The Best Interest Free Credit Card

Hi ladies,

Wondered if anyone can help me out here?

I’m hoping to have my BA done early June, however, I won’t be able to pay for it all without the use of one of these cards I’ve been hearing about. However, I’m hoping to put down a £500 to £1k deposit.

I was browsing moneysupermarket.com last night and they suggested that M&S offered the best interest free credit card with 0% for 15months, however, it had a APR of like 23%. I have NO idea what this all means.

Is this a bad deal? Or should I go to my bank (satander)?

Oh, and I’m 21 with a good credit score.

HELP!

xx

tesco do an interest free for 13 months xxx

Thanks lolly. Did you use Tesco? Do you know whether you have to meet certain requirements? X

Hi I used tesco too.. intant decision & card arrived within a week…As long as you are in some kind of work they will consider you I guess??

I didnt use tesco to pay for my op but had it since. got a credit limit of £3000 and you get a pretty much instant decision. not sure what the criteria is. you just fill it in online so definitely worth trying xxx

Hi Ladies!

Im having the same financial problems! Ia have a good head on my shoulder but all this financial jargon is confusing!

Mya finance company have turned me down purely because im self employed. I could get a guarantor. I only have one option for a guarantor and not sure I should do that or continue to find a credit card/ loan by myself.

Those options above sound good.

Hiya Riggers,

Why did u choose Tesco instead of anyone else? X

Hey… I am also looking to have the operation at the beginning of June, and hopefully by the end of May I will have £1000-£1500 in deposit money, but I am worried that I won’t be accepted for MYA finance as 1. I will only want the 0% interest free finance option and 2. I only work part-time. So my other option would be to take out a credit card… I have looked at the Tesco credit card with 0% interest for 13 months, and although I am quite bright, I really do NOT understand credit cards… how would it work? Would I pay for the whole operation with my credit card and then control how much I pay back monthly on the credit card using my debit card?

Aaaahhhh! Please help! Lol

xx

Ok, from what I know the company eg Tesco, gives you the card and any purchases you make with it for the first 13months are all interest free. If the debt you owe isn’t paid back during those 13 months, Then after the 13 months, you have to start paying it back with their interest added on it…

I think that’s right…

Help anyone?

Xx

Yes gabbybee, before the 13 months are up if you have not paid off your balance & dont want to pay interest every month..then you find another cc with 0% interest on balance transfers & do a balance tranfer to that card & so on until its paid off… if that makes sense !?

Thanks Riggers

But then if you havent paid it off and get another credit card, then doesn’t that mean you’re always on the chase to pay off the original amount?

Mmmm basically you clear the tesco card by transfering your balance to say for example Capital One card?… so that you never have to pay interest on Tesco…. & then close your tesco card off & begin paying Capital one every month instead….

Best if you can just pay off lump sums to your card every month anyway to clear quickly… saves you having to change card suppliers every 12 months or so…You will only ever have one balance running… hope im being clear?? Sorry

Makes better sense now thankyou.

I’m hoping i’d have saved up enough to put down a big deposit and won’t have so much to worry about when it comes to getting the card.. I just have to remember to stay disciplined with it and ONLY use it for my op! Lol!

Xx

Thats exactly what im doing just using it for my op .. Good luck with it

So gabbybee.. are you putting your deposit down then paying the rest off with your credit card?

I have no idea how it all works.. for example.. if I get the Tesco Credit Card, would I pay for the whole operation with that, and pay a certain amount of money off each month using my debit card?

I think if I got a credit card I would just get too confused and probably screw it up somehow and end up having to pay an extra £800 or something ridiculous! Lol

xx

Well, from what I’ve managed to find out today, I think I’ll be paying my deposit and paying down the rest with the credit card, and then paying off the credit card monthly with my income on my debit card. Then if it all fails and I somehow know I won’t be able to pay off the sum on the credit card without going into the interest period, I’ll be doing what Riggers said and taking out another credit card to pay off the first one but by then I won’t have much to pay off on the second one..

So the way i see it, it makes sense to be able to have a good large deposit to put down at first instead of paying all of it on just the credit card without the deposit? Does that make sense?

Xx

I tried to make the loan with Tescos but it has to be over £3000 and i only need £2000 as ive saved the rest!

Anyone know what else I can do??

First Medical are taking long 2 reply, plus my cousin that went on the application with me told me 2day that she doesn’t have a good record, so I know they’ll say no anyways.

I think im going 2 have 2 make the loan with the bank… even though i wanted a 0% interest loan as i can pay that 2k in 5/6months.

Thanks 4 any help Girls!! xx

think i looked on a website like this

http://www.money.co.uk/credit-cards/0-purchases-credit-cards.htm

i originally applied and got accepted for a tescos card only took 5 mins but didnt give me big enough credit limit. i ended up getting the barclays platinum card, its so easy to use you can do everything online takes 2 mins to pay online and can pay what you want when you want.

i was worried about getting a credit card but aslong as you dont go daft and keep using it its a great way to pay. i never would of been able to save, but i managed to get a card and my op was booked for 8 weeks later ))))))

also dont go for a loan youll be paying interest and prob alot.

Thanks for your help leanne did you pay it all off using your cc? Or did you put down a deposit first? I only intend on using the cc to pay for some of it.

Xx

What’s the biggest credit limit on the Tesco Credit Card?

I think I will apply for a credit card if my loan gets rejected.. but I am so confused on how to use it! Lol.. people explain it to me but it goes in one ear and out the other! Haha

So say I put down £1000-£1500 deposit down, then pay the rest off with a credit card… would I divide the rest between 13 months… then that amount of money comes out of my debit card and pays off my credit card or what?

It confuses the heck out of me seriously.. I’m not a stupid person, but when it comes to this.. I’m a complete idiot!

xx

That’s correct x

my op cost £3600 because i had a £250 off voucher, i paid 3500 off with the credit card and then a few days later when i was paid rang up and paid the last 100 off with my debit card

kayteelouu ill explain mine it might help abit. i got £3500 credit card which works out at around £300 a month. basically with my barclays platinum card i do it online. you have to pay the minimum payment each month by a certain date, mine is about £80 a month. but if i want i can choose to pay off as much as i want. takes a minute to pay, i was so worried about getting a card but aslong as you pay off your minimum a month you wont get charged for anything.

if after a year you still have money on it you can do a balance transfer onto another credit card from another company for a small fee, usually 2% of what you have left on your card, then you can get another years free interest with some one else.

you can choose to set up a direct debit with the same amount each month which is good if you have a set wage and know how much you can pay a month, or when your paid from work you can just pay online using your debit card, ring up or send a cheque to them. onlines great – its got a bar that goes up or down everytime u pay something off or use it, really simple i just pay it when its due and do what ever i can afford, i aim for £300 a month but this month was less as ive had less hours at wrk.

sorry for waffling haha but hope it may help a little

Leanne thats helped me soo much!! Lol Thanks hun!!

I am going to Barclays to see if i can get a credit card then… sounds good, instead of a loan paying so much on intrest!

What do i need to get a credit card?? I know u have 2 be over 18, address in the UK and account lol anything else?? xx

http://www.barclaycard.co.uk/personal-home/cards/platinum-hero/platinum-purchase/index.html

can apply there hun, u fill it in and they tell you if uve been accepted. then a few days later they send u a letter telling you your credit limit and your card. then a few days after that your pin. if you decide you dont want it just cut it up xx

That really does help guys!!

Thank you so much.. I really want to find a card that has 0% interest.

Say I want my operation in May.. I pay for the whole operation on my credit card.. then come the end of May (when I expect to have my £1000 deposit) I just pay off the £1000, then after that pay like £200 or whatever I can afford? Would that be possible?

Sorry I must be really irritating!

xx

Will the Tesco/ other credit cards give credit of £3500?? A few people have told me that I would have to start of on £1000 then build it up but thats no good when I want the operation ASAP! ;-(

P.s. That barclaycard one says its only suitable for people aged 21 and over, I am only 20… plus lots of other things, like earning over a certain amount a year etc etc. I think the Tesco one might be more suitable, well unless that has an age limit also.

Jeeez I am freaking out lol

Someone please answer my last question about paying off a big chunk of money one month, then smaller amounts the following months

xx

oh didnt realise i still think im young, im 24 next week im gettin old now haha

and yeah hun you can do that. aslong as you pay off more than the minimum payment a month

my credit limit on my card on tescos was £2000 but when i went with barclays it was £3500. i was shocked i got it coz my contract at wrk is onyl part time really on 16 hours a week atm, so i dnt earn alot at all. xx

Aww Happy Birthday for next week! Lol

I need a bigger credit limit than £2000, so maybe that one isn’t very suitable either

Oh dear oh dear.. this is all rather confusing and stressful lol

xx

Anyone use the Marks and Spencers one? What’s their credit limit? Xx

Im using the MBNA rate for life credit card, as il be paying my boobies off for around 4 years.. and there apr is 5.9% which is a really good rate compared to most x

Morning Lola, is that card an interest free card? And then 5.9% after the interest free period? xx

Hey Gabbybee, Im 21 also and i dont think my credits that bad, I checked it infact and its Fair, i work 40+ hours a week and i got refused credit cards and loans! If all else fails i applied for an overdraft with my bank and they gave me one for £2700! Thats practically paid for my boobies!

Ok, I think I’m gonna go to my bank later on today and see what they say. Is it an interest free overdraft? What bank are you with? Xx

Im with natwest, I pay an interest of £159 every 3 months if im in my full overdraft which ive been told is good! its about the same interest like ud get on a credit card! x

hi girlies im being thisck, i want to do the same and have a 1500 deposit for a ba but want to put the rest on a card as cant get finance through mya untill iv been in full time work for 3 month but i can only get a ba in october/november because of my horses etc and dont want to wait a year as i am loosing the weiht now ready. does the interest free 13 month start from when you get the card or when you first use it as i need to get a job and dont want to get a card now and then not use it because i havnt got a job to pay of the balance and therefore wont have the op untill nxt year. eek. i dont no what to do i was hoping to try n get a last min spot as i no most ppl are booked untill nxt year anyway but il chicken out if i do that and also just dont no much about credit cards and what the t and c of them etc.

Hi the interest free starts from when you get the card. Be sure to set up a direct debit though because if you miss a payment and you have a 0% promotional offer on purchases the outstanding amount will be reverted to the standard interest rate. So say you take out a card which has 0% on purchases for 12 months, that means if you put £3500 on it and didn’t miss a payment all you’d pay back would be the 3500. Say after the 12 months interest free period is up you have paid it off in full, if the standard interest rate is 17.9 then you would pay this additional amount on whatever is left over, however, if you miss a payment or go over the credit limit before the 0% runs out, you’ll end up having to pay interest.

Be sure to check each companies minimum payment, barclaycard is 2.25%, whereas Halifax is 1%. it looks better on your credit file if you pay more than the minimum payment each month. Also, you want to check if when you set up a direct debit if manual payments affect the amount that’s collected, I.e. If you pay 100 to barclaycard and your minimum payment is only 50 then nothing would be collected by direct debit unless it’s a fixed amount. Halifax however always collect the direct debit regardless of how much has been paid.

In relation to the standard apr, the lower the better… This is just in case you don’t manage to repay the whole amount before the promotional rate expires. You do however have the option of obtaining a new credit card at the end of the promotional rate and doing a balance transfer… This is where the outstanding amount from your existing card is transferred to another card at a new promotional rate, however you do have to pay a handling fee, usually less than 3%.

Hope this helps, any questions just message me!

Kelbel x x

Also, don’t make too many applications in a short period of time as this hurts your credit file, it looks like you’re getting desperate for credit which in the eyes of the lender is a bad thing x

Great help Kelbel!! x

Hi I just applied for and got £2k at barclays for 24months interest free on balance transfers, so using my hubbys overdraft for the balance and then putting it on the barclays credit card, 24months is amazing for interest free

Some may be given more or less limit to me depending on circumstances, if it doesnt cover your whole operation then at least that amount is interest free (hope that makes sense ) xxx

wow brill advice girlies thanx learnt more here that during by business year at uni and a level lol!! ok so best plan is get job … not through lack of trying, then see avaliability of surgeon as if i miss my gap i cnt have it done untill nxt oct nov as it has to fit into my competing, then once iv seen the gap then apply or shall i apply and then if i get given a card but cant have the op just keep the card and dont use it then apply for a nother nearer the time if i havnt saved up enough by hen which is unlikely. what the best order to do it all in lol not seeing surgeon untill the 13th.

oh and anyone got advice on the best ppl to go to to just brows my options is there a website?

ok iv looked it saying stuff like 0% for 22 month with a 3.9%fee what does this mean

ok being thick that was blance transfer

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