Hi,

Things are starting to move with my dream self build, hopefully this week I shall own the building plot, also this week final planning shall be submitted, as soon as I own the plot I can insure it and start some tidying up, put up security fencing, etc.

I am going to document everything and keep spreadsheets and all receipts for Vat purposes, I have been very thrifty with money throughout my life and apart from a mortgage never had any loans, storecards, etc., a member of family said maybe I should consider getting a credit card to pay for services/materials, this worries me but seemingly as long as I have money to cover credit card costs at end of month then interest rates are not charged and this is the way things are set up, has anyone done this and if so which provider gives the best rewards, any advice would be very much appreciated!

 

Kind regards,

Kevan.

My thoughts are, if you don't need the credit card, don't get it. Once building is underway there is loads going on in head, you don't need the extra agro, of thinking did I pay that credit card bill?

 

 

I buy most things with a credit card, but I ALWAYS pay in full at the end of the months.  Nothing wrong with them used like that and you get section 75 protection on a lot of purchases.

 

during our build we did take a 0% card, used it for a number of credit transfers and put it away until it's 0% time was up and then transferred to another 0% card.  That gave us nearly 4 years interest free for some purchases.  but DO NOT use those for general spending once you have done your transfers for the 0% and make sure it is cleared before the 0% period ends.

I used a credit card all the way through because it gives section 75 protection. Just paid full amount each month - decent providers should give you a heads up before payment is due and tell you how much they're taking out so you can transfer any money you need into the account you're paying from, and you just set up a pay full amount direct debit.

1 hour ago, JohnMo said:

My thoughts are, if you don't need the credit card, don't get it. Once building is underway there is loads going on in head, you don't need the extra agro, of thinking did I pay that credit card bill?

 

 

I would only contemplate having a credit card if everything was automatically squared up at end of the month and I would ensure more than sufficient funds were in my main account, I’d rip it up as soon as the build is finished…

43 minutes ago, SimonD said:

I used a credit card all the way through because it gives section 75 protection. Just paid full amount each month - decent providers should give you a heads up before payment is due and tell you how much they're taking out so you can transfer any money you need into the account you're paying from, and you just set up a pay full amount direct debit.

I am led to believe some banks set up automatic transfer of funds, all you have to do is ensure you have sufficient funds in your account to cover this.

If your brining in trades yourselves Most will want cash 

Keep some handy 

Get a credit card for purchase protection, direct debit to pay off the balance automatically every month. I had a separate current account for building expenditure together with credit card, Halifax worked well for me.

I bought as much as I could on credit card, I even paid off my builder merchant invoices on credit card if I could but made sure that I paid the required balance each month so as to not pay interest.

 

I got an Amex and a Virgin Mastercard both gave me air miles which the wife and I used to get a well deserved First Class Caribbean holiday after we'd finished.

 

if you want a BA Amex referral let me know as we'll both get extra Avios points. 😉 

Credit card for all internet purchases purely for s.75, saved my bacon for a hw cylinder that never appeared!  Get one that gives some form of reward, club card points or similar, with the amount you can spend on materials the vouchers can add up to a tidy sum for a few extra snacks or beers at Christmas.  You are going to spend anyway so make sure you get something back!

6 hours ago, Kevan Marshall said:

Things are starting to move with my dream self build, hopefully this week I shall own the building plot, also this week final planning shall be submitted, as soon as I own the plot I can insure it and start some tidying up, put up security fencing, etc.

Don't do anything on site until you have boxed off, secured you exemption from, the Community Infrastructure levy for Self builders, work done might be interpreted as starting and if you have not sorted your exemption you will be asked to pay the CIL!

2 hours ago, Bonner said:

Get a credit card for purchase protection, direct debit to pay off the balance automatically every month.

You only have protection for single purchases under £30k.

6 hours ago, JohnMo said:

f thinking did I pay that credit card bill

set up a Direct Debit to pay it

12 hours ago, MikeSharp01 said:

Don't do anything on site until you have boxed off, secured you exemption from, the Community Infrastructure levy for Self builders, work done might be interpreted as starting and if you have not sorted your exemption you will be asked to pay the CIL!

in NI?

Some credit cards offer 1%cashback.  That’s what I did and it all adds up. Pay off monthly like others have said to avoid interest charges. 

You could also opt for a Purchase Credit Card, some are currently offering 0% interest for 25 months, store the money you would have used to buy whatever, and will eventually use to pay off the bill in a high interest account, and it'll bring your final bill down a little.

 

https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/

 

You won't get cashback from this type card, but doing the above will probably earn you more anyway, and just use Quidco etc to get cashback from any retailers directly.

2 hours ago, Canski said:

Some credit cards offer 1%cashback

Some also allow you to gain various different sets of 'points' which could either save you money during the build or pay for something nice at the end of it.

We've always had some type of reward credit card, paid off in full each month.

 

During the build process we accrued enough airmiles for 3 long haul return business class flights for two 😁

3 hours ago, Bancroft said:

Some also allow you to gain various different sets of 'points' which could either save you money during the build or pay for something nice at the end of it.

Yes that's what mine did it allocated points which equated to 1%. It paid for the driveway materials.

11 hours ago, dpmiller said:

in NI?

No but possibly yes, I think they have been trialling something similar is it called the community infrastructure fund.