How to use a credit card efficiently?

Mjfender26 · 19 February 2019 at 2:59PM

Awesome, I've actually set up my DD to come out of my savings account as I now transfer around 1/3rd of my wage into my savings account per month anyway, so that is going to also benefit me, the fact that i'm in habit of doing that already, thanks for your info!

Mjfender26 · 19 February 2019 at 3:00PM

I was thinking the same, If i were to only spend £90 of my limit, that would be a bit pointless.

Mjfender26 · 19 February 2019 at 3:03PM

zagfles wrote: »

If you pay it off in full it'll probably show you can manage credit.

Just don't make the mistake of thinking £1000 is your monthly spending limit, it isn't, it's the total credit limit.

For instance if you pay it by DD which is usually 25 days after the statement date, you'll have nearly 2 months spending outstanding on it.

That makes sense, To be honest, my original plan of action was to use it for petrol and shopping, then pay what ever I spent on those two things straight back using my debit card, but if everyone is saying to take advantage of the direct debit facility, i'll probably just do that instead.

It makes more sense as you say, it will show that I have intention of paying back borrowed credit, which in the long run, benefits me.

Fingerbobs · 19 February 2019 at 3:15PM

Mjfender26 wrote: »

I’ve actually got a ‘Barclaycard Reward Card’ on it’s way to me in the post as we talk here.

I’ve looked into the aqua card etc and the APR% was ridiculous.

The Barclaycard was the best option, with the lowest %

The APR% is irrelevant if you pay in full every month.

MallyGirl · 19 February 2019 at 4:26PM

Mjfender26 wrote: »

That makes sense, To be honest, my original plan of action was to use it for petrol and shopping, then pay what ever I spent on those two things straight back using my debit card, but if everyone is saying to take advantage of the direct debit facility, i'll probably just do that instead.

It makes more sense as you say, it will show that I have intention of paying back borrowed credit, which in the long run, benefits me.

If you pay it off straight away, rather than waiting for the statement, then the balance reported to the CRAs would be zero making it look like you weren't using the card. Wait for the statement and let the direct debit pay it in full. When you first set up the DD it can take a while so check your statement to make sure that it says 'will be collected by DD' as the first one might not and you would need to pay manually.

Mjfender26 · 19 February 2019 at 5:11PM

Called them today to tell them I wanted it to be taken on a specific date, so that is now in place.

I also asked the lady on the phone for advice on how to efficiently use it , she was very helpful, and also added "Your credit must be a lot better than you suspect because you've gotten our platinum service card, which is our highest/best offering credit card".

So that was a massive bonus to myself too.

[Deleted User] · 19 February 2019 at 8:33PM

Lol - “Platinum” is the name for their standard card they issue - it’s nothing special (sorry to pee on your bonfire there!!).

bertiewhite · 19 February 2019 at 9:12PM

Mjfender26 wrote: »

because you've gotten

Were they American?

Bigspender01 · 19 February 2019 at 9:25PM

Just joined this forum but don’t know how to post a question....please help?

My question is: I’ve just received the m&s balance transfer credit card recommend on mse in January. Wanted this for the purpose of transferring my next directory card balance. Just tried to do this and have been told that next only accept payments and do not provide account details to credit card companies to allow balance transfers. Really angry!!! Help please

Claddagh_Noir · 19 February 2019 at 9:31PM

I use mine on the day the statement is made up. For example, if my statement is made up on 19th of the month, I will use the card then or just after. That way, no payment will be due 25 days later (16th March for example). It would in fact be due the 16th of April when the statement is made up on 19th March.

I always pay for my cards in full either by direct debit or paying it in advance on their website.

How to use a credit card efficiently?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free