is this a good card

voodoovince

hi i have never had a credit card before

i would like advice as im really am not sure how these things work

i have had an application letter through the post from tesco credit card

i have found the relevant card on the net

link below

http://www.tescofinance.com/personal/finance/finance/creditcards/clubcc/index.jsp


what do you think is this a good deal, i know it is not the best card but i have never had a lotter before which makes me think i may have a chance t being accepted by the company rather than try my luck with others.


if any one could help it would be really helpful


thank you in advance L.A



p.s from sat i will be away looking after my gran (not well) so i will reply to anyone when i get home on wed

overlander

You want my advice from someone whos been there and came out the other end (lots of debt to debt free). Throw the letter in the bin, credit cards are a waste of money as you can easily get a visa debit card now. No good can come of a credit card especially in the up and coming climate. When this credit crunch really bites CASH will be king.

But if you are determined its not too bad deal but they have a habit of just changing your APR.

As i say in this up and coming climate you really need to ask why you need a credit card.

overlander

Forgot to mention the fact that you got a letter is irrelevant they will still run a credit check on you when you apply.

voodoovince

thanks for getting back to me so quick

one of the reasons i want a credit card is for emergency's really for when the freezer breaks down a week before pay day ect


but the other reason behind my thinking is being able to manage my credit card will help my credit rating (no debt but no credit history either)

overlander

All i was trying to point out is, be careful with them they are very easy to run up debt. What really makes me sick about them if they get one sniff that you are struggling they up the APR how considerate.

As i said the letter does no change anything and if you do pay of the card every month you should look for a card which gives you benefits. The tesco card is good if you buy your shopping in tesco as you get points BUT pay it off at the end of the month.

Mrs_A_4

DON'T DO IT!
I started off like that at 18, when the woman sorting out my student account told me it was a great idea to have a credit card for emergencies. I'd not be in £23k of debt now if I'd had the sense to tell her to shove it.

Fair enough, you want to cater for emergencies. Get a pre-paid credit card and send a direct debit to it every month. Hide it in a drawer and forget about it until said emergency happens, smug in the knowledge that you are not actually getting into debt.

Honestly, if I could change one thing about my life, I would have never got any credit cards in the first place.

overlander

Mrs A is giving you good advice.

I was lucky, i ran a massive amount of debt up, over 75K but i had enough earnings to sort it out, took 3 years mind you.

My light bulb moment was when i ran a card up to the limit and missed a payment when i was on holiday, two months later and they hiked the interest from 8.9 to 34.0 %. These card companies are scum, i was lucky i could get out of it some are not so lucky. I believe Royal Bank of Scotland run the tesco card.

And yes i originally got a credit card for mail order item and it just escalated.

Do not get me wrong i take full responsibility for running up the debt but the card companies do make it easy. But where they show their true colours is when you fall behind they stick the boot in and make the situation worse instead of trying to solve the problem.

donny-gal

Overlander and Mrs A are right to warn you of the risks, only you know whether you can trust yourself to use it a) just for emergenies, and b) pay it off totally every month, don't fall for the 0% interest period as if you do you will probably not be able to clear it at the end of the that period. However, if you feel you can control yourself, then it will give you the credit rating you refer to, and cover emergencies. As your idea of an emergency is a freezer failure at month end, it sounds like you run out before the end of the month, so I would probably avoid getting one.
DG

overlander

:rotfl:Poor Voodoovince, just wanted advice on a card :rotfl:

But this thread has cheered me up no end, i do finally believe people are wakening up to the dangers and consequences of debt and that can only be a good thing.

marshall2k

People should not be made afraid of credit card use but warned about credit card borrowing (unless it's 0% of course).

exel1966

Handled correctly and by those disciplined enough to use them correctly they will benefit you in many ways. You just have to look at the hundreds of threads here to tell you that. You can even make thousands of pounds from credit cards, but that's not for you just yet !

Before deciding whether to have a card or not you should fully understand how they work in principle, how the payments work, when interest is payable etc. You won't believe the number of people who get cards without fully understanding what they are doing and then find themselves in a financial quagmire. You also need to look at why you want a card, regular or irregular use. Once you looked at all that, then decide which card is best for you.

If you're not disciplined enough to stay within your limit, pay regularly, pay on time and your current financial staus isn't too sound then DON'T get one !