Which? Cash Quiz Gets It Badly Wrong!

I'm fuming. I just tried Which's 'how smart are you with money' online quiz. And found I was pretty dum as I seemingly got the answers wrong.

Yet actually it is Which that's stoopid. It's attempts at trying to inform people about money smack of oversimplification and play into the hands of banks and lenders. By doing this it is complicite in old style financial thinking. Whoever let this go on Which's? website really needs to be asked some serious questions.

(Read my a past discussion that Which? should stop its distateful prize draw marketing)

First Question, You need to borrow £3,000 for a new car whats the cheapest way?

Naturally in the multiple choice options, I pick a credit card, as using the half-price plastic loan system, you can get 3.9% long term. Yet I'm wrong because apparently a loan (market cheapest currently 5.6%) is cheaper.

Even without doing that at 3k over 2 years. You could simply pay for the card on a Sainsbury card (if they allow, depends on the deals) at 0% for 12 months (and 0.25% cashback). Then transfer the balance to another card at the end of the year. Even without doing that you could pay on Capital One's No Hassle Platinum card at a consistent 6.9% which is still cheaper than many loans (see best card for purchases article)

Credit cards are by far the best way to borrow (if you get it right). They're also the worst way to borrow (if you get it wrong). Rather than putting its money into such a ridiculous quiz, maybe it could've paid one of its staff members to write an article explaining what to do instead and actually helping them rather than miseducating.


Second question. You need to withdraw money abroad, use a debit-card, credit card or are they the same.

Of course the question is faulty, as it depends on the card. So I pick 'both equal' and again am told its wrong, its a debit card.

Whereas a Nationwide credit card is much cheaper (provided you pay back in full) than a Halfiax debit card which charges you a fee both for spending and puchases.

The most important thing about withdrawing cash abroad isn't whether its debit or credit, but that it is the correct card. In fact many debit cards now charge when you spend abroad, something that credit cards don't (if you pay off in full) so overall if I had to hedge for one, I'd probably tell people to go for a debit card.

See 'cheapest way to spend overseas' article

I can't take any more

I'll be honest with you - i didnt bother with the other questions I was so flabbergasted by this terrible piece of trite information (you can see the quiz itself here)

I still have a lot of respect for the Consumers Association, but this really is pitiful. It's great for campaigning, and its good on its Washing machine picking, but it seems more and more when it writes on what to do with your cash, its simply wrong, behind the times and poorly educated (i remember its front page 'credit cards which one is right' article that was out of date adn missed all the best cards). Maybe it should stick to what it is good at!

Martin