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  • FIRST POST
    • becky701
    • By becky701 6th Oct 17, 4:09 PM
    • 19Posts
    • 3Thanks
    becky701
    How Bad are credit cards
    • #1
    • 6th Oct 17, 4:09 PM
    How Bad are credit cards 6th Oct 17 at 4:09 PM
    Hi

    I have balance transferred my balance onto a 0% card & it's round £3400 - if I'm paying more than the minimum amount (about £50+ a month) but it takes a few years to pay off is this a problem?

    Can I keep balance transferring until it's paid off to avoid interest?

    Thank you
Page 1
    • amfan
    • By amfan 6th Oct 17, 4:10 PM
    • 89 Posts
    • 64 Thanks
    amfan
    • #2
    • 6th Oct 17, 4:10 PM
    • #2
    • 6th Oct 17, 4:10 PM
    No problem, and yes as long as you get accepted for a new one.
    • becky701
    • By becky701 6th Oct 17, 4:20 PM
    • 19 Posts
    • 3 Thanks
    becky701
    • #3
    • 6th Oct 17, 4:20 PM
    • #3
    • 6th Oct 17, 4:20 PM
    What if I sometimes put more on it but still pay off more than the minimum?
    • molerat
    • By molerat 6th Oct 17, 4:26 PM
    • 17,109 Posts
    • 11,261 Thanks
    molerat
    • #4
    • 6th Oct 17, 4:26 PM
    • #4
    • 6th Oct 17, 4:26 PM
    Be aware though that BT cards do not always come with interest free purchases.
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    • NineDeuce
    • By NineDeuce 6th Oct 17, 4:33 PM
    • 298 Posts
    • 243 Thanks
    NineDeuce
    • #5
    • 6th Oct 17, 4:33 PM
    • #5
    • 6th Oct 17, 4:33 PM
    They are proper bad, especially when you are telling yourself that you need Sky TV or an iPhone while paying on a credit card
    • becky701
    • By becky701 6th Oct 17, 4:36 PM
    • 19 Posts
    • 3 Thanks
    becky701
    • #6
    • 6th Oct 17, 4:36 PM
    • #6
    • 6th Oct 17, 4:36 PM
    OK thank you
    • amfan
    • By amfan 6th Oct 17, 4:37 PM
    • 89 Posts
    • 64 Thanks
    amfan
    • #7
    • 6th Oct 17, 4:37 PM
    • #7
    • 6th Oct 17, 4:37 PM
    Do you mean put more on as in take advantage of another transfer? That's not a problem either. You most likely will lose any promotion though if you make purchases on the same card you transferred to.

    Credit cards in themselves aren't bad. It's peoples inability to not buy the things they crave that can become out of control and cause credit card debt to spiral beyond a manageable level. Used well they will bolster your credit history for a time you need it in the future.
    • PeacefulWaters
    • By PeacefulWaters 6th Oct 17, 4:47 PM
    • 7,002 Posts
    • 8,610 Thanks
    PeacefulWaters
    • #8
    • 6th Oct 17, 4:47 PM
    • #8
    • 6th Oct 17, 4:47 PM
    Sooner or later you'll get rejected for the next 0% card.

    Then you'll pay lots of interest.
    • Dobbibill
    • By Dobbibill 6th Oct 17, 8:17 PM
    • 2,382 Posts
    • 3,491 Thanks
    Dobbibill
    • #9
    • 6th Oct 17, 8:17 PM
    • #9
    • 6th Oct 17, 8:17 PM
    Ideally you should keep BTs and purchases on separate cards.

    You should also address why you have the debt initially, without doing that it's quite likely to happen again. This will mean you then need cards with higher limits, longer terms or both.
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    • bris
    • By bris 6th Oct 17, 8:36 PM
    • 6,939 Posts
    • 5,958 Thanks
    bris
    Ideally you should not put further charges on credit cards.


    Credit cards are good for some people who know how to manage them, for millions more they are the devil and cause severe financial hardship.


    Stay away from them, that shiny new Iphone 8 might look good just now but 2 years down the line it's not so shiny but that minimum payment still needs met for years to come.
    • DCFC79
    • By DCFC79 6th Oct 17, 9:03 PM
    • 30,131 Posts
    • 19,070 Thanks
    DCFC79
    Credit cards are fine as long as you are sensible with them.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • jamesperrett
    • By jamesperrett 6th Oct 17, 10:40 PM
    • 661 Posts
    • 327 Thanks
    jamesperrett
    Get yourself a card with a low standard interest rate as a backup that you can use in case you can't get a good 0% deal in the future.
    • Maximum Saving
    • By Maximum Saving 6th Oct 17, 10:44 PM
    • 182 Posts
    • 331 Thanks
    Maximum Saving
    Some people can handle a credit card and the best kind to have is zero percent interest for purchases. It allows free borrowing. For example spend £1000 and pay off £100 a month of that debt. A balance transfer credit card usually has a balance transfer fee. Many people go into very heavy debt which they can't wander out of. They must have a plan of how they will pay back the money to the credit card company. When a person has multiple debts it can get confusing. Imagine five credit cards with a person only being able to pay the minimum payment. If someone is paying £25 each month for a £1500 credit card debt it will take ages to pay off. If a person has a credit card debt of £3000 then paying off £300 a month would be a suitable payment plan.
    • Bedsit Bob
    • By Bedsit Bob 6th Oct 17, 10:57 PM
    • 9,715 Posts
    • 51,037 Thanks
    Bedsit Bob
    Just exactly how long is "a few years"?
    My job is Top Secret. Even I don't know what I'm doing.

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    • RichL74
    • By RichL74 9th Oct 17, 2:56 PM
    • 836 Posts
    • 341 Thanks
    RichL74
    They are not as bad as smoking 30 a day.
    • StopIt
    • By StopIt 9th Oct 17, 3:04 PM
    • 1,128 Posts
    • 977 Thanks
    StopIt
    If you've spent £3400 more than you've earned (Over what period?), a 0% card is a Get out Of Jail Free card.


    If you've played Monopoly before, you know that getting one is pretty lucky, and you're not assured of getting another one before you need it again.


    You've already asked if it's ok to keep spending, that sends alarm bells off to me.


    What other debts, if any do you have? How long do you plan to take to pay this balance off?


    Are you better off going to the DFW board, posting an SOA and find ways to get this cleared and avoid a repeat trick in future?
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