CREDIT CARD ADVICE

[thebishman]

Nov 20, 2016 10:04:38 GMT tsoko said:

Nov 20, 2016 9:44:44 GMT thebishman said:

So is that on a credit card?

No, you take out a HP agreement, interest free of course.

Its for buying a dog...so i dont think that will be possible lol

[Richard46]

Nov 20, 2016 10:01:17 GMT thebishman said:

Thanks richard... so what would be the best way of borrowing 1500 ish? I do still like the idea of having a back up card for emergencies ONLY. We are very good with money so it wouldnt get used for anything else but emergancies and this one off purchase.

If this purchase is not an emergency then my advice is don't borrow to pay for it. Especially if you already have nothing set by for a real emergency. Sorry I come from a family of bankrupts and I tend to be a bit paranoid about debt.  

If you are going to borrow then could you get a card with a low or zero interest free introductory period? These do exist (Barclays?) but I am no expert on them and dont forget any problem and you may be paying 20% or more annual interest.

[tsoko]

Nov 20, 2016 10:06:07 GMT thebishman said:

Nov 20, 2016 10:04:38 GMT tsoko said:

No, you take out a HP agreement, interest free of course.

Its for buying a dog...so i dont think that will be possible lol

Oh ok.

[Bobsbeer]

Can you not ask your bank for an overdraft? Obviously they may charge you interest, but some banks offer free overdrafts. You could also look for a loan from the bank. More than likely it will be cheaper than paying on a credit card. They are often the worst way to borrow money. Failing that, how about asking your family for a loan?

[chykensa]

My wife and I hold a joint credit card, Barclaycard Visa. We only use it for purchases which we can pay back in full, and a handy but seldom-used benefit is that we keep on getting upgraded (I think we are Platinum now!) because we are obviously a safe account.
It is very useful for using abroad, and TBH that's where it gets used most. Almost everywhere takes the card, and even ATMs, although you usually get charged a cash-handling fee of about 1.5% for the use.
I would have thought that enquiring at your bank/BS might be a cheaper option; credit cards' punitive interest charges is where they make their money and God forbid that anything should happen, but if you are in a sticky spot you may end up paying a whole lot more than the original sum.

[jtc]

£1500 on a pooch!
So what beautiful breed are you buying?

[djs]

Bank loan... yup, you're looking at £120 interest.
Low rate CC... £60 interest.
High rate CC... you don't want to know. (£240 is easily possible 'created' by these sharks)

The very low rates CCs are more often to entice balance transfers.
I would try some of the supermarkets, but be aware, they often turn down customers on the lowest rate, offer them a higher rate and by that time the customer just accepts it.

I'd try and wangle and extension to the overdraft, but also be aware, some flexible (interest-bearing) overdrafts are more expensive than they seem. I used one once that would have cost me about £200.

A straight no-nonsense CC could be a god idea. No introductory sh**, no balance transfer gobbledygook, just a rate of 6.9,7.9 or 8.9%
Lloyds kill on charges if you mess up. Santander wouldn't know how to do customer service. Absolutely not M&S... these 18.9% cards are criminal.

Tesco?

[Richard46]

Nov 20, 2016 13:47:21 GMT djs said:

Bank loan... yup, you're looking at £120 interest.
Low rate CC... £60 interest.
High rate CC... you don't want to know. (£240 is easily possible 'created' by these sharks)

The very low rates CCs are more often to entice balance transfers.
I would try some of the supermarkets, but be aware, they often turn down customers on the lowest rate, offer them a higher rate and by that time the customer just accepts it.

I'd try and wangle and extension to the overdraft, but also be aware, some flexible (interest-bearing) overdrafts are more expensive than they seem. I used one once that would have cost me about £200.

A straight no-nonsense CC could be a god idea. No introductory sh**, no balance transfer gobbledygook, just a rate of 6.9,7.9 or 8.9%
Lloyds kill on charges if you mess up. Santander wouldn't know how to do customer service. Absolutely not M&S... these 18.9% cards are criminal.

Tesco?

A few years ago I would have been the first to agree with that about Santander. But my experience of them over the last 3-4 years they have been excellent.

[djs]

Nov 20, 2016 14:20:04 GMT Richard46 said:

A few years ago I would have been the first to agree with that about Santander. But my experience of them over the last 3-4 years they have been excellent.

Good. Glad to hear it.

[Bobsbeer]

You could try peer to peer lending. Someone like Zopa do £1000 plus for around 9% with no early repayment penalties that many banks charge. There are others, such as Rate Setter as well who do £500 plus. They both have good reviews.

[*-SARIN-*]

An advantage of a credit card over a debit card is that you are protected against all purchases over £100 if things go wrong. People have them to buy stuff on the internet for this very purpose. They're like any borrowing, keep it in check and it's fine, think that it's free money and you'll soon have issues. If you pay the minimum balance every month it will take 13 years to pay off the whole balance!