First Credit Card options?

RajSSingh

Hi all,

This is my first post so hopefully I get some valuable responses to help me out. Basically I need to boost my credit score and I have done everything besides taking out a credit card. I have been reading MSE website and seen various credit cards offered. My question to you all is what type of credit card shall I open, a low APR % card or a 0% purchase interest cards (i.e. 18 months free)? I would use the credit card for little purchases so I can pay it off at end of month. I'm just confused as to which card to choose. 

Thanks and your inputs would be much appreciated.

[Deleted User]

Any card will help to build history.  Set up a DD to pay in full each month.

The APR doesn't matter as you're not going to be paying interest.

Ignore the resulting drop in score as it's not a factor in lending.

D3xt3r5L4b

If you’ve read the site you’d realise you don’t need to boost your score at all...

cymruchris

If you've never had a credit card, and your credit history is thin, you might not qualify for a low rate or zero percent card. Banks like to see a bit of history before granting these kinds of products. Try the eligibility checkers first to see whether you'll be offered any of the cards. Bear in mind that 100% chance of approval can still possibly be declined (although unlikely). If declined, don't go applying for cards left, right and centre as each hard search will be recorded, and you'll appear desperate for credit. Usually the easier cards to get are Capital One, Vanquis and Aqua - although the interest rates are high, it won't matter if you're paying off in full every month, as you'll never be charged. Bear in mind that you don't use credit cards to withdraw cash (Even though you can).

RobM99

As said, any card will do, but pay it IN FULL (as Martin would say!)  every time. A creditor needs to know you can repay.
Would you lend me £100? Of course not, you have no confidence in me paying you back.

RajSSingh

Hi,

Thank you all for your inputs, it is all very helpful. I'll try MSE Eligibility checker and see what cards I can apply for. I know that you look out for soft search as they don't impact upon your credit score. I've seen the TSB 20 month 0% interest free credit card and although it looks good I know I more than likely won't get that advertised offer as this will be my first card. Thanks again everyone! 

[Deleted User]

Again, don't worry about the score. A search is just a search. In itself, it's nothing to worry about.

maxximus75

If you are not doing a balance transfer and will just be using it for purchases, if you are eligible for a 0% purchase card then go for that.

If you will be paying off each and every month, in full then it doesn't really matter the APR of the card but a 0% is always handy.

jbrassy

If you're going to pay the card off in full every month, then you may as well get a rewards card as you then get something out of it. What's the point of getting a 0% interest card if you're not going to take advantage of the interest-free period?

The best reward cards are the Amex Platinum cashback card or the Barclaycard Rewards card. You should try the eligibility check on those first. If it looks unlikely you'll get one of them, go for one of the credit score booster cards like Capital One. After a year or so of using one of them, you should stand a better chance of getting a rewards card.

As others have said, the interest rate is irrelevant if you pay in full every month. You won't pay a penny of interest this way anyway.

[Deleted User]

Ben_eficialFriend said:

I came across this SPAM LINK when I was looking for a good investment. You might want to check it. It will definitely help. 

Not unless you're Canadian and want to post spam, it won't.

Ben_eficialFriend

Deleted_User said:

Ben_eficialFriend said:

I came across this SPAM LINK when I was looking for a good investment. You might want to check it. It will definitely help. 

Not unless you're Canadian and want to post spam, it won't.

Deleted the link if it's a spam.