Can over-stoozing cause any damage?

keepthereceipt

The policy on minimum monthly payments seems to vary. Most of mine are £5 per month minimum. You need to be VERY sure you make this before their due date or indeed you will become liable for interest on the whole lot.

Mint seem to require 2 and a bit % minimum per month, but once you've paid that you can draw it back again to the max.

Does anyone know why some CC only allow 95% of the limit, whilst others allow 100%?

Back to my main topic of my post, it seems that as long as you adhere to all payment terms and pay it all back finally when due, there should be NO adverse affect on long term credit rating.

As for stoozing to the hilt - I THINK YES!! As said above, the deals may be withdrawn in future, so why not do every one you can find??

I'm now seriously thinking of doing that and also doubling up for my wife.

By the way, MINT seem to be taking ages to issue my Credit Card cheques.!!

boblevin

Thank you for your comment Johnllew. I guess you are right. I have never befor been in a situation where I have not been able to clear credit in full on the due date in order not to incur full rate interest. We have sometimes had 15 cards on the go and for the main part new or renewed facilities have kept us ahead of the game, often with £200K to just keep shunting around as required. What has really scupperd us at the moment is the fairly new practice adopted my several of the major card companies to charge 2% on every movement rendering the activity counter productive. We are now closing all our account and will start up again in a few months.

johnllew

We are now closing all our account and will start up again in a few months.

I'd be wary of closing all your accounts - you may find it more difficult to get them again second time round. I find that keeping them often leads to repeat offers - we've had more than 18 repeats over the last 12 months. I rarely cancel a card unless there's an annual fee.

£200k in the air - nice one.

realaledrinker

What has really scupperd us at the moment is the fairly new practice adopted my several of the major card companies to charge 2% on every movement rendering the activity counter productive..

Surely only MBNA & its variants, Virgin, Abbey & A&L ??

johnllew

Surely only MBNA & its variants, Virgin, Abbey & A&L ??

No, there are others charging %age fees on BTs now - including Barclaycard, Morgan Stanley, Monument & Lloyds TSB.

westernpromise

No, there are others charging %age fees on BTs now - including Barclaycard, Morgan Stanley, Monument & Lloyds TSB.

Are they doing it on all BTs or just those into a current account?

johnllew

Are they doing it on all BTs or just those into a current account?

As with MBNA, I think "it depends". I've had SBTs from Barclaycard where a 2% fee has been charged and the fee now applies to normal BTs with them as well, I believe.

Monument charged me a 2.5% fee on a normal BT; I've not known them to do SBTs. I've heard they may negotiate on BT fees.

I've recently received cheques in a BT offer from Morgan Stanley - a 2% fee applied to both the cheques and BTs. They experimented with SBTs for a while but no longer do them I was told, but the cheques enable you to get money into your current account.

AFAIAA, Lloyds TSB don't do SBTs. Their T&Cs state they will make a 2% handling fee for BTs and cheques though I wasn't charged for a recent BT.

keepthereceipt

Daily Telegraph Monday 13th Dec04
=======================================
Soaring debt poses threat to stability, says Bank
By Malcolm Moore, Economics Correspondent, and Toby Helm
(Filed: 13/12/2004)

The public's insatiable appetite for debt and the rise in credit card borrowing pose a significant threat to future financial stability, the Bank of England says today.

"The continuing rapid build-up of debt by many borrowers may be building up vulnerabilities for the long term," says its bi-annual Financial Stability Review..........

....... Last night MPs suggested that overall borrowing was not out of control but urged the Government to push through protection measures in the Consumer Credit Bill before the next election.

The Bill, announced in last month's Queen's Speech, aims to impose tougher regulation on the consumer credit businesses, increase consumer rights and introduce measures against loan sharks.

=======================================
Anyone know what effect the new Consumer Credit bill may have?

Despite the caution urged here about over-stoozing, I think that 'get it while you can' must also apply!!!!

Smitty

The main concern is the industry shifting away from 0% deals as a way of marketing - but then I'm sure they'll have to offer some other carrot...

Or Egg charging for BTs.... this would be very nasty