[cl_steele]

I just got my first credit card, granted not a good one the Interest charged on it is enough to give you a heart attack but i figured that i need to start building a good credit rating for life ASAP so my real question is has anyone got any advice on using one aside from pay on time all the time etc. like can you use them for cash withdrawels or is it unadvised etc.
thank you !

[marcusfox]

Don't spend more than will allow you to pay off the bill in full each month. And make sure you pay in time.

That is all you need to know.

[marcusfox]

If you use it for a cash withdrawal, there will be a cash advance fee. And interest will be charged from the moment the cash is taken out. So don't do it unless it's an emergency.

[cl_steele]

(Original post by marcusfox)
Don't spend more than will allow you to pay off the bill in full each month. And make sure you pay in time.

That is all you need to know.

(Original post by marcusfox)
If you use it for a cash withdrawal, there will be a cash advance fee. And interest will be charged from the moment the cash is taken out. So don't do it unless it's an emergency.

thank you very much!

[michael321]

(Original post by cl_steele)
I just got my first credit card, granted not a good one the Interest charged on it is enough to give you a heart attack but i figured that i need to start building a good credit rating for life ASAP so my real question is has anyone got any advice on using one aside from pay on time all the time etc. like can you use them for cash withdrawels or is it unadvised etc.
thank you !

I'd stick to using it for online/potentially dodgy payments. One of the big advantages of a credit card over a debit card is that a credit card has better protection against misuse. So if you get overcharged/the card is stolen or whatever, it's someone else's problem with a credit card but yours (not wholly but more so) with a debit card.

And as others have said, don't withdraw cash. Or gamble, because that's often counted as a cash advance too.

[Illusionary]

(Original post by marcusfox)
Don't spend more than will allow you to pay off the bill in full each month. And make sure you pay in time.

That is all you need to know.

And moreover, I'd strongly recommend setting up a direct debit to pay off the full balance each month - that way, you avoid the risk of forgetting it, or of payments going astray.

If you can get one, a cashback credit card can give you a small lump sum back each year, which certainly can't hurt.

[Danen]

Dont spend more than you can afford.

[Minardi]

(Original post by Illusionary)
And moreover, I'd strongly recommend setting up a direct debit to pay off the full balance each month - that way, you avoid the risk of forgetting it, or of payments going astray.

If you can get one, a cashback credit card can give you a small lump sum back each year, which certainly can't hurt.

This pretty much covers it. Keep mine for online purchases. Google Section 75. It basically means if you order something online and the company doesn't deliver you can get your money back. It's also very useful for getting customer services to listen to you.

I ordered a DSLR last xmas and it turned up damaged. They accepted the return but didn't send another. It was only when I started the process of a Section 75 chargeback with my bank that they suddenly became interested in helping me..!