At 18?

mothersuperior

A freind is turning 18 this Sunday. his very good with his money and has a full time job. He wants to get a credit card so he can buy a few things for himself and pay it off at 50 pounds a month. Spending no more than 200 pounds on the card. I am wondering how long should he wait before applying? I suggested getting the BC Inital and jus spending a small amount a month on it and paying it off. His been with lloyds for 2 years and has an appointment next week to upgrade his account???

Any ideas guys??? I am thinking lloyds won't be giving him one????

Many thanks

thatboydean

the 2 u've just said are fine

dollywops

Your friend should really only apply for a card which will give him 0% on purchases for 12 months.

Sensibly, if he cannot afford to pay off his balance in full each month, he really should not be getting a credit card.

CLAPTON

a 18 year old should learn to save before spending and not the other way round.
whatever is he spending his wages on that doesn't allow a modest level of saving

madness

mothersuperior

Oh no, he can save and does. He could afford also to pay off his balence at the end of the month, but he wants to pay less off so yes he will always be in the red for a while. Anyway, his a comptent person and i came here to find out about his options, not to be told his mad!

CLAPTON

mothersuperior wrote: »

Oh no, he can save and does. He could afford also to pay off his balence at the end of the month, but he wants to pay less off so yes he will always be in the red for a while. Anyway, his a comptent person and i came here to find out about his options, not to be told his mad!

Sorry if I have offended you ... I was saying the suggestion of paying interest and spending more than his saving\income is financial madness.

It makes absolutely no sense to have savings earn low rates of interest and then paying typically 20-30 % APR on a credit card. Whyever does he want to reduce his standard of living by paying interest when he could use that money for things he wants

mothersuperior

Oh no he will pay the card off in full Sorry i think i mislead you guys!! I mean't spend 50 pounds pay off 50 pounds, spend 200 pay off 200. He just wants one for evenings out and to build a credit rating...

simongregson

In that case I would suggest he initially approaches his own bank, who are most likely to give him a card. He can then look around for better deals in a year or so when he has a more complete credit history.