Credit Cards - Help!

[Psychosomatic]

Basically I want six hundred quid to buy something with. If I get a Goldfish card and it has "0% interest fixed for 6 months on balances transferred within 6 weeks of account
opening" - does that mean I can buy something and I wont be charged for lending the money AT ALL until the 6month period passes?

If so, then what does "Interest free period Up to 56 days on Purchases if your full balance is paid off by the due date on both previous and latest statements " mean? 56 days? I've never bothered will all this stuff and I'm slightly confused. Anyone help me out? cheers.

[richfurness]

i aint got a clue neither...but the 56 day one id have a guess at u pay no interest on the item if u pay it back really quickly b4 the date on ur statement....otherwise they'll rim yer for everythin u've got
just a wild guess like

[captainflash]

Ok, Here goes........

As an ex-amployee of Royakl Bank of Scotland I know this kind of s*it.....how embarrassing!!!

0% interest on balance transfers means that you can transfer a balance from another existing credit card to the new goldfish card and you will not pay any interest on that amount for 6 months. You will still have to make monthly payments (usually 2-3% of the balance) but you wont have to pay interest on it. This wont be any good for you if you are wanting to buy something on the credit card. You need to look for a credit card that says 0% on balance transfers AND PURCHASES for 6 months (or as long as you can). This will mean that any new purchase will not gain interest for that period of time.
The 56 day thing is slightly harder to explain...basically, your statement is produced on say 1st June, your balance is zero. You buy something on 2nd June, you will not pay any interest on this purchase....your next statement will be made on 1st July and it will say you have (usually) 25 days to pay off the balance in full to avoid paying interest...so you have essentially until 25th July to pay that amount off (about 56 days interest free)....this only really applies after the whole introductory 6 month thing has ended. This credit card sounds a bit s*it to me. There are better ones available. Go for a MINT Credit Card....they give decent offers usually. But make sure it is 0% on balance transfers and purchases.

Hope this helps.

Im glad somebody didnt ask me that question at about 2.30am in the loft at the Masque as my reply would have gone along the lines of......"errrrrmmmmmmmmmm"

[Psychosomatic]

Cheers mate, no thats great really!

Knowing all this stuff is obviously really important, I wonder
why they dont teach us it at school or anything (not that I'd
have listened anyway, but still its the thought that counts).

So basically as long as it has 0% Interest on balance AND purchases,
I wont be paying for the loan until the date where the offer end? Sorry
just need to get that clear because I'm fairly incompetent when it comes
to reading small print and consequently making expsensive mistakes.

Thanks, I think we all need a financial advisor in our pocket!

[AndyHunter]

Get an Egg card.

You get 0% on purchases so you wont pay interest on anything you buy for the first 6 months you have the card.

[Psychosomatic]

They turned me down for some reason! No idea why, never been in trouble with paying direct debts or had any debts go to court.

[Scott Gray]

youl have to start making the repayments the next calender month after recieving the card if you get the card and then simply spend it right away... but u wont have to pay interest on the monthly payment for 6 months thats all

[Psychosomatic]

ah right lol, glad u cleared that up. oh well have to wait for that denon 5000 for another few months yet!

[nish]

very evil/tempting/boss

[badman]

ah right lol, glad u cleared that up. oh well have to wait for that denon 5000 for another few months yet!

I work with Credit cards and loans and allsorts. Cred cards use compound interest, which basically means that if you buy something for £500, its interest is accrued daily. so on monday if you're charged 1p interesed, on tuesday its the same, but slightly more due to mondays interest being accrued...capiche?

over the 6 months that its free, theyll add all the interest up then apply it at the end've the 6 months unless the balance is paid in full.

applying for any form of credit isnt as simple as never going to court etc, its all based on risk value, if you apply too many times, youre seen as desperate and thats risky, theyll decline you.

if youve had very little financial history with credit, theyll decline you due to not knowing what risk you are.

if youve got too many financial things on credit, youre seen as high exposure.

same with having lotsa nil balance credit cards...they see it as that if you get into debt and cant afford to pay one thing, you could use other credit cards to withdraw cash...'robbing peter to pay paul' syndrome.

best bet is your bank, guaranteed theyll give you one, itll be a slightly higher apr then anyone else due to the fact ur guaranteed it more or less...its called risk based pricing..happens all the time.

make sure your 6 month interest free purchases covers ALL products, not just electrics etc..that can happen.

im all geeked out now, any more questions..throw em my way, worked with this shite for years :(

[Psychosomatic]

Nah thats fine mate, very helpful cheers. Think I'll just wait for student loan!!!

[SteMc]

Get a job

[Psychosomatic]

Ahh, got one yesderday actually dad!

[Kubik]

Basically I want six hundred quid to buy something with.

What do u wanna buy mate?

[Scott Gray]

ah right lol, glad u cleared that up. oh well have to wait for that denon 5000 for another few months yet!

errrrrrr :roll:

[Skin]

seriously mate

if ya can just wait, dont get it! credit cards are rip off merchants.

I have three like, egg, cap one and hsbc. i have no prospect of shifting them either movin to lpool in july for more studying.

the worst thing is, i pissed it all on shite records i never play and even worse t shirts i neva wear.

but, if ya getting equipment, then id say thats about the best thing to use a cc for.

but if ya can avoid dude, do!

[Spandex Man]

I paid off about 900 quid on my credit card last september. Thought that was it as they took my card off me and i assumed the account was closed. Got a phone cakll last week off a debt collection agency. Apparently my card cover of 1.50 a month had continued to come out every month for the last year so now because of vartious charges I owe them 130 quid. Dont get one