Barclay Credit Card

Discussion in 'Buying Tips and Advice' started by Mac7, Jun 29, 2010.

  1. Mac7 macrumors 6502a

    Mac7

    Joined:
    Jun 14, 2009
    #1
    Is applying for and using the Barclay credit card to make my macbook pro purchase a good idea?

    I'm only 18 but I will be able to pay it off within 3 months.
     
  2. AppleMatt macrumors 68000

    AppleMatt

    Joined:
    Mar 17, 2003
    Location:
    UK
    #2
    If you are in the UK, yes:

    - You gain additional protection on purchases above £100.
    - You'll begin to establish your credit rating.

    I'd be surprised if, at 18, you'd get an opening credit limit sufficiently high enough however.

    AppleMatt
     
  3. stridemat Moderator

    stridemat

    Staff Member

    Joined:
    Apr 2, 2008
    Location:
    UK
    #3
    I tried when I was 18 - they would only give me £500. The OP's best bet would be to save for 3 more months and by one outright.
     
  4. scotty96LSC macrumors 65816

    scotty96LSC

    Joined:
    Oct 24, 2007
    Location:
    Charlotte, NC
  5. Mac7 thread starter macrumors 6502a

    Mac7

    Joined:
    Jun 14, 2009
    #5
    isn't it 0% interest within the first 12 months depending on your purchase amount?
     
  6. Kissaragi macrumors 68020

    Joined:
    Nov 16, 2006
    #6
    I really doubt youd get more than £500 unless you have a very good job and a very understanding bank.

    You could look into a loan and just pay off the full amount in 3 months time?
     
  7. TheBritishBloke macrumors 68030

    TheBritishBloke

    Joined:
    Jul 21, 2009
    Location:
    United Kingdom
    #7
    He may have a £500 limit, but he could always put the extra money into the account to begin with so he's in the positive I guess? Depends on the card.
     
  8. fpar macrumors regular

    Joined:
    Feb 11, 2008
    #8
    If you are a student you will be given an interest free overdraft in the £750-1500 range depending on the bank (barclays is usually the worst for students) as well as the £500 credit card. I wouldn't recommend using all your credit this early in the game as it will make the bank more hesitant to increase your overdraft as you progress at uni.
     
  9. decadentdave macrumors 6502

    Joined:
    Sep 11, 2007
    #9
    Yeah but if you don't pay it off by then it goes up to an exorbitant 23% and you get charged all the deferred interest and then you are paying compound interest on top of that. It's bloody legalized loansharking.
     
  10. decadentdave macrumors 6502

    Joined:
    Sep 11, 2007
    #11
    Best Buy's interest rate is worse, about 27%.
     
  11. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #12
    If you don't pay it off right away, yes. But Barclay's aka Juniper can **** you over worse. They're a bit better with their once a month billing on the first of the month due to new requirements for creditors, but still. At least with BB you're bound to their crap, Barclay's you can use anywhere Visa is accepted.
     
  12. iMacThere4Iam macrumors regular

    Joined:
    Dec 28, 2009
    #13
    If I were to loan money with exorbitant interest rates to strangers, I'd be arrested for loansharking. If I owned a bank, and handed you a nice new shiny plastic card, it's called business.

    If I give out enough new shiny plastic cards, I'd be given an award, and enjoy status as a pillar of my community.

    It's great that you want to establish your credit, but remember that debt is a slippery slope. We consumers can't win in the long run by playing the finance game. The banks want you to pull the plow, while they reap the rewards of your hard labor.

    If you get a card, my advice is to use it VERY sparingly; just once in a great while to build credit, but no more. You'll feel better by paying cash for things that YOU own. Some cards provide an extra layer of protection if you purchase items like a MBP and you have problems with it, but save up the money FIRST, then pay off the card entirely when you get the bill.

    Good luck, and welcome to the adult world, which can really be a pain if you play the game according to the bank's rules.
     
  13. afters macrumors member

    Joined:
    Apr 16, 2009
    Location:
    London
    #14
    This. It's relatively easy to do with Visa but Mastercard do have issues about a positive (negative?) balance.

    What you want to do is save up for 3 months until you have enough to buy the MBP outright. Then pay the extra money you'd need over your credit limit (e.g. £1000 MBP and £500 CC limit would need £500) beforehand. Obviously when your statment comes in, pay off the entire balance in full.

    I'd agree with those making comments about not buying the computer outright on the CC. The interest rates are extortionate unless of course you get an interest free promotional deal (unlikely at your age).

    You'd also already know this, but student discounts are also available.
     
  14. WildGuess macrumors regular

    Joined:
    Apr 29, 2010
    #15
    Using the free interest right now.

    I'm typing on the MBA that I bought last October with the Barclay card. They gave me $3500 credit. Used $2100 with Apple for this Air (got the optional external drive and paid the Governater too much in taxes). Learned something. Don't use the card for anything else unless you can pay off the total card in twelve months (for the free interest). I added an AEBS on the card in April, that went on the total to be paid off. No problem, I've been paying it off $200 a month, my last payment is coming up in a few days. I saved almost $200 in interest. There were no tricks:)
     
  15. ecloud macrumors newbie

    Joined:
    Aug 21, 2010
    #16
    Awful credit card

    I was not approved for the full purchase price... granted I bought a 17" MBP, but still had to use my debit card for about 1/3 of the price.

    Then I tried to set up automatic payments, and because I put in my bank account number wrong (because the number for electronic transactions is longer than the one that's usually on my bank statement) they charged me a $39.95 fee. So I called up about that, and no, they cannot waive that fee. I asked for a manager, and the person tells me that one is not available but can call back within 24 - 48 hours.

    To me, a fee is punishment for trying to defraud them in some way. Late payment - that's normal. My payment was not late - I corrected the mistake and still got it in on time. They are charging me this much because of a simple error. It most certainly does not cost them that much for an unsuccessful attempt to make an electronic transfer. So I reported them to the Delaware BBB for what it's worth.

    Since there is "zero interest" they will be as greedy as they can in other ways.
     

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