for a year or so would be great

The wording of this makes you sound a little confused on how 0% cards work. To clarify, you do not get 0% on purchases on any purchase, ever made, for the life time of the card. You get 0% for a certain time, on taking out the card. Once that period is up, you will pay interest on purchases, as normal.

The advice about having an emergency fund available, rather than relying on a credit card, is sound. Think about it; if you don't have the money to buy a fridge, where does the money to pay off the credit card come from?

Bella(1)

thankyou everyone !!!55357;!!!56833;