Credit Card for Spending Discussion Area

vladman

Thank you grumbler.

P.S. Love you're (<--- pun intended ) auto-signature!

dekoder

Got a quick question because a friend got me confused:
I've recently got a Natwest 15 months 0% purchase card. My friend says the 0% will only be for purchases done in the introductory period (usually 60 days according to him on most cards), I can't find anything like that in T&Cs.

Is he confusing the introductory period with balance transfer cards or do 0% purchase cards have that as well?

grumbler

I think your friend is wrong about "most cards".

IIRC, Natwest did have 3-month's restrictions for 0% BTs.

Check the T&C and rely on them, not on your friend. You can ask the CS for a confirmation.

tomstickland

Post Office card: "You'll either get the full 25 month deal or you'll get rejected."
I've just been offered 16 months at 0%. The MSE predictor said that I would be rejected.

Emgoodlife

New to MSE forum so not sureif this is the right place to be asking my question but here goes......

I am being charged 75p a day on my current account overdraft which i am overdrawn on for about 2/3 days a week. Would it be more sensible to have a credit card. I'm a bit nervous of credit cards as got into debt about 15 years ago with one and so have avoided them since.

I am older and wiser now though 😄 and pay off my household spending debts every week.

stefancross

Hi all,
I just wanted to check what the best approach is when coming to the end of a 0% purchasing deal. I want to maximise the potential credit that the next 0% lender will give me.

1. I'm assuming its best to pay the current 0% card off in full?
2. Then formally close the account of the ending 0% card?
3. Then wait for the change to be registered with the credit agencies i.e. Experian. (1-2 months?) ?
4. Then apply for a new 0% purchase card?

This sounds the most logical way, but is it worth going through this? Or is there another way? (I'm not interested in balance transfers btw.)


Thanks in advance.....

Absolute-Zero

Hello,

I have just opened a new First Direct Account and I'm switching one of my TSB current accounts to this one.

First direct have offered me a 0% interest credit card for the first 17 months so I was wondering if I'd be able to take this card out and then make a large purchase (say a new TV), then slowly pay that money back over the 17-month period?

What are peoples thoughts on this? Will it look bad on my credit rating if I take the card out and immediately make a very large spend?

As a side note, I already have a credit card with TSB.

Thanks,
Oscar

Consumerist

Absolute-Zero wrote: »

. . . First direct have offered me a 0% interest credit card for the first 17 months so I was wondering if I'd be able to take this card out and then make a large purchase (say a new TV), then slowly pay that money back over the 17-month period?

What are peoples thoughts on this? Will it look bad on my credit rating if I take the card out and immediately make a very large spend?

It's just what the card issuer wants you to do - hoping that you won't pay it back on time so that they can charge interest.

Using your card doesn't look bad - misusing it (late and missed payments), on the other hand, does look bad.

Using the card well will improve your credit rating, if anything.

Absolute-Zero

Consumerist wrote: »

It's just what the card issuer wants you to do - hoping that you won't pay it back on time so that they can charge interest.

Using your card doesn't look bad - misusing it (late and missed payments), on the other hand, does look bad.

Using the card well will improve your credit rating, if anything.

I am very good with my money so I will definitely be able to stick to paying it off in time.

So you think that taking out the card and using it as suggested would potentially be beneficial to my credit rating? - as long as I pay it off in time.

Consumerist

Absolute-Zero wrote: »

. . . So you think that taking out the card and using it as suggested would potentially be beneficial to my credit rating? - as long as I pay it off in time.

If you pay at least the minimum payment (preferably more) on time every month and don't exceed your credit limit, that will help you to maintain or build yourself a good credit file.