Credit Card advice

The1nonly1 · 9 Jul 2014 at 13:49

I'm going to spend £1000 on my credit card that has 0% interest for 17 months. I intend to pay this off within the 17 months if not sooner paying £50 a month and the occasional £150 payment to make sure but as its 0% for 17 months do i have to pay anything at all monthly or can i leave it and save and then pay back the whole amount around month 12?

this is the card.
http://www.halifax.co.uk/creditcards/balance-transfer-purchase/purchase-card/

vanandjuanunited · 9 Jul 2014 at 13:51

There will be a minimum payment needed.

Liquid_Entity · 9 Jul 2014 at 13:51

No you would still have to make the minimum payments every month

cheesyboy · 9 Jul 2014 at 13:52

You have to make the minimum payment each month. That's a % of the balance (in T&Cs)

dav3evans · 9 Jul 2014 at 13:52

"To keep promotional rates you must pay at least the minimum payment by the due date and stay within your credit limit."

You'll have a certain amount to pay each month but it'll be pretty small. Probably around £5 - £10.

Six6siX · 9 Jul 2014 at 13:52

You usually have to pay the minimum amount per month to keep the interest free offer.

From your link:

To keep promotional rates you must pay at least the minimum payment by the due date and stay within your credit limit.

Mynight · 9 Jul 2014 at 13:52

The1nonly1 said:
I'm going to spend £1000 on my credit card that has 0% interest for 17 months. I intend to pay this off within the 17 months if not sooner paying £50 a month and the occasional £150 payment to make sure but as its 0% for 17 months do i have to pay anything at all monthly or can i leave it and save and then pay back the whole amount around month 12?

this is the card.
http://www.halifax.co.uk/creditcards/balance-transfer-purchase/purchase-card/

There's a minimum payment to make each month or you'll lose the 0%

You must pay at least the minimum payment by the due date and stay within your credit limit to keep promotional rates.

The1nonly1 · 9 Jul 2014 at 13:55

thanks guys, thats all i needed to know

Casdawer · 9 Jul 2014 at 15:26

As someone who's had a massive Credit Card debt, can I just give you one piece of advice...

Create a payment plan and stick too it.

It's easy to just pay the minimum but the best use of your spare cash is paying off the Credit Card, even if it's is 0%.

The1nonly1 · 9 Jul 2014 at 16:01

Casdawer said:
As someone who's had a massive Credit Card debt, can I just give you one piece of advice...

Create a payment plan and stick too it.

It's easy to just pay the minimum but the best use of your spare cash is paying off the Credit Card, even if it's is 0%.

Yeah i have already worked this out; I never go over budget and these purchases to me a while to do as I need to ensure I will be able to pay it back (which i can do).

div0 · 9 Jul 2014 at 16:15

Casdawer said:
It's easy to just pay the minimum but the best use of your spare cash is paying off the Credit Card, even if it's is 0%.

No it's not.

If you have 'spare' cash, then you may as well invest that in some kind of savings, such as a cash ISA. At least that way you would be earning interest on the 'spare' cash, while continuing to 'borrow' on the credit card at 0%.

If you struggle to manage money, then maybe it is best to pay off the card as soon as possible, but if you're in that position, then you probably shouldn't have got the card in the first place.

novaenough · 9 Jul 2014 at 16:38

This^ But especially this part -

div0 said:
If you struggle to manage money, then maybe it is best to pay off the card as soon as possible, but if you're in that position, then you probably shouldn't have got the card in the first place.

The1nonly1 · 11 Jul 2014 at 18:01

So i can spend £1000 and pay back £50 a month with no interest within 17 months?

cainer · 11 Jul 2014 at 18:54

The1nonly1 said:
So i can spend £1000 and pay back £50 a month with no interest within 17 months?

1000 / 17 = £58.82 a month, haz youz bee'n 2 skool?

The1nonly1 · 11 Jul 2014 at 19:05

cainer said:
1000 / 17 = £58.82 a month, haz youz bee'n 2 skool?

I deserved that

. I just wanted to know if £50 would be more than the minimum payment, I'll be paying it off sooner than 17 months.

el_dazza · 11 Jul 2014 at 20:19

The1nonly1 said:
I deserved that . I just wanted to know if £50 would be more than the minimum payment, I'll be paying it off sooner than 17 months.

The minimum is usually 2.5 to 3% or £5, whichever is greater.

xs2man · 11 Jul 2014 at 20:36

An amount equal to the total of interest, default charges and 1% of the balance shown in your statement (minimum £5, or the full balance if less than £5).

So £1000 x 0.01 = £10 per month minimum payment initially. Dropping every month you pay some off until it drops to £5.

413x · 11 Jul 2014 at 22:46

i had that card and most of the time the minimum was 5£

only you know how good ou are financially. CCs are great if you are sensible, terrible if you are stupid.

The1nonly1 · 11 Jul 2014 at 23:15

That's fine thanks. I'm good with my money and know how much I can afford each month

413x · 11 Jul 2014 at 23:39

The1nonly1 said:
That's fine thanks. I'm good with my money and know how much I can afford each month

One thing I'm bad at is forgetting to pay the minimum each month. So now I set a direct debit for it