Credit Card for Spending Discussion Area

emtiem

Hello,

I'm buying a car and need around £4000; will these cards (such as the M&S one) give me that? I don't know what sort of credit limits these have.

And when it comes to shifting the balance to another card once the 0% period is up, is that a case of simply paying off the first card with the new one or do you have to use some other method to transfer the debt?

microbrum

Hi All

This is my first post here so please be gentle!

I took out a tesco clubcard credit card last year to benefit from the 0% interest free for 12 mths offer.
Since then I have been paying at least the minimum repayments every month. The offer expire in the beginning of July so I have about two months left and my intention is to cancel my card once the balance is paid in full.

I;ve been told that if I pay off the total amount now - I will still get charged interest for not paying the balance off in full in March. Now the whole point of taking the card out was that I don't want to pay a single penny of interest.

I don't have much experience of this - can anyone tell me where I could find more information or whether Tesco are able to do this?

Would I pay less interest if I paid two larger payments(i.e clear the balance) between now and then?

Any advice gratefully received.

Thanks

:j

psarinuk

Microbrum,

You would not be charged interest if you pay off your full balance before the 0% rate period expires.

Please check with Tesco when your 0% on new purchase comes to an end.

davepage1

Hi
I've applied for a Tesco card to make a purchase to the credit limit which is £6300, assuming i'd get 0% for 15 months as advertised, and the details suggests the 0% offer.
However there's an example that states 'on opening account you spend the your full credit limit on one purchase, repay this with interest and any fees over 12 months on time, and during the year you don't carry out any more transactions and your interest rates dot change your total amount payable will be £6850.52' Am I missing something or if I make regular payment above and beyond the minimums, on time, the amount will be interest free over the terms?
Hope that makes sense.
Thanks

cyl1

Hi, I need CASH rather than spending, so can I use a 0% card for this purpose? I'm sure I can pay it off within the term offered, but I need a lump sum up front.
Thanks for any advice!

Venusflytrap

cyl1 wrote: »

Hi, I need CASH rather than spending, so can I use a 0% card for this purpose? I'm sure I can pay it off within the term offered, but I need a lump sum up front.
Thanks for any advice!

0% CCs are usually for purchase only. Withdrawing cash will attract hefty charges around the region of 27.9% APR.

Perhaps you can look at CCs that allow you to transfer to your bank account. Before you ask, I do not know of any at this point.

By the way, why do you "need cash"? If you have a cash flow problem then may I suggest that CCs may not be the place to look?

ElleWoods

I'm looking to get a CC with 0% on purchases. I've done the 'Smart Search' soft credit score on money supermarket and it's come up as 'excellent', although I was rejected for a Barclaycard Premium about a year ago so not sure if that's completely accurate.

Virgin 0% on purchases for 13 months is coming up as the best card for me after the Barclaycard ones but I'm wondering which stable it belongs to, as I already have a Santander CC with nothing on it - I paid it off but haven't yet cancelled it and I don't want to use this as the interest rate is about 19%. I also have an Opus CC which has just under 1k on at a 6.9% life of balance. I can't put the new purchase on the Opus card as they wanted to increase the interest rate but I rejected this interest rise, so due to that I can no longer use the card, just pay it off.

Also, I had a Virgin card about 3 or 4 years ago which I paid off in full. Will that affect me getting one again?

Thanks,
CC

jordanwells123

Hi I'm 18, have a few hundred quid saved up but really want a decent car as I may be starting an apprenticeship in october which pays 12k a year but isn't in a location that is easy to get to via public transport.

I know this website recommends using a 0% interest credit card to pay car insurance in monthly instalments to avoid insurers high interest rates but can i take this one step further and also pay for a car that costs around 10k and then pay it off in monthly installments along with the car insurance? Is there a limit on how much you can spend on these credit cards?

I may be being nieve but I have no experience of credit cards!

Any advice would be greatly appreciated.

Any

jordanwells123 wrote: »

Hi I'm 18, have a few hundred quid saved up but really want a decent car as I may be starting an apprenticeship in october which pays 12k a year but isn't in a location that is easy to get to via public transport.

I know this website recommends using a 0% interest credit card to pay car insurance in monthly instalments to avoid insurers high interest rates but can i take this one step further and also pay for a car that costs around 10k and then pay it off in monthly installments along with the car insurance? Is there a limit on how much you can spend on these credit cards?

I may be being nieve but I have no experience of credit cards!

Any advice would be greatly appreciated.

Several things:
A/ Do not take out financial product you do not understand. First find out everything there is about it and then apply if it is suitable
B/ No job - no credit card
C/ no credit history - no credit card
D/ 18 and 10k limit - forget it
E/ you don't need £10k car

Credit cards are only available to people that banks are not affraid to lend to - ie ones they know, can check repayment history (so called credit check) and have stable job/address.

It is insecured debt so they need to see as much security as possible.

Retailers are paying for letting their customers paid by cards, so dealers usually don't accept them or let you pay the fee (around 3% they usually charge).

This is not a loan. Now a days only few people get such a high limits.. Forget about £10k limit until in 10 yrs time if you have fab job and credit history.

And you do not need such an expensive car to start off with! That is exactly how people get into a mess with money.

Any

Cuba_Cat wrote: »

I'm looking to get a CC with 0% on purchases. I've done the 'Smart Search' soft credit score on money supermarket and it's come up as 'excellent', although I was rejected for a Barclaycard Premium about a year ago so not sure if that's completely accurate.

Virgin 0% on purchases for 13 months is coming up as the best card for me after the Barclaycard ones but I'm wondering which stable it belongs to, as I already have a Santander CC with nothing on it - I paid it off but haven't yet cancelled it and I don't want to use this as the interest rate is about 19%. I also have an Opus CC which has just under 1k on at a 6.9% life of balance. I can't put the new purchase on the Opus card as they wanted to increase the interest rate but I rejected this interest rise, so due to that I can no longer use the card, just pay it off.

Also, I had a Virgin card about 3 or 4 years ago which I paid off in full. Will that affect me getting one again?

Thanks,
CC

Virgin is from MBNA stable.
Have you cancelled the Virgin card at the time? If so, it won't affect you.. as long as you have good history with them the chances are you are maybe more with a chance of being accepted.