This week the Luma credit card launched, offering UK customers with poor credit and no credit the chance to have a credit card.
The Luma card does have a high interest rate at 35.9% APR representative (variable), but if you pay your balance off in full each month then you needn’t worry about that. And you get 0% interest on purchases until December 2012 – just in time to start Christmas shopping early!
But if you want to use the card to build or rebuild your credit, then you best be paying off the balance on time and in full each month. If you always follow this then your credit score will improve and eventually you’ll be able to apply for a card with a lower interest rate.
Just remember to spend responsibly.
This week’s top posts
What is Money comments on JP Morgan’s survey which found that today’s teens are expecting £22,000 for the first salary, and the ability to own a home by the age of 25.
Magical Penny discussed the importance of life insurance.
And for those of you looking to save a few more pennies, Discount Coder has given a roundup of places where you can hire out services for only a fiver.