Random Credit Card Question

phil675

phil675

phil675

Soldato
Joined
15 Jan 2005
Posts
4,569
Location
UK
Hi.

If I get a new card and do a balance transfer, which has a 0% rate for 20 months, do I still have to pay the minimum payment on it or can I just leave it like that for 20 months?

Thanks
 
Ah yes ok. Still cheaper in the long run so just got a new Barclaycard. So now I can save up for a new car for May instead of paying off the damn credit card.
 
you pay a percentage of the total but without interest

remeber there is usually a fee for BT but usually less than 3%
 
phil675 said:
Ah yes ok. Still cheaper in the long run so just got a new Barclaycard. So now I can save up for a new car for May instead of paying off the damn credit card.
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Careful, don't keep kicking the can down the road. The debt won't go away and you are paying a balance transfer fee each time you move it. It's probably pretty silly to just stick it on a balance transfer card and never pay it off properly so you can instead buy a new car.

Pay it off first then buy shiney things.
 
[TW]Fox;25272609 said:
Careful, don't keep kicking the can down the road. The debt won't go away and you are paying a balance transfer fee each time you move it. It's probably pretty silly to just stick it on a balance transfer card and never pay it off properly so you can instead buy a new car.

Pay it off first then buy shiney things.
Click to expand...

I have pretty much no money left after uni, just started a job so will be able to pay it all off by this time next year. Thing is my missus is having another baby in Jan, my car has 6 months left on tax and MOT, it is worthless due to bodywork damage so I'm hoping nothing goes wrong with it in this time and I'll need something bigger by then to carry the huge double pushchair, baby bits and shopping etc. that we struggle with in current car. Not planning on buying a new car or anything like that, going to spend a grand tops but then there is insurance, tax and tyres that might need doing too.
 
The only time it pays to transfer balances repeatedly is if, by paying only the minimum each month, you put the rest you could use to pay it off in a savings account that earns more over the 0% period than the transfer fee.
 
Richie said:
The only time it pays to transfer balances repeatedly is if, by paying only the minimum each month, you put the rest you could use to pay it off in a savings account that earns more over the 0% period than the transfer fee.
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I used to do this with 0% purchase cards. Fill the card up, while putting all the money I earned into a savings account, and then at the end of the term pay off the card and pocket the interest as profit.

Its completely pointless now though as the interest rate on savings accounts is woefully low.
 
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