new credit card

[Tom]

I need a new credit card, due to Marbles being gay and charging silly £1 fees for paying off the monthly debt.

I've already had egg (kept raising my limit despite my explicit instructions not too) and cahoot (won't close account without written authorisation but will give you thousands online), so I don't want those.

I require online servicing, visa/mastercard, and of course a funky design on the front. %age is not important as I repay in full, monthly.

Any ideas?

 

[jaba]

The new mint one? or a capital one card? I havent used either but am a sucker for advertising!

 

[Jonaldo]

I liked the old pretty patterns on Goldfish ones, dunno if they're still about as not heard much about em lately.

 

[Clown]

If you repay in full each month, do they not charge you for having a credit card?
This was the main reason I wanted to stay with Solo/Switch, but I wanna use my card in ALL shops

 

[old.user4556]

If you repay in full each month, do they not charge you for having a credit card?
This was the main reason I wanted to stay with Solo/Switch, but I wanna use my card in ALL shops

No.

Tom, what about a Morgan Stanley? It's not too funky but for some reason I've found it to have been the classiest card I've had. I know that's all in my head. It has great online servicing and gives you email notifications when the payment is due; and if your payment is delayed, they email you again to advise that the payment date is approaching.

They also offer cashback which is good if you put everything on your card and pay it off every month. Why use cash when you can use your Morgan Stanley and get cash back.

The APR isn't too great, but as you said, that won't matter.

http://www.morganstanleycard.co.uk/uk/data/card/platinum/index.shtml

G

 

[Tom]

What about things like charging for cash withdrawals from ATMs? Any good ones for that? All mine have been bastards and charged immediate interest.

 

[Mr.Monkey3]

http://www.if.com/creditcard

I found it useful.
I've used about 5 credit cards, and it seems to be policy accross the board to charge interest on cash advances from the moment the cash is taken, so I just use my switch.

I'm surprised that any bank will close an account without written authorisation. I was under the assumption it was a regulatory requirement.

 

[Tom]

I refuse to do it, I should be able to do it online like everything else. Fuck em.

 

[SAS]

I've had a barclaycard, egg, and now mint card. Egg is not to bad, offering half decent rates, and Mint seems pretty fair. Switch cards to 0% interest offers and when it runs out move it, closing the old card as you go. Pay off as much as you can per month and do not touch it if possible, or set yourself a mental limit, and don't go for the max limit that the card gives!

After 3 years I've kept mine down, but at near £2000 paying £40 a month it's not fun believe me, although a whole lot cheaper than a loan!

 

[Mr.Monkey3]

I've had a barclaycard, egg, and now mint card. Egg is not to bad, offering half decent rates, and Mint seems pretty fair. Switch cards to 0% interest offers and when it runs out move it, closing the old card as you go. Pay off as much as you can per month and do not touch it if possible, or set yourself a mental limit, and don't go for the max limit that the card gives!

After 3 years I've kept mine down, but at near £2000 paying £40 a month it's not fun believe me, although a whole lot cheaper than a loan!

You can only change cards so many times, and on about card 4, they will start to refuse you a card. This is because they record your history with cards, and share it amongst themselves to prevent fraud (and stop people avoiding interest by changing cards to ones that have introductory offers alot).

I'd never recommend to anyone that you use a credit card for anything other than short term liquidity issues. Typical CC interest rates are around 14% APR up to 24% APR for store cards.

A loan can be secured for as little as 7% APR (eg http://www.if.com/loan/loan_home.asp). This would reduce SAS's repayments to around £12 per month.

 

[SAS]

A loan is always a viable option, and in my case it will be if I'm unable to get new credit cards after my 4th card. Mint and Egg have low APR compared to most credit companies and if I change cards at a later date I'll bare what you mentioned Mr.Monkey3 in mind. Maybe keep a card and store it away while using the new 6 months 0% offer on a new card, then switch to the cheapest APR at the time later on?

If I hit the £2000 figure I'm going for a loan, but would rather pay it off quickly. £12 a month seems good but that must be over a good few years?

Time to get a new well paid job I think

 

[Mr.Monkey3]

A loan is always a viable option, and in my case it will be if I'm unable to get new credit cards after my 4th card. Mint and Egg have low APR compared to most credit companies and if I change cards at a later date I'll bare what you mentioned Mr.Monkey3 in mind. Maybe keep a card and store it away while using the new 6 months 0% offer on a new card, then switch to the cheapest APR at the time later on?

If I hit the £2000 figure I'm going for a loan, but would rather pay it off quickly. £12 a month seems good but that must be over a good few years?

Time to get a new well paid job I think

i'd have a word with your bank manger, who will be able to advise the best option for you.
But credit cards always have terrible rates compared to loans.

The £12pm is "interest only". The amount of capital you pay back each moth can be decided in advance, and that dictates how long you take to pay pack the loan. The more you pay, the shorter the loan term, the less the total interest (not interest per month).

It's always cheaper (alot cheaper) in the long run if you can get yourself into a situation where you don't use credit. Companies advertise that credit is cheap, but its not. Using cash you have gives you no exposure, and more money in the long term to spend on fun stuff.

 

[Wij]

I cannot comment due to working for a major provider

 

[Yaka]

i'm thinking of getting a CC card, just for autorising me paypal acount

 

[old.user4556]

You can only change cards so many times, and on about card 4, they will start to refuse you a card. This is because they record your history with cards, and share it amongst themselves to prevent fraud (and stop people avoiding interest by changing cards to ones that have introductory offers alot).

This simply isn't true.

The reason people stop being accepted for a card is because every time you apply for a credit product, be it a loan, credit card, mortgage, mobile phone - you have to be credit checked. The more times you're checked, the more hits your credit rating takes and your score goes down. If your score is high anyway, then it won't be a problem. If your score is already low and close to the threshhold, then yes - applying for multiple cards can be a problem. This is why there is so much scandal about how people can secure many unsecured methods of lending (taking over that £25000 unsecured lending ceiling), particularly with 'revolving' credit such as credit cards.

Additionaly, most banks typically only share fraudulent customer information. It is equifax and experian who keep tabs on your credit products.

G

 

[xane]

What about things like charging for cash withdrawals from ATMs? Any good ones for that? All mine have been bastards and charged immediate interest.

I doubt you'd get a credit card that does not charge immediate interest.

Otherwise you could have two credit cards and keep withdrawing cash on one to pay off the other, i.e. have infinite credit.

Any form of cash advance is instantly charged interest, I found this also applies to Travellers Cheques to my cost

 

[xane]

Oh yeah, and I've had Egg for ages, I pay every month and get cashback, although the rate has gone right down. Started at 2%, and one month they had a "special" at 5% (I got my new PC then) !

 

[Skyler]

I currently have an Egg card, have had one for ages and it's my first CC... I pay off the full balance every month and have never had a problem with it at all.. Statements delivered on time and all that... They haven't increased my limit yet, I don't really mind if they do or not as I am one of the few who refuses to let them fuck me over via interest... everyone said to me no no don't get a CC you'll go into debt... weak minded people tbh

Egg rox, although the cashback is I think ceased now it was fun while it lasted

 

[Vae]

I've never agreed with the "Don't get a CC you'll, get into debt" mentality. I agree with Skyler that it's the weak-minded person who can't control their spending who will get into trouble. I'd advise everyone to keep track of their accounts and pay of the CC every month unless you can get it interest free by switching cards (too much hassle imo).

I have a HSBC card which I've had since Uni and does all I need so no reason to change. It's paid by DD every month from my HSBC account. The only reason I would have for changing is if I find one still giving cashback or something similar.

Oh and the only thing that annoys me is that I can't associate a 2nd address with the card for Internet orders so I can have them delivered to work while still having my statements delivered at home. Their suggestion is that I phone them to temporarily change the address each time I make an order where they HAVE to deliver to the billing address. If I could find a card that would allow me to do that I'd probably switch.

 

[Tom]

Vae, just get another credit card, and use the work address for that.

 

[Deadmanwalking]

Isn't he like an accountant.......

 

[adams901]

I would go for a Capital one Platinum card (infact I've already got one). They have good online services (even better than the co-operative bank).

 

[Rubric]

Cash withdrawls on credit cards is never a good thing.

And in repsonse to the comment about weak minded people, what about people whos circum,stances change?

 

[Mr.Monkey3]

I've never agreed with the "Don't get a CC you'll, get into debt" mentality. I agree with Skyler that it's the weak-minded person who can't control their spending who will get into trouble.

Two things.
With a Switch card, if you go over your agreed bank credit limit, the transaction will be refused.
With a switch card, the amount is taken from your account automatically.


A credit card introduces a delay of up to 40 days or so to this. You hardly have to be "weak minded" to manage to screw up your cashflow.

http://news.bbc.co.uk/1/hi/business/3522213.stm

Market analyst Datamonitor recently revealed the average British person owes £4,426 through credit cards, overdrafts and hire purchase agreements alone.

That's an awful lot of "weak minded people". Perhaps you are in the fortunate situation to be liquid. Many people are not, and can get themselves in trouble with credit cards due to the reasons above.

http://news.bbc.co.uk/1/hi/business/3199822.stm

"I do not borrow on credit cards. I have four young children. I give them advice not to pile up debts on their credit cards."

Barclays chief executive Matt Barrett

 

[Skyler]

Yeah but Switch don't offer the protection CC's do.. hence why I got a CC...