small time stooze

JAMIEDODGER

hi there, next month i will have paid off one of my credit cards...i dont have the credit limit good enough to get a 0% card, so am doing martins shuffle...

i have 3 cards all at really crap interest rates

card 1: card limit £250 balance £0
card 2: card limit £480 balance £400
card 3: card limit £600 balance £520


i am currently paying as much as i can to card 2 because they will do balance transfers fee free at 6.9% and thats about as good as im going to get. when the £400 is clear i will balance transfer as much as i can from card 3 to card 2. i will pay off the min balance to card 2 and clear card 3 as fast as i can. when that is done i plan to clear card 2. this should take me about 2 months.

my question is this....once card 3 is totally clear, i had planned to put all monthly expenses on it and pay off in full at the end of every month. i get my money weekly so can put into my ING account until bill comes in.....i shouldnt think i will make much doing this but every penny counts.....is it worth it do you think? any other suggestions?

thanks guys

magentadreamer

Ever little help's and as long as your card gets paid in full you're make something from it each month. Have you thought about a better rate savings account? I think the Newcastle pays slightly better then ING.

laurak_3

I think that is a really good idea - it will improve your credit rating if you always pay in full and on time every month.

Petal_3

Is Card 3 a good cashback card?

JAMIEDODGER

petal - its not a cashback card, its just a very high interest rate credit card, but, if i put all my expenses for the month on it, and the cash i would usually use into my savings account, when the bill comes in pay it off in full incurring no interest but i would have EARNED some interest while the money was sitting in my savings account, not much but something xx

Petal_3

if you're planning to put all your monthly spends on a credit card - wouldn't it make sense to get a good cash back card or rewards/points (whatever takes your fancy)? At least you'll be getting some benefit from spending on it (apart from your savings).

x

JAMIEDODGER

sorry crossed posts lol

as you can see from my OP, the three cards i have are very low credit limits with very high interest....as i explained, i am not in a position to apply for anything better as i have a really bad credit rating.

Petal_3

Sorry about that - speed reading whilst at work!

Shame though....

skintchick

I do a similar thing, although with a 0% cc and i am not sure it has been worth the hassle TBH.

However, it will help your credit rating so its worht it for that.

Can you ring cc2 and ask for a higher limit so you can do a balance transfer now?

JAMIEDODGER

thanks skint chick. cc 2 wont raise my credit limit, i have asked. i thought that using the card and paying it off in full would help my credit situation eventually. if i earn ANYTHING extra in interest, this will still make a difference to me xx

skintchick

I think you should do it for that reason, rather than making any money, cos it is minimal, but repairing your credit rating is well worth it