Newbie wanting a card

guitarsbard

Hi. I am 18 years old, in full time further education and will be going on to do a degree course this September. I have no credit history and am on the electoral resistor. Over the summer, I want to work at Glastonbury and Leeds festivals and need to pay a £160 deposit. I don't have this money and therefore want a credit car to not only get this £160 but to build a good credit history. I don't really ant to pay any interest (obviously) but am willing to pay a bit if necessary. What credit card would you suggest I apply to (if anywhere will accept me????)

Thanks, Joe

skyrider007

Hey Joe

I suggest you wait until you receive an unconditional offer letter from UCAS when you will be able to open a student account.

If you're currently banking with HSBC, Barclays, NatWest, Halifax, RBS or LLoyds TSB then you can upgrade your existing account to a student account. The normal perks that come with a standard student account are:

- up to £1,000 - 1,250 interest-free overdraft in year 1, Halifax said they offer up to £2,750 in year 1 but i've yet to come across anyone who've been approved
- student credit card (mostly MasterCard) with £500 limit and 15-19% APR
- some freebies like £15 cash, NatWest Rail Card etc.

Good Luck!

P.S. in the *unlikely* event that your bank declines your student account application, get a Capital One Classic card... https://www.capitalone.co.uk - you can choose from several tacky-coolish cards lol

skyrider007

Borrow £160 from your parents and/or friends and tell them you'll pay back when you get your student overdraft in August. This is the only way I can think of that you can avoid interest.

If you apply for the Cap 1 card, don't use it as the interest is like 35%.

CLAPTON

I don't understand why you need to pay 160 to register for WORK.. sounds pretty dodgy to me.... suppose the work doesn't materialise?

anyway starting your adult financial life getting into CC debt sounds a bad idea...

oterwise skyrider's advice is very good.

guitarsbard

Thanks for the response guys!

The problem with waiting for a student overdraft is that I would have to wait for my A level results and then the Ucas letter which wont be until august! And festival work is before this!

I have to pay a deposit due to the amount of people that say they are going to work at festivals but then get their free ticket to work there and then don't complete their shifts...the £160 is totally legit!

I haven't really got a family member to lend me the money and friends are in the same boat as me. Is there not a credit card I could sign to with less that 10% interest I would have to pay back or a higher interest credit card with say 3months at 0%. I have a regular income off two part time jobs so that it probably wouldn't be longer than a couple of months before I payed it back!

Also, I want to start me credit history so that if I do need a credit card for other purposes when I finish Uni, I will have a strong enough credit history to allow me cash flexibility. I have no problem with keeping on top of repayments but need this £160 soon!