Credit Cards

Robert

Robert

Robert

Soldato
Joined
20 Oct 2002
Posts
16,155
Location
North West
I'm glad I've finally got one...however how do you guys deal with yours?

A) Pay it off every month
B) Pay it off bit by bit

Currently I try to pay it off each month but I'm wondering if it's worth doing that or just paying a chunk off each month.
 
I pay 1% APR typical on my card so I can afford to pay off whatever I feel like. I appreciate that you'd be hard pushed to get a credit card with anything lower than 14% APR typical these days though...
 
Theophany said:
I pay 1% APR typical on my card so I can afford to pay off whatever I feel like. I appreciate that you'd be hard pushed to get a credit card with anything lower than 14% APR typical these days though...
Click to expand...

Very hard pushed. Any hints to who issues that card?
 
I used to have one, however it's so easy to go overboard, therefore I put all the outstanding amounts on one card, cleared that balance over a number of months and then cancelled them all and gave the cards the old scissor treatment.

I think at one point between 3 cards I had a combined credit limit of like £13k, and that was just what they had given me on application, it's nuts, i hate the things.

Now I just have a bank account with a £500 overdraft if needed, admittedly it did my credit rating a world of good having them which meant me and the girlfriend could get a £1500 loan this year for our horsebox over 12 months and only pay about £50 interest.
 
mrmoose said:
Very hard pushed. Any hints to who issues that card?
Click to expand...

Barclaycard. I'm not sure if they still do as I was issued it a couple of years ago and apparently there has been a meltdown in global credit markets since then. ;)

A mate of mine went to apply for one but either the bank teller she spoke to had never heard of it or they have since stopped issuing it. Thankfully my annual percentage rate contractually cannot increase until I reach the expiry date in 2013.
 
Well im sure it would have come with a 0% on purchases as an introductory offer, so whatever you can afford until that runs out?

I just got my first one aswell and it came with 9 months 0% interest on purchases so i will pay it off bit by bit (obviously always making he minimum payment).

Slapped my car insurance onto it :o:p
 
I tend to just clear the balance when I log on my internet banking every few days, I occur no charge for having positive funding in the account, so sometimes just round it up to the nearest hundred.
 
I tend to end up in a repeating cycle of starting small, paying it all off each month, then gradually fall into bigger purchases. That gets paid off over a number of months, then the cycle repeats. Hey, works for me!
 
We use ours for everything but we pay it off every 15 days. No reason other than so that we keep a closer eye on it than we did paying it off at the end of the month.

This idea appals my dad who only pays off his CC on the very last day that he can get away with without having to pay any interest.
 
Have lots of debt on mine at the minute, which I'm doing a good job of paying off every month, transferred as much as I could to a 0% card, so am not accruing any interest charges while I pay that portion off. Should be debt free fairly soon.
 
I always pay mine off every month. I get the extra security of using the CC without paying any interest. If I needed to borrow money then a CC would be one of the last places to do so; the interest is sky high so it's nuts to use it simply for convenience.
 
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