Credit card protection
- Thread starter Ihavenojob
- Start date
You might not qualify yet, but if you have two or more credit cards, and get an "interest free transfer" offer, it makes good sense to make a large purchase on one, then transfer the balance. I have done that a few times, and held enough cash in Premium Bonds to pay off the debt a few days before the offer expires. To get the best value, you must not use that card for anything else until you have paid it off.
If you are new to credit cards, build up your credit rating by always paying off at least the minimum every month, preferably by direct debit, they like to see you using it, but staying within 50% of the max limit, and showing that you can afford to service the card and pay it off, not having a constantly rising debt. Usually I use my cards in rotation, one for a month, then clearing the balance to zero by the due date, while I use another. That avoids any interest charges. If you maintain a rolling balance, and never pay it to zero, they will like you because they charge extortionate interest. Store cards are usually expensive.
They also look at your payment of utility bills, mobile phone and other credit accounts, and look to see how long you have been on the electoral roll at your address. AFAIK, the better your rating, the more likely you are to get good offers.
If you are new to credit cards, build up your credit rating by always paying off at least the minimum every month, preferably by direct debit, they like to see you using it, but staying within 50% of the max limit, and showing that you can afford to service the card and pay it off, not having a constantly rising debt. Usually I use my cards in rotation, one for a month, then clearing the balance to zero by the due date, while I use another. That avoids any interest charges. If you maintain a rolling balance, and never pay it to zero, they will like you because they charge extortionate interest. Store cards are usually expensive.
They also look at your payment of utility bills, mobile phone and other credit accounts, and look to see how long you have been on the electoral roll at your address. AFAIK, the better your rating, the more likely you are to get good offers.
The credit reference agencies are obliged by law to give you a free copy of your file. I got mine from https://www.experian.co.uk/consumer/statutory-report.html
I got it, hard copy, by post.
They also offer an app that shows you, free, your rating each month, which is worth having, and a paid-for one that tells you more about how it is calculated, which IMO is not worth paying for. See from https://www.experian.co.uk/
If your rating creeps gradually higher, it will be because you are paying your bills on time.
If it suddenly drops, it might be because you have missed a payment, or taken out a larger than usual loan or spend that is greater than usual, or are in default or had a CCJ or made an arrangenent to pay an overdue debt. You will probably know what it is even if the free app does not tell you.
I also get a free report on my banking app. As they do not offer a paid-for version, they do not hide the extra detail, so I find it better.
I got it, hard copy, by post.
They also offer an app that shows you, free, your rating each month, which is worth having, and a paid-for one that tells you more about how it is calculated, which IMO is not worth paying for. See from https://www.experian.co.uk/
If your rating creeps gradually higher, it will be because you are paying your bills on time.
If it suddenly drops, it might be because you have missed a payment, or taken out a larger than usual loan or spend that is greater than usual, or are in default or had a CCJ or made an arrangenent to pay an overdue debt. You will probably know what it is even if the free app does not tell you.
I also get a free report on my banking app. As they do not offer a paid-for version, they do not hide the extra detail, so I find it better.
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Depends on the exchange rate. I always use my Monzo card when spending abroad. I start off with a couple of hundred quid on it and top it up from my bank account if it starts getting low. The rates are as near as dammit in line with bank (not tourists) rates and almost within the minute you buy something on it, it pings up on your phone and tells you the cost in Sterling.
"A statutory credit report is completely free. By law, credit reference agencies (such as Experian, Equifax, and TransUnion) are required to provide you with your basic statutory credit file at no cost. [1, 2, 3, 4]
While statutory reports are entirely free, they usually do not include your numerical credit score—they only display your 6-year credit history. Agencies often push paid monthly subscription services (like tips and fraud alerts) and may not advertise the free statutory report prominently. [1, 2, 3, 4]
While statutory reports are entirely free, they usually do not include your numerical credit score—they only display your 6-year credit history. Agencies often push paid monthly subscription services (like tips and fraud alerts) and may not advertise the free statutory report prominently. [1, 2, 3, 4]
Thought I'd tag onto this thread and not start a new one.
I've got a new chase credit card to use when I go to Florida in July, I've got the money so don't need credit so should I load the money onto the credit card if that's even possible or pay it off when I get back or just use my debit card?
I feel more protected using a credit card abroad although this will be my first time I usually just use my debit.
First time credit card user as you can probably tell
As it's a new card, start using it before you go, and pay off the statement balance promptly. Notify them you are going on holiday to Florida and get their phone no, and tell them your mobile number and email address, as the spending pattern will look unusual and they might think something fishy is going on.
The United States is quite a primitive country, and you may find retailers do not have "tap to pay" terminals. Sometimes they take your card off you and go to the cashier with it. This is more risky in case the waiter is a crook.
Keep a card on you, and another with your companion or in your luggage, and a note of the card company contact details and card number (but not the PIN) somewhere, in case of loss or theft.
I once lost my wallet in a small American mountain town, and when I reported it, at teatime, Amex flew in a new card overnight and it was at my lodging by breakfast. I thought that was exceptional service.
