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First credit card

  • 08-08-2018 1:32am
    #1
    n!ghtmancometh
    Registered Users Posts: 407 ✭✭


    Hi

    I'd like to get a credit card, mainly for booking hotels and renting cars etc as it means a hold isn't put on cash in my current account like it is when I use my visa debit card. I have good savings history and meet minimum income threshold for most cards I've looked at online so far. Just wondering if anyone with more knowledge of these things has any recommendations or tips?

    I bank with PTSB at the moment (current and savings accounts) and have fee free banking from the joining during the boom, if that makes any difference.

    Cheers


Comments

  • #2
    CVB
    Registered Users Posts: 472 ✭✭CVB


    What age are you ? What limit would you want ?
    What job do you do ?


  • #3
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    Will you clear the balance every month? If you're very disciplined and make sure you do then the rate is not as important.

    Some give rewards on spends, but they tend to have a higher rate.

    Have a look here.

    https://www.bonkers.ie/compare-credit-cards/your-results/


  • #4
    n!ghtmancometh
    Registered Users Posts: 407 ✭✭n!ghtmancometh


    CVB wrote: »
    What age are you ? What limit would you want ?
    What job do you do ?

    Early 30's, civil servant, between €1500-3000 I suppose. Only intend on using it for reasons outlined above really.


  • #5
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    You should be fine then.


  • #6
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    n!ghtmancometh wrote: »
    Early 30's, civil servant, between €1500-3000 I suppose. Only intend on using it for reasons outlined above really.

    As Wheety says above, if you pay off the balance every month, the rate of interest charged won't matter. Irish credit cards don't give anything worth talking about in terms of incentives, they're pretty much all the same.

    Carrying a credit card balance from one month to the next (i.e. not paying the full balance) will affect your credit rating and incur penal rates of interest so the advice I'd give you when getting your first credit card is this: don't buy anything that you cannot pay for in full when you get the credit card bill.

    Use a credit card for the situations you describe and for short-term term free credit (up to 6-7 weeks if you time your purchases properly) but not as a means of borrowing. And only use a credit card to withdraw cash from an ATM in an emergency, the interest is charged straight away i.e. there's no free credit until your next payment date as there is with purchases.


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