Best Credit Cards to Start Building Credit

When you are not sure which kind of credit suits you best, read our guidelines on different kinds of credit.

Students Credit Cards in Great Britain

Decisions you make today in the management of your funds can affect your credit histories for years to come. Obtaining a credit or debit card and using it in a responsible manner while you are young can provide a host of advantages. Enhance your creditworthiness: Throughout your lifetime, you may need credit for large buys such as purchasing a new automobile or getting a mortgage on your first home.

Since you are just getting started, you need to show creditors that you can use credit instruments in a responsible way. Whilst you should not see it as a substitute for your daily expenses, a creditcard can help you distribute the costs of larger, one-time shopping. You are entitled to a reimbursement under Section 75 of the Consumer Credit Act (1974) if you pay more than 100 for a single article with a credit or debit card and do not obtain the services for which you purchased it.

You are not safe if you are paying by bank or credit cards. A failed creditcard application will result in a marker being left on your credit reference that will be viewable by all creditors. When you miss a credit transfer, you will be billed interest. Direct debiting is a good way to do this.

If you withdraw with a creditcard at a cash machine, you will be billed a surcharge. Withdraw funds only with your credit cards and check your credit cardholder's general business policy for more information. Balance is only available to UK residents aged 18 and over and is dependent on state.