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Question about credit card cheques
paybacktime2008
Posts: 1,208 Forumite
I am thinking about paying off my OD (19.9 APR) with a credit card cheque (6.5% lob) and 3% fee. However I have a balance on that card (see halifax cc in sig) being charged at 12.9%. I've changed current accounts and the Halifax only now has my tax credits being paid in and my review date is Jan so I'm sure they are going to pull it.
Does this seem a good idea? Or am I missing a potential boobie!
Does this seem a good idea? Or am I missing a potential boobie!
LBM 10/08 £12510.74/
0
Comments
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If you are sure that the 6.5% rate will apply then this looks a good deal to me... as long as you don't use it as an opportunity to increase your overall debt...Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £171.8K Equity 36.37%
2) £2.6K Net savings after CCs 10/10/25
3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
(If took bigger lump sum = 60.35K or 47.6%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5K updated 10/10/250 -
No I intend to close the Halifax account as soon as it's paidLBM 10/08 £12510.74/0
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