Level Credit Card - Experience?

[Deleted User]

What I have completed months ahead of predicted D.F. Date . Is SC Dmp. It's been amazing qualifying for 23k approx. Credit cards total limits, though I need to add another 900 pounds for one of two r.b.s. Card increases past few days. Once h.2.s expires March/April 2022 -then only 2-3 hundred to achieve 0%…

You have to wonder when the penny will drop? You got a DMP, cleared your debts, yet you're already living beyond your means thus heading for another DMP. "only 2-3 hundred to get to 0%" - then you can't afford your lifestyle if you can't pay it off. You seem also to be ignoring your 10% windows finance or the car finance on a second hand electric car with a pitiful range (90-100 miles from a car that new was around twice that). I imagine you have not told any of your lenders about your 50% cut in income in order to keep your available credit limit high for whatever reason you're doing that yet you're chucking money at crypto currency, putting stuff in S&S ISAs as an emergency fund etc

LaDerniereSemaine

Dandytf said:

Deleted_User said:

IntoTheForest said:

Dandytf said:

Ebe_Scrooge said:

Dandytf said:

28% isn't best rate though a lot of other cards are in 20's range anyway.

thanks

As long as you're paying the balance in full every month - which you really really should be doing - then the APR is irrelevant.  If you apply for a new card with the intention of carry a balance, then the best advice is to not apply in the first place.

I tend to disagree, no harm in repaying some interest.

This is terrible advice. There is harm in paying over 20pc interest and it should be avoided. So many lives are ruined by credit card debt that turns into persistent debt. 

You might be unaware but the use Dandytf has already been though a DMP and has some odd habit of opening up as much credit as possible all over again, running up tonnes of expensive debt and having to use BT offers to try and keep the wolves away from the door. He knows all about persistent debt as he's halfway to a second DMP

What I have completed months ahead of predicted D.F. Date . Is SC Dmp.
It's been amazing qualifying for 23k approx. Credit cards total limits, though I need to add another 900 pounds for one of two r.b.s. Card increases past few days.
Once h.2.s expires March/April 2022 -then only 2-3 hundred to achieve 0% utilisation.
Phenomenal Credit Managing continuously. 

Personally, I'de rather other mser's keep to OP's thread and question's.

You competed it months ahead of the predicted date because you had a windfall redundancy payout, not because you were so disciplined that you were overpaying it.

And you've racked up about as much debt as you had left on your DMP anyway, and a lot of it is interest bearing, so you're arguably in an even worse position than you were before you paid it off.

Ebe_Scrooge

Dandytf said:

Though what some not all mser's fail to realise is that not every card holder is able to re pay in full every month.
  

Your approach to credit usage is certainly .... "interesting".  If it were the case that you were struggling to make ends meet, using a credit card to buy only food and still being unable to repay it, I think you would have the sympathy and help of every member of this forum without question.

But your apparent mission to rack up as much debt as possible for no good reason, being unable to service that debt, yet still aiming to take on further debt - frankly, it beggars belief.  Please don't take this the wrong way, I'm not meaning to be patronising - I am genuinely intrigued as to your long term aim?

Dandytf

@Ebe_Scrooge

at least some of your reply's deserve some form of reply...
Though to re iterate I don't see up to what could be 7% appro. utilisation as some kind of determination to and I quote
' apparent mission to rack up as much debt as possible for no good reason, being unable to service that debt, yet still aiming to take on further debt '

thanks anway.

[Deleted User]

Because it's not utilisation of the cards alone that is the issue! If you add on your windows and car finance as a debt, what ratio does that take you to, seeing as you're obsessed with ratios for whatever reason. 

You already have a playing card deck worth of plastic, yet want to apply for yet another. Have you told the card firms about your reduced income or your battle to get UC payments or just pretending that everything is rosy? You can't afford your lifestyle but want more credit available, to what end? 

2319WeHaveA2319

I appreciate everyone's reply on here ... if slightly off-topic, and a really helpful reply from @Mrsn. 

I do not plan to carry a balance, and will be paying off monthly, but "just in case" . 

Card is yet to arrive so I have not had a chance to try out their app. 

Fighter1986

Level card feels like a really modern and polished product to me, great app, nice card, but be careful with how they take payments on the chosen day by card mandate from your debit card, and this can be as little as five days after the statement is generated (it is in my case) - keep certain you've got sufficient funds in your current account - as one failed attempt for them to take the full amount on the chosen day will result in interest being charged.

As long as you've got that down, you're golden

2319WeHaveA2319

So far my experience has been positive, other than on a night out my card being declined due to suspected fraud. This was fine to use again the next day without speaking to Level. (All my payments were via apple pay). 

simax

Fighter1986 said:

Level card feels like a really modern and polished product to me, great app, nice card, but be careful with how they take payments on the chosen day by card mandate from your debit card, and this can be as little as five days after the statement is generated (it is in my case) - keep certain you've got sufficient funds in your current account - as one failed attempt for them to take the full amount on the chosen day will result in interest being charged.

As long as you've got that down, you're golden

I agree with this. You have to set a card for payment and a % figure or statement balance for payment. This is then taken 5-6 days after the statement date (this is not ACTUALLY the payment due date) - if you agree to pay 100% of the balance, no interest is charged.

This is the trap with this card….. the actual payment due date is actually a couple of weeks later than this, so if you set your payments to be, say, 25% of the balance, and this is collected… if the then decide to pay the other 75% before the actual due date, you’ll still incur interest, even though you paid in full….. you have to pay the whole 100% in one go on the card payment date to get no interest charged.

Very very sneaky and designed to catch people out who don’t read the terms.

djbsuffolk

Just coming to the end of my first month with this card and have just paid off this months balance in full - seems to work well and the app is great, and the payment notifications are good and instant - the only drawback I would say is payment is a week or so after the statement date, and they seem to work on a monthly cycle - that is the statement and payment is all within a month - the longer gap other cards give you between the statement and payment being taken isn't really available on this card - not really an issue for me as I will pay the balance anyway as it's more of a score builder card for me only recently been able to get a credit card again after some hard and long work to build my previously dire score!