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deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

12th Mar 13 at 22:17

I doubt it is illegal otherwise Richard Branson is going to prison. I've done it a few times with my Virgin Credit Card, but they don't allow it all the time. Only on 0% deals etc.

Rob E

Member

Registered: 1st Jan 06
Location: Madeley, Stafford....I want to live back in Wales!
User status: Offline

12th Mar 13 at 22:17

Thanks for all the information guys. I went with the Tesco one in the end. I got accepted and offered a £3900 credit limit

I was expecting around £500 with it being my first application

I went for the 16 month 0% on purchases deal which will suit my needs perfectly. I just need to wait for the final confirmation and my card to arrive

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

12th Mar 13 at 22:18

Lovely stuff. 0% on purchases is well handy for car and "out of the blue" stuff.

taylorboosh

Member

Registered: 3rd Apr 07
User status: Offline

12th Mar 13 at 22:22

Just saying what i was told when trying to pay direct to someonea bank on ebay

Rob E

Member

Registered: 1st Jan 06
Location: Madeley, Stafford....I want to live back in Wales!
User status: Offline

12th Mar 13 at 22:32

Isnt there a loophole where you can transfer the balance from a 0% credit card into a high interest account - leave the balance in said high interest account for the 0% period then pay off the card, gain some interest and then repeat?

Sounds too good to be true if you are on the ball with it all

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

12th Mar 13 at 22:40

The trouble is most high interest accounts are locked for more than 12-18 months, the typical 0% period.

Ben G

Member

Registered: 12th Jan 07
Location: Essex
User status: Offline

12th Mar 13 at 22:46

quote:
Originally posted by noshua
If you do an Experian credit check, you'll see that if you take a credit card out it stays on your file as a "negative" mark for 12 months (was told this by one of their advisor's). It goes as a negative mark as the amount of credit you currently have is seen as a risk by lenders.

does it really have an effect though? i currently have 5 or 6 credit cards, with approx £35,000 worth of credit available to me.

i haven't once had a problem taking out another credit card or loan.

taylorboosh

Member

Registered: 3rd Apr 07
User status: Offline

12th Mar 13 at 22:52

Either you or gav needs to buy a new car or i will ban one of you...

Your choice m8

Carl

Member

Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline

12th Mar 13 at 23:38

I use 1 2 3 cashback card from santander for everything, as does other half, set to pay full balance monthly out of our joint account. Made about 50 quid in 12 month using that as a payment method. Money for nothing! Every little helps.

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

13th Mar 13 at 08:47

quote:
Originally posted by Rob E
Isnt there a loophole where you can transfer the balance from a 0% credit card into a high interest account - leave the balance in said high interest account for the 0% period then pay off the card, gain some interest and then repeat?

Sounds too good to be true if you are on the ball with it all

Yes its called stoozing.

But with interest rates as they are its near on impossible to end up in profit.

Kyle T

Premium Member

Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline

13th Mar 13 at 09:40

Just about to clear the £4k on my Barclaycard and will be on the hunt for a new card with at least a year 0% interest.

May look Tesco up.

Lotus Elise 111R

Impreza WRX STi

Kyle T

Premium Member

Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline

13th Mar 13 at 10:24

Jesus christ £13.5k limit with tesco

Lotus Elise 111R

Impreza WRX STi

Ben G

Member

Registered: 12th Jan 07
Location: Essex
User status: Offline

13th Mar 13 at 11:24

mental, isn't it?

James

Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline

13th Mar 13 at 11:32

I haven't read the whole thread so apologies if someone has already said this.

For anyone getting a credit card, I always recommend to immediately setup a direct debit for the minimum balance.

That way there is no chance you will ever have a late payment, and you can always pay more on top if you want to.

BeetleGav

Member

Registered: 27th Jun 10
Location: lancashire, nelson
User status: Offline

13th Mar 13 at 21:58

Just been accepted for my tesco credit card. Result

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