Credit Card for Spending Discussion Area

ramellous1

Just got accosted in Tesco to sign up to their clubcard creditcard. 12 months 0% on purchases with 500 points thrown in. On their website they are only offering 6 months 0% but this was a flyer instore.

Any

Yes, but isn't it 12 mths only for goods purchased in Tesco supermarket or Tesco Direct? Just make sure you read the T&C properly. Unless they just came up with brand new deal... Last week's applications were only for Tesco's shopping 0% for 12 mths...

sandy98uk

Hi all

This may be a stupid question but am I right in thinking if I want to borrow about £2000 over 24 months i would be better off getting a credit card with a long term low interest rate (i.e. Barclaycard Simplicity at 6.9%) is better than getting a £2000 loan at a 7.9% APR?

As I say, it seems obvious to me that the card would be the better option but I'm wondering if I'm missing something?!

Thanks

StephanierBaker

OK, so I'm new to this!! I've never had a credit card before and am not entirely sure I understand it all.....

I have just got a new job, which I am due to start in January, but obviously that doesn't help with Christmas.

If I were to get a credit card to pay for Christmas, can I hold off paying my first credit card bill until February when I get my first pay cheque????

PLEASE can someone help?? I just don't know how else I'm going to be able to afford xmas!!!

Many thanks,

Stephanie

poker_face

StephanierBaker wrote: »

OK, so I'm new to this!! I've never had a credit card before and am not entirely sure I understand it all.....

I have just got a new job, which I am due to start in January, but obviously that doesn't help with Christmas.

If I were to get a credit card to pay for Christmas, can I hold off paying my first credit card bill until February when I get my first pay cheque????

PLEASE can someone help?? I just don't know how else I'm going to be able to afford xmas!!!

Many thanks,

Stephanie

You will need to pay off a minimum amount per month, you can do this by direct debit.

Dave_Rowtree

sandy98uk wrote: »

Hi all

This may be a stupid question but am I right in thinking if I want to borrow about £2000 over 24 months i would be better off getting a credit card with a long term low interest rate (i.e. Barclaycard Simplicity at 6.9%) is better than getting a £2000 loan at a 7.9% APR?

As I say, it seems obvious to me that the card would be the better option but I'm wondering if I'm missing something?!

Thanks

In theory yes you would be better off, I think rule of thumb if you can get it on a low rate credit card you're better off sticking with that than a loan, since you can also pay it off early if you get some extra cash which with a loan you may have to pay a penalty for. It depends on your income how low a rate on the credit car you can get, try something like http://www.confused.com/credit-cards or moneysupermarket to see what you can get. A remember Martin's golden rule! :money: Don't go taking cash out or anything like that on the card after you purchase something, just put it in a drawer, set up the standing order or direct debit and forget about it. Its the discipline of not spending more on it thats the problem with credit cards

JenniferAfonso

Hello

I had applied online for a 0% balance transfer from 2 of my old cards to a new credit card. I had a response saying that they would get back to me in 6 days or so. Meanwhile, I applied for another balance transfer for the same old card and also paid off some amount. I did this for two old cards. Now I dont know whether the first card has accepted the balance transfer. If it has, then I have also transferred some of the same balance on another card as well as paid off some amount. This is for both my old cards. Can I cancel one of the balance tranfers? I will now owe the new card as well as have paid off some of the balance and also transferred some more into another card as well. What do I do? Help!

TomJ

Probably worth mentioning that you can get 12 months at 0% on a Halifax credit card if you either already have a current acct with them or open one. However, the offer is listed as ending on 1 Mar, so you've got just over a week left to apply...

http://www.halifax.co.uk/bankaccounts/Extras.asp

misti

Hi all @ mse,

I am currently trying to sort out my finances any advice would be great.

I'm on a ridiculously low income (cliched self-employed struggling artist), I have 1 credit card at limit (rbs, limit £650, apr 13.9%, current min repayment approx £12 2.25%).

I would also like to purchase an apple for work about £1000.

My credit rating prob isn't that good, but i'm not an irresponsible spender (just circumstance), I have only purchased what I needed on current card & made the min repayments each month. But am dyslexic/disorganised.

What I got confused about was to not spend on the balance transfer cards, so then I couldn't work out what to do for best. Should I move my £650 to a 0% do you have to pay that back within 1 year??? Or a 3% as I don't want my repayments to be more than £20 a month total. So can wait & save some so borrow less to keep payments down...

Obv can't trust the credit card co's to me correct advice, any received greatly appreciated. Or if there is another place I should be asking? Thanks : )

BigSaver_2

Interest Charging Information, shown on Tesco website. What i don't understand is if I am paying the minimum every month, why should i be charged 1.313% to 1.527% interest? I am a newbie. I am planing to get Tesco Clubcard Credit Card 0% for 12 months, pay the minimum every month and before the end of the 12months, pay a lump sum of the remaining balance.

Thank you