Interest free credit card help

[Emilyx]

So i am weighing up my options of how i could pay to do the CND Complete course. I know one of them is to get a interest free credit card but i have absolutley no clue about credit cards! PLEASE, PLEASE can someone give me some info that is easy to understand, i am desperate to know. Thanks xx

 

[julie25]

I'm not any help, sorry, but I'm in the exact same boat money-wise so will be interested in the replies xx

 

[Becca@PolishedToPerfection]

I'm interested too xx

 

[Tjo]

a good place to get information on credit cards is money saving expert

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[Emilyx]

a good place to get information on credit cards is money saving expert

Sent from my GT-I8160 using SalonGeek

I never thought of that thanks

 

[gillian w]

Nationwide is a good one although you will need to open a flexaccount.You get 20 months interest free on balance transfers which is a lot longer than most others.12 months on purchases and then it is only about 12 1/2% thereafter.

 

[l.a.m.x]

M&S and Tesco are also good ones to have as you get all your reward points and are around 12-16 interest free just make sure you know what you are getting yourself into before signing up to anything. And don't miss any payments as this leaves a big black mark on your credit history xx

 

[Emilyx]

I've never had a credit card before so i don't know how they work. So say for example i took £500 out on it do i have to pay it all back in one go or is it split payments ?

 

[J33XSS]

Ok, so if it says interest free on purchases for 12 months, and you make a purchase for £500 you have 12 months to pay off that purchase before you start paying interest on the £500, as long as you make at least the minimum payment each month.
If it says interest free on balance transfers then that means transferring the balance from another credit card/loan then you get however long interest free.

So basically you're better off getting interest free on purchases for as long as you can.

Hope that helps! x

 

[Emilyx]

Ok, so if it says interest free on purchases for 12 months, and you make a purchase for £500 you have 12 months to pay off that purchase before you start paying interest on the £500, as long as you make at least the minimum payment each month.
If it says interest free on balance transfers then that means transferring the balance from another credit card/loan then you get however long interest free.

So basically you're better off getting interest free on purchases for as long as you can.

Hope that helps! x

Thank you so much i understand it now x

 

[Beauty_Geek]

Hi

Don't forget to pay ur minimum payments each month as they are likely to remove the offer even if ur just late paying (it's what they rely on so it makes them money) and also u have to pay a balance transfer fee of normally around 3%. (I work in a bank so I know all about these)

X

 

[Mobile Manicure]

I think they really should teach you the basics of banking and finance and budgeting at school. When I left school I didn't know what a credit card was, a mortgage, council tax, pensions, anything finance related.

It's disgusting, they let us loose out into the real world and we haven't a clue! No wonder so many people end up having debt related problems (including me!).

 

[Fionalex]

Hi

Don't forget to pay ur minimum payments each month as they are likely to remove the offer even if ur just late paying (it's what they rely on so it makes them money) and also u have to pay a balance transfer fee of normally around 3%. (I work in a bank so I know all about these)

X

This is correct, do not miss a payment, your offer will become invalid. Best to set up a direct debit for the minimum amount. Then if you forget it doesnt matter.

 

[Crystal colleen]

Taking out a credit card was the worst thing I ever did lol.If you can pay the amount straight off your card within the time frame they give you.Don't do minimum payments it feels like you never pay anything off.

Also if you do do the min payment thing when they send you ur statement and it says pay by the 15th march don't pay it on the 15th it didn't count lol.I made that mistake with my credit card with barklays and I got charged lol.

Best advice is to just pay the whole lot off and you will be fine :biggrin: xx

 

[florence2004]

Having been in the banking industry for the last 5 years I have lots of experience and knowledge around credit cards and I can tell you that contrary to what bankers may tell you they are not good news!

I hate to sound harsh but if you are not able to cut some expenses and save for your training, then you are also unlikely to be able to manage paying off credit card debt at a decent level so that it does not accumulate further charges. Interest free cards are all very tempting but read the small print. Banks do not lend money for nothing! Usually the lower interest cards come with an annual fee and the minute you miss a payment the interest goes up to an astronomical rate. The only way to get 0% is to pay off your credit card in full the same statement period that you put the charges on!

If you have to borrow money to pay for training you are better off with a bank loan where you know what the payments are every month and you can't reuse the funds once you pay them back (the other reason people get into credit card debt is because they reuse the funds they have paid back) this will also ensure that you know what your charges are from the get go.

However as said previously the best way to fund your education is pay for it yourself! If you feel that you can afford 100 per month for your loan or credit card then save this every month and save. Delayed gratification is something that will save you hundreds and thousands in the long run!

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[Miss Sparkle]

I agree, save, save, save; or see if a family member can lend you the money. Leave credit cards alone like a plague. I learned the hard way and was in a bit of trouble for a while by being young and 'oh live for the moment' etc xx

 

[sarah_louise92]

Taking out a credit card was the worst thing I ever did lol.If you can pay the amount straight off your card within the time frame they give you.Don't do minimum payments it feels like you never pay anything off.

Also if you do do the min payment thing when they send you ur statement and it says pay by the 15th march don't pay it on the 15th it didn't count lol.I made that mistake with my credit card with barklays and I got charged lol.

Best advice is to just pay the whole lot off and you will be fine :biggrin: xx

I agree try and pay as much as u can if u can pay it in full. I have 2 credit cards to try help my credit rating and only spend what I know I can pay in full when I get paid. And never paid Intrest.

Good luck xx

 

[sarah_louise92]

I think they really should teach you the basics of banking and finance and budgeting at school. When I left school I didn't know what a credit card was, a mortgage, council tax, pensions, anything finance related.

It's disgusting, they let us loose out into the real world and we haven't a clue! No wonder so many people end up having debt related problems (including me!).

100% agree with this its so true. I had no idea about anything to do with money when I left school and for some people it's where u can make bad choices not knowing fully about any of these. It's usual things to know and should be taught at school x

 

[Emilyx]

I agree you should be thought this thing at school! Thanks for all your advice guys i am definitely goin to avoid! I've always been scared of credit cards lol. Someday no matter how i WILL do a CND course x

 

[gillian w]

There is nothing wrong with credit cards as long as you are sensible with them.
They are the best thing to use when paying for things like holidays because they offer you protection.They will also allow you to build up a credit rating which as you move through life you may well need.
Its like anything else though be stupid with it and spend beyond your means and you will suffer the consequences.
The worst credit is a store card I would never have one.
I actually don't know how anyone gets by without one nowadays.