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Do you have a Credit card? watch

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    If you do, what kind?

    I'm considering getting one, however, I'm not sure what would be the best one to apply for. Low interest rates do not concern me, as I would definitely make all repayments back within the interest free period.
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    Unfortunately I do.

    I have a Waitrose one with no balance as I always clear it, I also have a Santander one that had a huge balance on it built up over many years - was up at £10k at one point, and I've managed to get it down to £2000. Not cool, don't do it
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    (Original post by King Leonidas)
    If you do, what kind?

    I'm considering getting one, however, I'm not sure what would be the best one to apply for. Low interest rates do not concern me, as I would definitely make all repayments back within the interest free period.
    I got one from my bank. (Noationwide) Mostly to use abroad; as it's cheaper than using a bank card.

    Why do you want a bank card?
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    I use Amex for the cashback/rewards. You do have to be careful to pay off in full every month, being hit by one month's worth of interest can easily wipe out a year's worth of money gained from the card rewards.
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    (Original post by Trinculo)
    Unfortunately I do.

    I have a Waitrose one with no balance as I always clear it, I also have a Santander one that had a huge balance on it built up over many years - was up at £10k at one point, and I've managed to get it down to £2000. Not cool, don't do it
    Jesus, how did you get embroiled in so much debt, your interest alone must have been sky-high.

    (Original post by Tiger Rag)
    I got one from my bank. (Noationwide) Mostly to use abroad; as it's cheaper than using a bank card.

    Why do you want a bank card?
    I want to start a trail of responsible borrowing and grow accustomed to healthy money management. Having worked in mortgages and lending, I understand how helpful it is to have a record that indicated how good your are with monies. I have enough savings at the moment to purchase things I need, but obtaining a CC is just something I want to do. Also, it's a great method of paying for expensive items, which you would like some sort of insurance on,
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    (Original post by King Leonidas)
    Jesus, how did you get embroiled in so much debt, your interest alone must have been sky-high.
    Just one thing after another, it wasn't disastrous because I had 0% on balance transfers and consolidated a lot on to it.

    It was bad for a while though - I was making really big payments to draw it down as fast as possible - I was earning quite a lot between my undergrad and MSc - it's manageable now and hoping to get it all done in the next year
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    I have been considering getting one solely for the benefits and added protection, but I chicken out every time I start looking into them. The thought of not being able to make repayments for whatever reason and getting caught up in debt terrifies me.
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    I have a student one from Halifax with a £500 limit on it, I use it and pay it off in full each month

    I got one because thats what my bank suggested i do in my third year so I have something of a credit score when I leave uni.
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    I have one from a foreign bank with a 2k limit. It's a simple one (no rewards, as far as I know, basic insurance) since, unfortunately, my father believes gold/platinum cards used by young people offend waiters.

    Since it's connected to a bank account where I keep some thousands I have no problem with repayments. I don't think credit cards are bad, just don't spend money you don't have.
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    I have a 0% (for 2 years) rewards card with lloyds with a 2.5k limit which gives me pretty decent cashback, i put most of my general spending costs on it and pay back at least the minimum each month so my credit ratings looking better than it did.
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    I'd just check out MoneySavingExpert for the best deals.

    Your intention is to always pay off what you spend before the interest free period runs out, but be careful... that's what most people think and it doesn't always play out that way.

    All you need to do is charge a large unexpected expense to the card which you then struggle to pay off in x number of days, and all of a sudden you're paying interest. I started uni when banks were still selling in quite a bad way - inappropriate products, PPI etc., and my bank sold me a credit card with my student account despite knowing I had no income other than a student loan. I ended up in a fair bit of debt but luckily I was able to make my repayments.

    Anyway... I would recommend a long 0% on purchases deal. Or, if you think that will encourage you to rack up debts, go for the card with the lowest standard APR.
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    (Original post by Trinculo)
    Unfortunately I do.

    I have a Waitrose one with no balance as I always clear it, I also have a Santander one that had a huge balance on it built up over many years - was up at £10k at one point, and I've managed to get it down to £2000. Not cool, don't do it
    Similar situation here
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    Yes, for the added purchase protection for items over £100 and for emergencys. It's barely touched and used, has a low limit off it, and its paid off in full each month.
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    nope, getting into debt is rather low down on my list of priorities.
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    (Original post by TheOrignalDuo)
    nope, getting into debt is rather low down on my list of priorities.
    It's not debt if you can pay it back in my eyes.
 
 
 
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