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Gap Year Credit Card advice

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  • Donnie
    Donnie Posts: 9,862 Forumite
    Do please remember that even with an interest-free card, you still have to make the minimum payment each month. This can be done easily via on-line banking, or you can set up a direct debit so that the payment is taken automatically.

    If you can get a new Nationwide card, with no interest for the first three months, then that is the way to go. Ensure that minimum payments are made until the end of the interest-free period, and that then the full balance is paid off.

    If you get the HSBC card with a longer interest-free period, you gain by earning interest on the money you have saved to pay it off, and so will earn about 1 per cent in that three months. However, you will have to pay their foreign currency fee of about three per cent.

    Seems that you missed it too. I'll make it in bigger letters next time. ;)

    Other than that, a good post.
  • Donnie
    Donnie Posts: 9,862 Forumite
    Let me help you:
    • We don't conform to the standard industry practice of charging you a 2.75% handling fee on foreign exchange currency, so you won't be charged when using your card abroad.

    • There's 0% interest on all Audi purchases for the first 6 months.

    • Over the same 6-month period, you'll also benefit from 0% interest on all other purchases.
  • Voyager2002
    Voyager2002 Posts: 16,251 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Donnie wrote: »
    Let me help you:

    The T and Cs that you quote certainly make it seem an attractive product. However:
    1. the OP would still need to find some way to make minimum payments each month;
    2. a more serious problem: a 'quality' card like this is clearly targetted at the kind of well-off person who is likely to buy a new Audi. The OP does not fall into this demographic, and I doubt if he would be accepted for it. The nightmare scenario would be if he were to apply for this, be declined, and then also be declined for cards like Nationwide (and the additional search that an Audi application would generate would not help his credit record).
  • Donnie
    Donnie Posts: 9,862 Forumite
    The T and Cs that you quote certainly make it seem an attractive product. However:
    1. the OP would still need to find some way to make minimum payments each month;
    2. a more serious problem: a 'quality' card like this is clearly targetted at the kind of well-off person who is likely to buy a new Audi. The OP does not fall into this demographic, and I doubt if he would be accepted for it. The nightmare scenario would be if he were to apply for this, be declined, and then also be declined for cards like Nationwide (and the additional search that an Audi application would generate would not help his credit record).

    Your second post was a little less intelligent than your first.

    I had already stated that your original post was a good post, apart from the lack of acknowledgement of a more suitable product. So there was little need to repeat the minimum payment mantra.

    It also nonsense to suggest that because he might be declined for an Audi Card, which may or may not require a higher income than the OP can provide, that he will likely be rejected for a Nationwide Card which may have different criteria.

    There are also parents, grandparent, aunts and uncles who can apply and make him an additional cardholder; with the DD for the minimum payment attached to the OP's bank account.

    By simply trying to defend your position, you appear to have weakened your case.

    It doesn't just seem an attractive product, it does what it says.... :rolleyes:
  • dzug
    dzug Posts: 2,260 Forumite
    Donnie wrote: »
    It also nonsense to suggest that because he might be declined for an Audi Card, which may or may not require a higher income than the OP can provide, that he will likely be rejected for a Nationwide Card which may have different criteria.

    Not at all. He might apply for the Audi card and get rejected as he doesn't fit the customer profile - likely I would say.

    He might then apply for the Nationwide card, be otherwise eligible, but get refused on the grounds of too many credit applications.

    all 'mights', agreed, but not nonsense.
  • I am currently abroad for sometime.

    I got the Nationwide Debit card and have the Nationwide CC for when funds are low at the end!! However i am worried(& unsure) if by the time i need to use, which will come -that any introductory perios with APR etc will be gone. Foolishly did not look into it -i simply gpt it because i know it does not charge you commission for spends overseas!!
  • Donnie
    Donnie Posts: 9,862 Forumite
    dzug wrote: »
    Not at all. He might apply for the Audi card and get rejected as he doesn't fit the customer profile - likely I would say.

    He might then apply for the Nationwide card, be otherwise eligible, but get refused on the grounds of too many credit applications.

    all 'mights', agreed, but not nonsense.

    Hmmm....I'll refrain from further comment...as you know my opinion.
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