Credit Cards.

[vhal_x]

Hey all, just looking for a small bit of advice.

I'm currently considering getting a credit card, as I may have the opportunity to get a bundle of rare games (I know, such a geek, right?) for relatively cheap.

The person who currently owns the games is having a tough time with money lately, so may have to sell off his entire collection (around £20,000+ of Collector's Edition games). If this indeed does happen, it will be a quick process.

He has said that the only way he will sell is if the bank suddenly forces his hand, so if and when he sells, he will need the money FAST.

He doesn't want to give up his collection as it is his pride and joy, but if he does, I have a list of items I have spoken to him to let him know my interest.

The items I'm interested in will cost me between £1,000 and £1,500, depending on if I get all the ones I'm interested in, or not.

I am currently trying to lower the number I'm interested in, as I'd rather it be under £1,000 - but we'll have to wait and see.

None of this is set in stone, as I'm unsure yet if I'm going to go through with it.

So in the meantime, I am planning on setting up a 0% interest credit card (Tesco are doing a 15 month one at the moment) so that if he sells, I can buy and then pay it up (as I can't afford £1,000 just like that).

But what's bothering me is, do you just use the credit card like a debit card? So could I use it on Paypal for it to count as a purchase? Or would taking money out of the card still count as a purchase?

I've never had a credit card before so unsure of all the shit that goes along with it .

Let me know Thanks!

 

[nugget80]

Yes... You can use it just like a debit card...

 

[Dinah93]

Some credit cards let you withdraw cash, some only allow you to use it to pay for items (so yes, you could use paypal). Please be sure the credit card is 15 months 0% for purchases, rather than 0% for balance transfers which is more common. Also call and ask the provider if the 15 months covers cash withdrawals or just transactions, as again sometimes even on cards that are offering so many months 0% on purchases this excludes cash withdrawals.

Have you checked your credit history? Tesco are pretty harsh scorers and only take on people with the best ratings. Virgin and Barclaycard tend to be easiest.

Also be aware if you miss or are late for any monthly repayment you will loose the 0% rate. It will take up to 2 weeks for any credit card to arrive, so apply well in advance of when you need it.

It's very easy to get caught in the trap of planning to use a credit card for one purchase but it snowballing until you have more debt than you ever imagined. Please think carefully and consider how you'll make the monthly payments before deciding to go for it.

 

[rachlou83]

Marks and Spencer also do a 15 month 0% deal on purchases. PayPal charge if you make a payment using a credit card. Be careful with credit cards unless you are very disciplined you can get into a mess with them. Always ensure if you do get a 0% card that you pay it off before the promotional 0% ends.

 

[blondey]

Some credit cards let you withdraw cash, some only allow you to use it to pay for items (so yes, you could use paypal). Please be sure the credit card is 15 months 0% for purchases, rather than 0% for balance transfers which is more common. Also call and ask the provider if the 15 months covers cash withdrawals or just transactions, as again sometimes even on cards that are offering so many months 0% on purchases this excludes cash withdrawals.

Have you checked your credit history? Tesco are pretty harsh scorers and only take on people with the best ratings. Virgin and Barclaycard tend to be easiest.

Also be aware if you miss or are late for any monthly repayment you will loose the 0% rate. It will take up to 2 weeks for any credit card to arrive, so apply well in advance of when you need it.

It's very easy to get caught in the trap of planning to use a credit card for one purchase but it snowballing until you have more debt than you ever imagined. Please think carefully and consider how you'll make the monthly payments before deciding to go for it.

^^This

I have a tesco credit card, which is 0% but only for balance transfers. The deal is just coming to an end so I am going to transfer it back to my old credit card as they have offered 0% to me for balance transfers! Might as well pay it off slowly if it's not costing anything eh!

But Tesco could be offering a new deal like 0% on purchases. I highly doubt that includes cash withdrawals as they are normally quite expensive on credit cards.

But yes, you just use it like a normal debit card. I am not 100% sure if you can link it up to paypal though via setting up an account. But you might be able to pay via paypal using your card if that makes sense?!

 

[ArcaneSpark]

Some credit cards let you withdraw cash, some only allow you to use it to pay for items (so yes, you could use paypal). Please be sure the credit card is 15 months 0% for purchases, rather than 0% for balance transfers which is more common. Also call and ask the provider if the 15 months covers cash withdrawals or just transactions, as again sometimes even on cards that are offering so many months 0% on purchases this excludes cash withdrawals.

Have you checked your credit history? Tesco are pretty harsh scorers and only take on people with the best ratings. Virgin and Barclaycard tend to be easiest.

Also be aware if you miss or are late for any monthly repayment you will loose the 0% rate. It will take up to 2 weeks for any credit card to arrive, so apply well in advance of when you need it.

It's very easy to get caught in the trap of planning to use a credit card for one purchase but it snowballing until you have more debt than you ever imagined. Please think carefully and consider how you'll make the monthly payments before deciding to go for it.

Very good advice!