First time credit card 18 year old

sharp910sh

Hey guys, I'm 18 years old and I need a credit card, as my maestro card isn't cutting it. I'm still at school and I have a part time job. Would any one know of any good credit cards i could apply for?

Cheers Jason

ShelfStacker_3

Hi! I've recently been in the same boat, so I can give some decent advice on this.

First of all, make sure you're on the Electoral Roll at your current address; you can do this by calling your local council, and it will increase your credit score as well as reducing the number of ID checks you need to pass.

Secondly is the actual credit card itself. You're not going to be able to get any of the 0% or cashback cards whatsoever, so forget that. To build up your credit history, you'll have to use some cards with frankly frightening interest rates (usually 30% APR and up). For your own sake, I STRONGLY advise you to pay off the card balance in full every month, and only to make small purchases. I repeat: DO NOT CARRY A BALANCE; DO NOT MAKE LARGE PURCHASES, and while I'm at it DON'T WITHDRAW CASH. Clear? Good.

Best credit card to apply for is from Capital One (http://www.capitalone.co.uk), you want the Classic Visa. The minimum credit limit is £100, which is just enough to get you started, and after paying 3 statements on time you'll be in line for an increase (although, again, my note about paying off in full/no large purchases remains, as the interest is very high on this card.) The online account access is also, well, existant, compared to the other cards.

The other two cards that you could get in this situation are Vanquis Visa (http://www.vanquis.co.uk) and Aqua (http://www.aquacard.co.uk). Aqua are less likely to accept you, but are backed by Halifax so they're at least a reputable name. Vanquis are less well known and backed by a less well known firm, and are again less likely to accept you. Both have minimum limits of £250.

THE IMPORTANT BIT - having said that, before taking out a credit card, question yourself as to why you want one. Do you want to build a credit history for yourself using it (good idea!) or keep it for emergencies (good idea, although savings are a better idea) or do you simply want to buy a brand new shiny thing NOW rather than later, and screw the consequences (bad idea!)? If it's the latter, then don't use a credit card, because if you're just going to start putting general spending on your credit card when, as you say, you have little money coming in from a part time job, it might be painful a few months later when you're racking up interest at an astonishing rate.

sharp910sh

Cheers, the only reason i want one is so that i can buy a plugin for my archos online for £15, but they don't accept maestro. So a credit card is my only option, thats my only use.
Oh and yes I'm on the Electoral Roll, just signed up a month ago and got a letter through saying I'm on it. So that shouldn't be a problem.

Thanks, I shall start applying online.

southernscouser

sharp910sh wrote: »

Hey guys, I'm 18 years old and I need a credit card, as my maestro card isn't cutting it. I'm still at school and I have a part time job. Would any one know of any good credit cards i could apply for?

Cheers Jason

I know you didn't post to be lectured but tough. I'm older and wiser than you!

Take a look at my sig mate. £38,000 in debt by the age of 24. And it started when I was your age doing exactly the same thing, getting a credit card.

Think of it as a debt card. Everytime you use it you have to pay it back. The longer you leave it to pay it back, the more it costs you. If you want one for everyday living then think again. Work more hours. Cut back on your expenditures.

I imagine you work hard for your money. So why do you want to give it to someone else with interest on top when with a bit of self control and patience you could save up for it?

Debt is a slippery slope mate. I'm walking proof of it. Just don't say you weren't warned.

sharp910sh

Yer I know what your talking about mate, If everwhere accepted debit cards I would just use that. No problem about the lecture, I have the money more than enough money. I just can't spent it where i want to as i don't have a credit card. But I will probably just buy the item then call up and pay the money back. I'm not going to give my hard earned money to some rich share holder.

And I've been saving, been very tight lately since i lost my job a year back, and found out what life can be without a job.

Hopefully atleast one of them will say yes.

weegie.geek

If you don't want a credit card (they can be useful, especially for building up your rating for the future) there's always prepay cards.

sharp910sh

weegie.geek wrote: »

If you don't want a credit card (they can be useful, especially for building up your rating for the future) there's always prepay cards.

There are? how do i get one?

Cheers

weegie.geek

by googling

If it's a one-off, one transaction kinda deal, you're probably better going for the 3V "card". It's free, and £20 topups have no fees. It can take a week or 2 for the card to arrive though.

If you're in a hurry, the next cheapest for one transaction will be the IDT Prime card. It's about a fiver, including the fee to register it. There's a fee to topup and a transaction fee, but you can get one tomorrow if you find a shop that does them.

Purple_Peril

As you're 18 and still at school I am making an assumption that you live at home, with your parent(s) - apologies if this assumption is untrue. Does one of your parents have a credit card that they could use to buy the item for you and then you repay them with cash? That way you could avoid getting a credit card until you actually need one.

Just a thought - so don't shoot me down in flames!

chappers

Or why not open an account with a different type of card.

CannyJock

sharp910sh wrote: »

Cheers, the only reason i want one is so that i can buy a plugin for my archos online for £15, but they don't accept maestro. So a credit card is my only option, thats my only use.
Oh and yes I'm on the Electoral Roll, just signed up a month ago and got a letter through saying I'm on it. So that shouldn't be a problem.

Thanks, I shall start applying online.

You could always give £ 15 to a friend or relative who already has a card and get them to buy it for you? That's what I'd do.

Other option, if it's to make it easier to spend your own money instead of for credit purposes would be to get a current account that offers a VISA/Mastercard debit card. Not a clue if there's a restriction on getting accepted for one at 18 though.