18 year old requiring a bit of advice.

NickX

Yes I must disagree with JonesMUFCforever.

Managed efficiently Credit Cards are very useful. The poster seems to know his stuff and is not planning on paying any interest. I think it is an excellent idea to improve his Credit Rating and he gets the additional benefits of Section 75 protection and the 59 day interest free period.

I had a credit card when I was a student, built up my credit rating. Starting limit was £250, now I get limits around £17000, but this is only because of building up a history through efficient use of credit.

I suggest the OP goes for it, but remembers to always pay back in full.

dannodw

Again, thank you all for your advice and comments.

I certainly would pay off the balance in full if i were to get a credit card.

I also intend to do a business finance degree at uni which means i do know a bit about money.

Even before i turned 18 i knew the value of money. I have £4000 spread around in high interest ISA accounts, and online savers given to me by my parents. I also have £5000 in the bank.

The primary aspect of a credit card is the prospect of building up a credit rating. I also understand the added security benefits of using a credit card opposed to other payment methods.

NickX and marshall2k got the point dead on in my opinion, getting into debt has never even crossed my mind. The card would be simply paid off in full, simple as that.

Some may think i am being naive, but i can assure you i am not.

Thanks again,

Dan.

johnny_c-l

Go for it Dan - you seem very sensible & clued up.

I'm a student and got my first credit card with my bank when I started uni.

That was 18 months ago, and since then I've been able to get a couple of 0% cards and do some slow stoozing.

simongregson

Personally I would wait until you go to uni and get a student card, they generally have better terms than the capital one type cards.

I am a great believer in in common sense, when I went to uni I decided to pay for everything on a credit card then pay it off each month, I found that it helped me to keep track of what I was spending (bear in mind that there was no such thing as internet banking at the time!). Friends of mine had a go and said that they always used their debit cards, but I just found it easier to separate spending on food etc. in the supermarket on the card. As long as you realise that you need to pay it off each month it is a good idea.