Credit Cards

[steff]

I want a credit card. Not one that depends on wages, one that will rather take money the money straight from my account. Just wondered if anyone could enlighten me on the "best" for a student in the UK? I don't have a scooby and I think I need to change my bank account type to something else first.

[Ridgeback]

you don't want a credit card then. you want a debit card that's supplied by your bank

[steff]

But some sites only take a credit card, and I know you do get the cards I was talking about. (see here (http://www.mastercard.com/uk/findacard/index.html)) - The bottom one.

http://www.mastercard.com/uk/images/sh_findacard_2.gif (http://www.mastercard.com/uk/findacard/debit_card.html)
Apply for a card that accesses your bank deposit account.

[Ridgeback]

But some sites only take a credit card, and I know you do get the cards I was talking about. (see here (http://www.mastercard.com/uk/findacard/index.html)) - The bottom one.

http://www.mastercard.com/uk/images/sh_findacard_2.gif (http://www.mastercard.com/uk/findacard/debit_card.html)
Apply for a card that accesses your bank deposit account.

for christs sake don't get a maestro card - they're shit. my bank debit card has a visa sign on it, so I can use it where the visa sign is displayed

[steff]

I was just using that as an example. :P

Oh I see, so I'd best ask my bank about getting it to get a wee logo on it so it's like... part credit card, or something along those lines. :P

[the squid of despair]

I was just using that as an example. :P

Oh I see, so I'd best ask my bank about getting it to get a wee logo on it so it's like... part credit card, or something along those lines. :P

n000b!

[hoos]

Steff. You can almost always use a debit card on any website that asks for a credit card. And it is linked directly with your bank account.

[steff]

My bank card was cracked slightly so my mum went and ordered me a new one a couple of days ago. They've sent me a chip and pin maestro debit card so worry over. :$:P I thought I'd have had to do it myself.

[Buckledmac]

grampa's right you want a visa debit card (Y)

[steff]

Whats the difference though? :P This isn't an Opera/Firefox thing is it? Where there ain't much difference except personal preference. :P

[Kloaked Spirit]

The difference is many places will accept a debit card with a visa/mastercard/whatever logo on it because the logo acts like a security blanket. They know that if shit really hits the fan on the payment, it's backed by those companies and that vendor will get paid. A regular ATM card with no logo on it from random xyz bank may not give the vendor that same assurance.

Edit: vvv much better reasoning than the above stuff I was told. Don't listen to me. :P

[Bagmanstu]

The reason that shops etc prefer visa and / mastercard over Amex/diners club and generic banks cards is the % commision they charge the retailer.

order of preference for accepting cards for me is.

1. Debit cards - flat fee of 25p on any transaction
2. Visa / mastercard - 1.69% of transaction ammount
3. Amex / diners club etc - 3% of transaction ammount.

So selling a £250 briefcase I would rather pay 25p to process a debit card than £7.50 if the customer offered to pay with Amex.

All my staff are trained to ask for a different card if possible when Amex cards are offered,

There are no security worries on any cards if they are chip and pin and the customer keys the right pin # in we always get paid.

Stu..

[Uganja]

Do you already have an overdraft facility?

Credit cards are the devil in plastic form

[Deadwood]

Natwest student account is what you want steff. (Y)

Free railcard for 5 years, overdraft for 1st year students of £1250 with zero interest rate.

Iv got it and am 100% happy.

[Buckledmac]

The reason that shops etc prefer visa and / mastercard over Amex/diners club and generic banks cards is the % commision they charge the retailer.

order of preference for accepting cards for me is.

1. Debit cards - flat fee of 25p on any transaction
2. Visa / mastercard - 1.69% of transaction ammount
3. Amex / diners club etc - 3% of transaction ammount.

So selling a £250 briefcase I would rather pay 25p to process a debit card than £7.50 if the customer offered to pay with Amex.

All my staff are trained to ask for a different card if possible when Amex cards are offered,

There are no security worries on any cards if they are chip and pin and the customer keys the right pin # in we always get paid.

Stu..


we dont take amex for that very reason stu

[Bagmanstu]

Steff, go with the card that Deadwood sugests,

and then open an Abbey national e-saver account and plonk at least £1000 pounds in it from your free overdraft at 5.35% interest and then in 12 months time withdraw the cash from Abbey and put it back in nat west ;-).

You just earned £53.50 for ten mins work, thats over £300 quid and hour and even plumbers don't earn that much.

[Bagmanstu]

we dont take amex for that very reason stu

I will allways take it as a last resort if it means I could lose the sale.

I would rather have 97% of something than 100% of nothing

[Kloaked Spirit]

Steff, go with the card that Deadwood sugests,

and then open an Abbey national e-saver account and plonk at least £1000 pounds in it from your free overdraft at 5.35% interest and then in 12 months time withdraw the cash from Abbey and put it back in nat west ;-).

You just earned £53.50 for ten mins work, thats over £300 quid and hour and even plumbers don't earn that much.

On that note, if you have good credit just apply for a shitload of credit cards that have high limits, low bank transfer fees, and 0% APR for twelve months. Once you have a bunch of cards, max them out via bank transfer to a bank like the one quoted. Let all the cash sit in there, and pay the minimum monthly balance (don't be late.) Then pay them all off on the 12th month of 0% APR and keep the leftovers. There's a term for this process, but I forgot what it's called.

Your FICO score takes a small hit because of all the inquiries, but it's lessened if you do it all in a very short period of time (it's only 10% of it anyway.) However, those inquiries will go off your report in 2 years. Plus if you want to keep your credit cards (say all cards with no annual fees,) you'll obtain a better FICO score as you'll now have a shitload of available credit for your debt:credit ratio (which is 30% of your FICO score.)

[steff]

I like the sound of that...

[Deadwood]

Note : One student account is permitted per student. You wont get away with having more than one.

However, in the 3rd and final year of a degree cousre Natwest increases the overdraft to £4500 still interest free. Put that in a high interest account and watch it grow ;)

[Deadwood]

Note : One student account is permitted per student. You wont get away with having more than one.

However, in the 3rd and final year of a degree cousre Natwest increases the overdraft to £4500 still interest free. Put that in a high interest account and watch it grow ;)

Its all about shafting the system! ;)

[Bagmanstu]

The credit card thing is known as stoozing.. yep really..

Here is a step by step guide..

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,

[Deadwood]

The credit card thing is known as stoozing.. yep really..

Here is a step by step guide..

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,

Lol, its the beginners guide to shafting the system. (f)

[Grendel]

They give credit cards to students?


Well, they gave Leicester to Pakistan...