Credit Card?

[JT!]

Anyone know of one that won't rape you on fees when you spend abroad?

Ta ducks

[Davetrials]

Anyone know of one that won't rape you on fees when you spend abroad?

Ta ducks

whats up with a debit card?

[531joshua]

whats up with a debit card?

With a debit card you can only access what's in your account, ie. if you have £50 in, you only have £50 to spend.

With a Credit card, you are given a 'credit limit', which is usually around 10,000. This way you can enjoy your holiday

Personally, i don't like credit cards. You have to pay extra once you have spent all of your credit limit, so like 5% of what you loaned added on to what you pay back to the bank, so the bank become rich!

EDIT - http://www.cardguide.co.uk/

Edited May 14, 2007 by 531joshua

[JT!]

I tried applying for one and i got declined, didn't tell me why. So i'm gonna forget it.

I wanted a credit card with the intention not to use it. Debit card wouldn't have been any good becuase i don't have much money in my current account becuase it has very low interest rate.

Edited May 14, 2007 by JT!

[PaRtZ]

post office jon

every single time i go in to post something they tell me about it. Its the "only" interest free one apparently. I never listened but its worth looking at

EDIT: Credit cards are good abroad because petrol stations without a paying shop thing accept visa + mastercard. nothing else. fact.

Edited May 14, 2007 by PaRtZ

[JT!]

I don't think i can get one becuase i don't earn enough.

[Fish-Finger-er]

just lie then, it aint exactly hard, every companies throwing cards at me.

also JT, tried paypals credit card, 6 months 0% on purchases( i know mint and egg have advertised better, but neither wanted to know me)

capital one seem to accept anyone,but take the higher price thats on them.

also try your bank.

not being nosy. but roughly how much u earn per year if you dont mind me asking, when i was sub £11k people where throwin credit cards at me.

also to everyone saying dont get one youll end up in debt, who cares, your buying stuff you want. if you waste it on crap then fair enough, but i know without mine, i wouldnt be going to leeds this year etc.

currently got around a grand owing on one, but i dont sweat it. its only money, and a grands buggar all on the grand scheme of things.

[Davetrials]

I don't think i can get one becuase i don't earn enough.

i didnt have a job and halifax offerd me one with a 20k limit:S

[Simon]

I've had a job for the past 3, nearly 4 years, except for 3 months last year.

Because of those bad 3 months, i applied pretty much everywhere to be declined by pretty much everyone. My own bank even told me to f**k off for 6 months. MBNA only accepted after i faxed my last 3 months worth of bank statements to prove i was back on track with my finances. Gave me a 1k limit, i phoned to up it and they flatly refused, and will do so for the next 4 months until i can prove my finances with them.

Its not if you've got a job or not, its how you've handled your account in the past. Do you take time with re-payments, do you miss them, do you have many financial commitments, if any, etc etc.

[JT!]

also to everyone saying dont get one youll end up in debt, who cares, your buying stuff you want. if you waste it on crap then fair enough, but i know without mine, i wouldnt be going to leeds this year etc.

currently got around a grand owing on one, but i dont sweat it. its only money, and a grands buggar all on the grand scheme of things.

If your owing a grand though, they charge you interest, and you end up paying a lot more back. It's wasting money to me.

I only want a credit card to use when i'm traveling, just in case i have to fork out £300 for a flight i miss. I don't intend to use it at all, and i'll cut it up when i get back.

I think i'm just not going to bother, or i might go down to my bank and ask them.

[SaltWaterHippo]

With a debit card you can only access what's in your account, ie. if you have £50 in, you only have £50 to spend.

EDIT - http://www.cardguide.co.uk/

I thought you could do that with a debit card and you just get a 50 quid overdraft?

[Fish-Finger-er]

If your owing a grand though, they charge you interest, and you end up paying a lot more back. It's wasting money to me.

I only want a credit card to use when i'm traveling, just in case i have to fork out £300 for a flight i miss. I don't intend to use it at all, and i'll cut it up when i get back.

I think i'm just not going to bother, or i might go down to my bank and ask them.

yay and nay though, im still on 0% interest. and even then its only like £10er a month interest on a grand. and when i start paying interest on it, ill clear it straight away, i got like £500 i could clear off it now, but why should i till i pay interest on it, also if i want something thats on offer, but cant afford, it makes more sense to stick it on there than it does to miss the offer, for example halfords tool boxes and tool where on offer, £450 rollcab and tools for £300, if i only had £100, id miss out on the offer, but with my credit card, i could buy it, and pay the £100 i got off the credit card(after havin the month or so interest free you get with any purchase till your next statement) then be payin a lowly £2 ish a month while i owed £200, say that took me 3 months, after the 1 month interest free id of payed a total of £4 interest on the £200. but saved £150 by gettin it on special offer.

i put everything on it, fuel, shopping, clothes, meals etc, just keep the money i would of payed for it aside as much as possible.

[JT!]

yay and nay though, im still on 0% interest. and even then its only like £10er a month interest on a grand. and when i start paying interest on it, ill clear it straight away, i got like £500 i could clear off it now, but why should i till i pay interest on it, also if i want something thats on offer, but cant afford, it makes more sense to stick it on there than it does to miss the offer, for example halfords tool boxes and tool where on offer, £450 rollcab and tools for £300, if i only had £100, id miss out on the offer, but with my credit card, i could buy it, and pay the £100 i got off the credit card(after havin the month or so interest free you get with any purchase till your next statement) then be payin a lowly £2 ish a month while i owed £200, say that took me 3 months, after the 1 month interest free id of payed a total of £4 interest on the £200. but saved £150 by gettin it on special offer.

i put everything on it, fuel, shopping, clothes, meals etc, just keep the money i would of payed for it aside as much as possible.

Good argument. lol.

I've applied for one with my bank online, but i doubt i'll get it for when i go in a week anyway.

Edited May 14, 2007 by JT!

[531joshua]

I thought you could do that with a debit card and you just get a 50 quid overdraft?

Well yeah, but that's pretty sh*t.

If you go to a shop and wanna buy a bike that's £100, but you only have £80 in your current/savings account, and pay with your debit card, it will simply reject the payment.

The only way you can go into your overdraft is if you make a purchase online etc. Most credit card systems don't recognise the difference between a debit and credit card, therefore if you put a debit card on file, the system will interpret your debit card as a credit card.

I think.

[MadManMike]

Some random facts for you:

Every time you apply and get declined you credit rating gets slightly worse, apply for 3 or 4 and you'll not get a chance for another 3-6 months.

Miss a payment on any Direct Debit or regular payment and you get blacklisted for roughly 6 Months.

Barclaycard Initial card can be accessed by most people, though it's 30% interest, and hence why I still owe them over a grand.

I had 2 cards, and I've been screwed for two years - some may remember my debt problem thread about a year ago - I would SERIOUSLY advise AGAINST them. I said I wouldn't spend it, or I'd not spend much, but pretty soon they were both maxed.

In fairness, the only way to learn is to do it - you'll disregard everything I just said, then you'll look back and say "Oh f**k, Mike was right". You don't have to believe me, but 90% of people do.

Enjoy!

[JT!]

I'm waaay to careful with my money to let that happen.

[Fish-Finger-er]

Some random facts for you:

Every time you apply and get declined you credit rating gets slightly worse, apply for 3 or 4 and you'll not get a chance for another 3-6 months.

Miss a payment on any Direct Debit or regular payment and you get blacklisted for roughly 6 Months.

Barclaycard Initial card can be accessed by most people, though it's 30% interest, and hence why I still owe them over a grand.

I had 2 cards, and I've been screwed for two years - some may remember my debt problem thread about a year ago - I would SERIOUSLY advise AGAINST them. I said I wouldn't spend it, or I'd not spend much, but pretty soon they were both maxed.

In fairness, the only way to learn is to do it - you'll disregard everything I just said, then you'll look back and say "Oh f**k, Mike was right". You don't have to believe me, but 90% of people do.

Enjoy!

pretty much right on the whole, you get one, and you will end up owing money and being seriously fecked, everyone gave this advice, but i ignored it saying i wont use it like that, and although im not in money problems, can see im probably going to get into them as its just so easy, you want something, you buy it.like i left my card at home when i went shopping, but think if id of had it, id of put £150 or so on it, and £150 here and there mounts up. but also id rather get this whole debt thing into, out of, and outta the way and learnt my lesson, now, while i have no mortgage or family to support, and while ive still got a low limit. rather than being 23 with a £10k limit £600 a month mortgage and a couple of kids who want feeding.

[MadManMike]

I'm waaay to careful with my money to let that happen.

Like I say, some people manage it - a HUGE %age dont though. Easy access to wads of cash?

At the time it doesn't seem that bad "Ah I'll just pay off 200 next month... ok I can stretch to 250.... Hmm, 300 won't be too bad" - You end up paying back 150, then spending another 300... before you know it it's maxed, and you can't hardly make minimum payment...

For the majority of people, they'll be sitting at home thinking "Wow, I did just that!".

:|

[haydon_peter]

I sorted out the application for my first ever credit card today

Reason for the card is the same reason JT started this topic. I am going away to Australia in a couple of weeks and decided it would be best to have a credit card in case I really get stuck.

I discovered that Nationwide provide commission-free use abroad for any transactions whereas my current bank will be charging me a percentage+£2 for each transaction I make using my debit card. I plan to use this credit card just like I would use my debit card then each month transfer my savings over from my current account to pay off the credit card. I will use my debit card to withdraw any cash I need, I get charged 1.5% of the amount I withdraw (but a minimum charge of £1.50) so will have to withdraw in bulk to make it work while.

If I really mess up (which I am sure I wont!) or I get stuck and have to max the card out, I can just transfer the debt over to another card issuer offering 0% interest and pay it off pretty quickly due to the fact I am living at home and am returning to a full time job.

If it all goes wrong and I do end up in loads of debt I will post "Mike told me so"

Also at the end of the day the only way you build up any sort of credit rating is by taking out loans and having credit cards...