trials_pimp Posted January 16, 2006 Report Share Posted January 16, 2006 Right, im thinking of applying for an EGG card to buy some parts for my car.Ive never had one before, and banking talk allways confuses me.Anyway, the say they have 0% interest on all purchases until July 1st.So does that mean if I was to buy something, I would pay no interest on the balance until then, or it would be interest free for good?Also on the repayment,s I cant make any sense of this."minimum payment stated in your statement by the Payment Date. The minimum payment will be:the full Revolving Balance if it is less than £5, but otherwise the greater of 2% of the Revolving Balance and £5, or (if it is more) the total of (i) interest and (ii) the Card Repayment Protection premium, both as shown in your statement "Someone please simplify this so I can understand it.I know credit cards are evil, so if I get one, I will buy what I need for my car, then destroy it. Quote Link to comment Share on other sites More sharing options...
tipsy Jock Posted January 16, 2006 Report Share Posted January 16, 2006 (edited) Outstanding balances after 1st july will have interest added until you pay them, until then you will only have to pay back what you spent. The other bit means you will have to pay back a minimum amount at a time i think e.g. you can't pay back 50p or so at a time. Just a guess, i think credit cards are the evil too so i've never had one Edited January 16, 2006 by tipsy Jock Quote Link to comment Share on other sites More sharing options...
trials_pimp Posted January 17, 2006 Author Report Share Posted January 17, 2006 Yea I know they are evil, but I want to get my car sorted for the summer with a new engine.I can either save, and buy bits at a time when I can, or load it onto a credit card, and get them all at once, and possibly get a discount for bulk buy ect.Well if the interest is carried over, could I not just get another credit card iwht the same offer at the time and move it over to them??Or will that end up costing me? Quote Link to comment Share on other sites More sharing options...
munkee Posted January 17, 2006 Report Share Posted January 17, 2006 (edited) Ummm.. just wanted to clear up the whole.. credit cards are evil.They really arent evil if you have the money to start with. Say you went out on the piss with your credit card. Its got say...a limit of £1500. In your bank you have £3000. You then lose your card and some f**ker picks it up. The most they are gonna get away with is the £1500. Still leaving you with some money, because it takes the banks near enough a century to sort out getting you your money back and in some cases dont even bother.If it was a debit card.. you'd have been left with nowt.So when it comes to security etc and being sensible with what you buy a credit card is the best thing ever. But keep to one.It it was up to me id save up and buy the parts. The money your buying them with is actually yours, unlike with what your saying about sticking it all on the credit card. Any advantages your thinking your going to get by buying in bulk will soon dissapear with the interest on the card when your trying to repay. Its like taking out a loan.. people dont seem to understand that they are spending money that isnt actually theirs. They just use it and have a good time.. then end up in even more debt than if they hadnt have bothered (due to the interest making them repay more than they took out). As i have said many many times before.. there is a difference between wants and needs. Also i wouldnt switch between companies and carry over interest etc, theres always small print that will screw you over. They are also allowed to make up their own rules whenever they want so im sure they have thought about it and will eventually find a way to make you pay stupid amounts more back than you should be. Also, dependent on who you bank with and age are you sure they will give you a high enough limit to buy said parts? My first card started on £500 limit and has gone up ever since. They usually base the limit on your current balance, time taken for repayments etc.I would be really warey of any bank that gives you a stupidly high limit.They are just doing it to try and f**k you over in the long run so you just pile everything on to the card. When you get a card they will usually say how little you are allowed to repay. I know its common sense, but the quicker you pay back.. the better and more reason there is to actually have the card. Edited January 17, 2006 by Spacemunkee Quote Link to comment Share on other sites More sharing options...
tipsy Jock Posted January 17, 2006 Report Share Posted January 17, 2006 If you have money they're fine but i know that if i had one i wouldn't be sensible with it! One of my friends last year had to take out his student loan purely to pay off his credit card For weak suckers like us they're evil. Quote Link to comment Share on other sites More sharing options...
munkee Posted January 17, 2006 Report Share Posted January 17, 2006 (edited) Exactly, you mase well just get a debit card if you have f**k all in your bank account.oh yea also was just on the how stuff works site and found out it has a whole section on credit cards too! http://money.howstuffworks.com/credit-card8.htm there you go Edited January 17, 2006 by Spacemunkee Quote Link to comment Share on other sites More sharing options...
trials_pimp Posted January 17, 2006 Author Report Share Posted January 17, 2006 Thanks for the info, I know what your saying about having the loot ect, but what I was planning to do is pay the debt off before the 0% interest deal is up, there for not loosing any money.I know I should save and buy the parts as and when, but at this time of year I have more free time to get things sorted, and make sure all is ready to put in the car.Im not one of these people who will keep buying crap, just cos I can get it on credit, chances are IF I get a card, ill buy what I need, then store or destroy the card.Also it would be nice to have it there as insurence for when I go to the Nurburgring in August....., Quote Link to comment Share on other sites More sharing options...
munkee Posted January 17, 2006 Report Share Posted January 17, 2006 Sounds like a good plan from what you are saying, should work fine as long as you make the deadline Quote Link to comment Share on other sites More sharing options...
BONGO Posted January 17, 2006 Report Share Posted January 17, 2006 credit cards are very dangerous. From experience, its bad to get one specidically to buy something, unless you are strict and have the self control to definately pay off the balance as you plan to.It rarely works out that you pay it off as you plan though, but you must or you can easily get into a mess. I'd highly recomend setting up standing orders to the credit card for payments so you cannot change your mind about how much you want to pay off it.Just be careful. The whole thing about 2% / £5 is that as a minimum payment that they will require each month is 2% of the whole balance, UNLESS 2% is less than £5, in which case they will take £5. When you purchase something before 1st July, it is interest free to pay off until that date, the next bill will have interest incurred, and you will pay that from then on with purchases surrent and future.You will get a bill which will have a date about 10 days later, which is when they need the payment by. If you call them you can set up the payment automatically so that you can't forget. Mine is set to take the minimum each month, and then i put what i can on top of that each time i have any spare cash.I hope this helps...johnout of interest, how much do you earn, how long have you had your job and how much money goes into your bank account monthly??? 'ISH' Quote Link to comment Share on other sites More sharing options...
Tony Harrison Posted January 18, 2006 Report Share Posted January 18, 2006 It's something I regret. It's all very well, you buy bits for your car, etc, but then 6 months later they say 'Oh, have an extra £1000 credit', and then it's just so easy... next thing you know you're paying £25 a month just to cover the interest. Quote Link to comment Share on other sites More sharing options...
Bionic Balls Posted January 18, 2006 Report Share Posted January 18, 2006 hey there..someone said that if someone found ma debit card, they could run off and i'd have nowt in my account by the time they'd finished?but my card has a £250 limit each day...so surely...i wouldnt have nowt left?unless they took £250 each day before i noticed... adam Quote Link to comment Share on other sites More sharing options...
munkee Posted January 18, 2006 Report Share Posted January 18, 2006 if you had a lot of money in your account you wouldnt have a limit of £250, your more than likely stuck in some student debit thing if you have a limit like that. Quote Link to comment Share on other sites More sharing options...
Alexx Posted January 18, 2006 Report Share Posted January 18, 2006 Still leaving you with some money, because it takes the banks near enough a century to sort out getting you your money back and in some cases dont even bother.If it was a debit card.. you'd have been left with nowt.Takes a long f**king time but they always will cover you, provided it's there in the small print. I set the same limit on both my debit and credit (£1500) simply incase either was stolen.Credit cards are fine if you have self control. Never had any problems with them. In regards to someone stealing and using your debit untill the account was empty before you noticed, banks have got pretty complex software in place to stop that, Once I withdrew my limit for 2 days running from 2 different cashpoints and my card was auto-frozen and the bank rang my house to ask to check if it was me using the card. Because it went against my normal 'spending trend'. Quote Link to comment Share on other sites More sharing options...
trials_pimp Posted January 18, 2006 Author Report Share Posted January 18, 2006 yea My bank does that, they ring me when i go over my Overdraught (only £200, but then i dont want more)Id like though think I have enough control to keep the card in check.Everything will be done by standing order, so I wont miss payments, and once Ive got somethign on it, it will be hidden or possibly destroyed so I cant get in to the whole "Lets have it" attitiude.My credit is damn good, I internd on keeping that way Quote Link to comment Share on other sites More sharing options...
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