Positive credit card stories?

[Bimgy85]

What do you use your CC for? When did you first get one?

Applying for my first one, I have a regular income, planning to use it for large purchases/when I'm stuck, holidays etc

What's it been handy for for you?

I got one at 21 when I couldn't get a phone contract without a hefty deposit, so basically to get a credit rating. I use it to buy about £100 of stuff a month and pay it off in full. I now have a near perfect credit rating and it's sometimes handy to put off paying for stuff til next month if you're having an expensive month, so for DPs birthday I could take him out for a meal without worrying and pay for it the following month

Don't "hun" me Bimgy, you patronising twunt.

You might not know all the ins and outs of every product but you know NOTHING about how credit cards operate and are gaily signing up for one.

0% interest on cash transfers (i.e. another loan transferred to the card)
or 0% interest on purchases on stuff you buy

read the t&c

I have an old credit card, with big credit limit. £15,000. I owe nothing on it. Never use it but I keep it Incase I ever had a serious expenditure that needed paying. I have a second, interest free for three years which I have got to pay parts of my wedding. I expect I’ll spend around £5000, currently owe about £800, on it and then I will pay in equal instalments til gone. No other debt.

Is it 0% on spending or 0% on transfers?

It's important to know the difference.

It does sound like you aren't sure what you've signed up for which is how you end up in bad debt.

But basically, spend on it then pay off what you have spent asap. You don't have to wait for the statement- use internet banking and the app.

What brand of credit card is it? Some have worse interest rates than others.

@PiperPublickOccurrences lol, relax please. Don't get your knickers in a twist on someone else's thread about someone thinking about applying for a credit card for the first time. As I said, everyone starts somewhere, if you have a credit card you certainly didn't know every single detail before you signed up silly silly person

This is the whole point of shopping around people, if they expected you to know every little detail about every single type of credit card before you signed up I'd be very worried

It's not as if I'm going to rely on it.... as said before it will be used for larger purchases and holidays. I can afford a higher limit so I am sure I will be fine

Thanks for all advice also.

i don't use money at all,in fact i don't even own a purse i pay everything by debit card and we spend a lot per week(food is 30/40 pound per day)

2 months ago i got a credit card with a £100 limit(never got one before)

i read online that every time you pay more than the minimum you get a tick in your point system so what i do know is use it to pay everything day to day and at the end of the day tot up whats ive spent and pay the credit card off with that amount

with in 6 weeks ive been upped to £800

Bogmy, but you really do need to read up on basics so you don't get yourself into trouble.

Your OP sounded like you are in a process of applying for a certain one, that's why pps thought you should already know some of the info. If you are just shopping around for one, that's a different matter.

*Bimgy
What the hell happened there Sorry!

Do not get cashback on a credit card! Or use it to buy foreign currency. You will pay a punitive interest rate (and any interest free period you have won't apply to the cash) and it will fuck your credit rating.

The PP who said she uses it to get cashback should stop doing that immediately.

I have a card that pays 2% cash back on everything, so I try to use it as much as possible, particularly for large expenses. It really adds up when I use it to pay for the car and homeowners insurance, propane for heating, groceries and petrol, etc.

I pay it off in full every month.

As I said, everyone starts somewhere, if you have a credit card you certainly didn't know every single detail before you signed up silly silly person

I did. Google is a thing.

www.moneysavingexpert.com/credit-cards/how-do-credit-cards-work/

Ethel a cash back credit card gives you cash back each month as a percentage of spend

MissConduct is that the Amex? What’s the acceptance of Amex like these days - it used to be a bit hit and miss

Oh sorry I thought a PP said they used it to "get cashback" (which is obviously something you should never do).

A credit card that gives you a percentage cash back can be great. But often they are introductory offers which only last a few months. My card gave me 5% cashback for 3 months and then I think it dropped to 0.5%.

It just annoys me when on mumsnet there's always one! Coming on to get information about credit cards and you have that snide remark 'you clearly don't have a clue so don't get one'

Oh wow

But Bigmy, you are coming across like you don't have enough of a handle on how credit cards work.

It's very easy to get into debt if you don't understand what you're doing other posters are just trying to warn you.

Of course one wouldn't have enough of a handle on how they work if I've never owned one the worst that can happen is I get my statement every month and might have to pay more than expected ... not the end of the world.

Pervy no, it's a Visa card that's tied to my brokerage account at Fidelity Investments. Everyone takes Visa. Every month the cash back is automatically deposited in my Fidelity account.

I got rid of Amex years ago because the customer service was awful and so many merchants don't take it because the fees are so high for them.

Ethel I think you mean don't get a cash advance on a credit card, like taking cash from an ATM with a bank of debit card. You're quite right, that will be very expensive.

Check out money saving expert, tons of advice on CC, the best one for you and they’ll do a soft search to see which one you’re likely to get before you do a full application. I’ve loads of credit cards, I tend to use them for big things or if it’s the end of the month though and there’s an unexpected expense. I don’t always pay in full but I always overpay the minimum. E.g If my full balance was £500 and my minimum payment was £60 I’d pay £250-£300 two months in a row. I’d only do that though if there’d been an unexpected expense that I couldn’t afford in one month.

I was really bad with credit before, got myself into a lot and it’s taken me 4 years to get finally get on top of it, used properly they’re excellent.

I have a Debenhams one just now as I get points which turns into vouchers and I use those for makeup/skincare or gifts. I have a second with a large limit but no balance on it which is purely for emergencies.

Edit - I’ve HAD loads of credit cards (usually because of big purchases that I’ve balance transferred).

I never use a credit card for something I can't afford. I have one I use for work expenses, I claim them back and clear the CC when I get the money back at the end of the month. I also buy larger items or holidays on there for the added protections but clear it straight away. The only thing I put on there and pay monthly is my car insurance, to avoid the interest the insurance company would charge for monthly payments, my CC is 0%, and whilst I could pay it in full I'd rather the money in savings and pay the insurance monthly.

@Bimgy85 - that's why I asked what brand. Some have extortionate interest rates which can quickly snowball. A friend had about £300 on one, missed one payment and then got interest, a late payment charges and by the following month was almost double. Which she couldn't afford. It then got really out of hand. Thankfully she asked for advice and got a 0% transfer card which she paid off over 6months. But it easy to get out of control until you learn what are good and bad credit cards!