Credit Cards

[ash t]

Hi.

I am thinking of getting a credit card to help boost my credit rating. I only intend to use it for petrol and intend to pay off whatever I spend straight away.

I just need some things clarifying.

are they only intrest free for the first few months of having the card, or is it intrest free for a certain amount of time after you have used the credit card, until you have paid it off.

Im very confused about it all.

Thanks

Ash
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When You're Starting To Choke, Take Some Pills With Your Coke, Its Hyserical

[Andy C]

yea they are confusing, i hate the things personally and hope i never have one

Just if you do get one, remember why and dont forget and get carried away with it (i know its sounds easy no but so many people in UK are in debt they cant get out of) and pay it all off before you use it again

My old boss had one with small % cashback (like 1% ish) and used to buy all his massive items with it, pay them off stright away and ended up the credit card people were paying him every month!!
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99 RS125 --> 02 SV650s --> 03 Speed Four --> 92 RXS100 --> 93 CB400sf --> 01 CB600f Hornet

[Flip]

AFAIK it's the first 6 months (on certain cards) that are free. My Dad gets a new card every 6 months then changes his balence to the new card so that he never pays interest.

[Kickstart]

Hi

Credit cards give you several weeks interest free on any purchase. Depending on when you buy things on it compared to when your bill arrives you can get over a month and a half interest free.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[ash t]

I am still confused.

Intrest free? Is it interest free for the first 6 months of having the card then?

I have seen some cards, you see, that advertise 59 days interest free. Does this mean that if you pay off your debt on the card within 59 days of spending it, it is intrest free?

They are so grey!
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When You're Starting To Choke, Take Some Pills With Your Coke, Its Hyserical

[Kickstart]

Hi

Interest free for 6 months or so is just a bit of marketing on a new card. Often only applies to transfers from other credit cards. 6 months after you get the card interest will be normal on the card.

The 59 days refers to the max time that purchases are interest free. Basically that means buying something the day after you bill has gone out and paying for it at the very end of the payment window for the bill it is on.

For example, you get billed on the 1st and then buy something on the 2nd. On the first of the next month you get the bill that includes that purchase but you have 28 days to pay that bill before you get charged any interest on it.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[ash t]

Oh right I get it.

I think I will have one just to use for petrol.

I will stop using it after 6 months.

Thanks for the help
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When You're Starting To Choke, Take Some Pills With Your Coke, Its Hyserical

[Kickstart]

Hi

I have one that I use for petrol and just have a standing order onto it for my rough monthly petrol use. Some months in lands up in credit, some months in debt. As long as it is about zero I do not care.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[numark1]

I am being bullied into getting one too for a credit rating which is gay as i don't want/need one.

[Villers]

I have used them for a couple of years and have yet to pay any interest.

I bought my first bike on a 'mint' card, I have since been paying for that and a few other items (leathers, helmets etc) and any emergencies that crop up (like gf running over best mates bike) and when the interest free runs out I balance transfer to a new set of suckers and use their service instead.

So far Ive used Mint, barclaycard, virgin and HSBC without any problems, bar one.

Barclaycard (F@ck you to anyone who works for them, shit service, difficult to pay, arrogant pricks over the phone) gave me 6 months interest free, I used it for 5 and transferred to virgin. A month after I got a bill stating I had zero balance I destroyed the card and subsequently threw anything marked with barclaycard in the bin (not wise I know now). It turns out that the arseholes had decided to charge me for 'card protection' without my consent (I had actually declared I did NOT want any protection on my application) and because I thought I had zero balance I never checked a statement. I got a phone call on friday from a debt collection agency saying I owed 85 quid. After some searching and swearing at incompetent call centre workers it turned out I shouldnt have been charged in the first place, they removed 4 outstanding payments from my card plus the ineterst. the only thing they havent removed is the card protection charge. I have had a letter saying they are coming to my house for this twenty quid.

Its all sorted but I have a mention on my credit history of this, for doing nothing wrong. I have never missed a payment in my life and I get bad history because of a computer or arsehole error.

I would never use a card for purchases outside of the interest free period, although on my virgin card the interest would only be £1.50 for every £100 on the balance.

If you can get a card for something big then cut the card up its worth it, but unless you can pay off every penny every month then its a total robbery.


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RS125 > CBR6 > SV650S > ZX636R > GSX1300RZ Hayabusa > 06 RSVR Mille ≥ Sv1000s somehow
'You came on your own, thats how you'll leave'

[ash t]

Yeah, I was intending on just using it for petrol, and paying it off as soon as possible.


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When You're Starting To Choke, Take Some Pills With Your Coke, Its Hyserical

[stinkwheel]

[T1z3R]

i do the same as villers but havent had any problems with any of the companies. i also used one to buy my first bike and it made it so mich easier than bank loans.

its a very handy way to get 0% interest pretty much all the time. the only scary thing was realising after about 5 or 6 balance transfers that i had credit card accounts with over £20,000 of credit available remember and close the account when you are finished with them and ask them to note on the account that you closed it and not the other way around as they sometimes note your credit history that they closed the account and that can (but not always) look bad.

never let yourself use the card for anything other than your petrol etc as they can easily get you in a lot of debt very quickly.
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duck my sick!

[lozzypop1]

watch out for ones that have a low - user fee (usually somewhere in the region of 12 pounds a yr)
BTW i used to work for a bank so if you need things cleared up, give me a shout on PM!
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Funny, I used to hate being spanked as a child!
Tell me and I'll forget; show me and I may remember; involve me and I'll understand.

[flat spot]

[numark1]

Signed up for a barclaycard initial today.

27.9% interest. All this bollocks to just get a debit card on my 3 accounts with barclays (don't want to move banks)

[TOM M]

Ive had a Tesco credit card since last july, i only get charged interest if i fail to make the minimum payment every month (never happened).

They are easy to get hold of and sort any problems out without hassle and very quickly.
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Now owner of a 1200 Bandit