Credit card help! Watch

georgiagold
Badges: 0
Rep:
?
#1
Report Thread starter 4 years ago
#1
Hi, i'm 18 currently in my 2nd year at college and I am wanting to apply for a credit card in order to build my credit rating. The only issue is I have no idea which one would best suit my circumstances, I have done so much research in to them but most of it is jargon which I do not understand.

Does anyone have a credit card and which credit card is best for 18 year olds with no credit history?

I understand that I will have virtually no chance of getting one with a low interest rate but I intend to pay it off fully at the end of the month so it wouldn't really affect me.

Also, if I didn't buy anything using the credit card one month would I still have to pay an amount?

Thanks in advance
0
reply
Tiger Rag
Badges: 22
Rep:
?
#2
Report 4 years ago
#2
I doubt you'll get a decent credit card if you don't have that much of a credit history.

Usually, you have to pay off a certain amount each month of the outstanding balance. In my case, that's £25 a month. If my outstanding balance on the card is less than £25, they'll take the full amount. So, you'll pay something until the balance is £0.

I think it's Barclays who do some sort of card (they advertise it a lot on TV; so you've probably seen it) for people with little or no history. Knowing that I have a fairly decent history, (I've had a bank account for the last 11 years, never gone overdrawn, etc) I decided I'd just go through my own bank and get a card through them. I was told they can talk me through what they have; but they can't tell me which one to go for.
0
reply
darbyj
Badges: 2
Rep:
?
#3
Report 4 years ago
#3
(Original post by georgiagold)
Hi, i'm 18 currently in my 2nd year at college and I am wanting to apply for a credit card in order to build my credit rating. The only issue is I have no idea which one would best suit my circumstances, I have done so much research in to them but most of it is jargon which I do not understand.

Does anyone have a credit card and which credit card is best for 18 year olds with no credit history?

I understand that I will have virtually no chance of getting one with a low interest rate but I intend to pay it off fully at the end of the month so it wouldn't really affect me.

Also, if I didn't buy anything using the credit card one month would I still have to pay an amount?

Thanks in advance

The first credit card I got was the HSBC student credit card - £500 max limit, cannot increase further

Otherwise you can get Aqua cards - designed for low/no credit history. The Aqua Reward is great - despite my credit being very good I have it because it pays 0.5% cashback and has no foreign transaction fees. The usual starting limit is around £300, but they'll increase it every 3 months or so if you pay off your balance every month - my limit is £2k now.

Moneysavingexpert.com has a free eligibility calculator that won't damage your credit rating. Make sure you're on the electoral roll otherwise it's basically impossible to get credit.
0
reply
999tigger
Badges: 19
#4
Report 4 years ago
#4
What Darbj said.

1. If you have a student account then the bank will normally make it easy for you to get a student credit card.
http://www.moneysupermarket.com/cred...-for-students/

2. Otherwise a credit builder card, which you should pay off at the end of each month to aboid v high interest rates.

http://www.moneysupermarket.com/cred...redit-builder/
http://www.moneysavingexpert.com/cre...t-credit-cards

Use the eligibility checker as suggested above.
0
reply
paul514
Badges: 21
Rep:
?
#5
Report 4 years ago
#5
Go on money supermarket and click the can I get this card thing fill out the form and it rates your chances for all the cards.

You can then decide


Posted from TSR Mobile
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Has your university offer been reduced?

Yes (47)
31.33%
No (77)
51.33%
Don't know (26)
17.33%

Watched Threads

View All