I know the Bank of England rate is about 4.9% but this sounds such a good deal.
2006-08-23 21:13:53 · 39 answers · asked by Anonymous in Business & Finance ➔ Credit
Slow Boy, You are obviously a bit on the "NUGGETS" side, so yeah take it it's such a good deal...Honest!!
2006-08-23 21:21:51 · answer #1 · answered by kookiboo 3 · 0⤊ 3⤋
OK, definately not. Not only is that rate scandalous, credit in general is a foolish thing to get into, it can cripple you for years.
Look at it like this. A £500 debt on a 34.9% card will cost you
£675 after 1 year
£911 after 2 years
£1230 after 3 years
£1660 after 4 years
£2242 after 5 years
£3026 after 6 years.
DONT BE FOOLED! There are thousands of people in debt and aren't quite sure how they got there. The above maths shows how easy it is to slip into the mire. SPeak to some 30-somethings with a bit of wisdom, they'll back me up.
If you want that Ipod, put in a few more hours. :o)
PS, the BOE rate is 4.75 :o)
2006-08-23 21:19:24 · answer #2 · answered by Chris O 3 · 5⤊ 0⤋
No way. 34.9% - a good deal? Remember you're the one paying the interest not the other way round - not even if your card is in credit do you get a penny in interest. If you don't need a credit card, what's the point in getting one. Also, if you do need a credit card, what's wrong with one offering 0% interest even if it's for a limited period?
2006-08-24 00:57:44 · answer #3 · answered by scallywag 4 · 0⤊ 0⤋
Good grief, no, no ,no! And NEVER build up a debt on any credit card - always pay off the whole debt each month. Some credit cards offer 0% on transferred balances too. If you need credit, you can get it much cheaper elsewhere - shop around. Try this site for advice: http://www.moneysupermarket.com/cards/credit_card.asp
2006-08-23 21:29:30 · answer #4 · answered by mad 7 · 1⤊ 0⤋
If you take this deal you will never get out of debt. Credit cards today charge interest from the minute you make a purchase.
Do yourself a favor and pay your bills ahead of time. This will help to get your credit score higher and then realistic credit card offers will be made available to you.
Good luck!
2006-08-23 21:22:28 · answer #5 · answered by moonlight_is_harmonious_1 5 · 1⤊ 0⤋
Yeah its a good deal for the company, they would give you the card for that kind of interest, guess you have not looked at other credit cards theres ones out there that is half the interest, my advice dont get any cards so much trouble, if you dont have the money go without if you get one of these you prob wont have any money as it will be on the card for the interest. LEAVE IT OUT OF YOUR WALLET. easy to have but hard to get off debt with a card
2006-08-23 21:26:34 · answer #6 · answered by BUDDXX 2 · 1⤊ 0⤋
Good god no!
Go get the British Heart Foundation credit card! Not only does it charge like 29.4% but it benefits a worthy charity at the same time! You could check out other charities too.
Otherwise, you might even want to get a 360Money Prepaid Debit card (no chance of debt or fraud) or an 'Extreme-Cred' card.
Good luck.
:-)
2006-08-23 21:24:20 · answer #7 · answered by The Techie 4 · 1⤊ 0⤋
No, it's a terrible deal. You will get a (much) lower rate from your bank, ask them what they think of the offer and they will say the same as everyone else on this forum, DO NOT DO IT.
2006-08-23 21:30:04 · answer #8 · answered by Anonymous · 1⤊ 0⤋
I agree with Chris O, i'm 33 and excesive credit card rates will get you into real trouble, i nearly went bankrupt and i am just recovering after 2 years with no money. (still one to go!)
that is a very high rate and you should not go for it, try saving for things!
2006-08-23 21:35:50 · answer #9 · answered by Rob 2 · 1⤊ 0⤋
HAHAHAHA!!!! Your falling for the biggest scam ever.
Dont do it. Go to your local bank and get one from there or better still, dont get one at all. Ive been there and got the T-shirt. Worst thing ive done and Im now paying it off with a loan.
THINK about what youre doing BEFORE you committ
2006-08-23 21:30:45 · answer #10 · answered by Supertwirly 2 · 1⤊ 0⤋
I think you could do better, unless, you can get into the habit of paying it off completely in full each month so you don't have to pay the credit card charges.
2006-08-23 21:20:16 · answer #11 · answered by Anonymous · 1⤊ 0⤋