New Credit Card

elladaisy28

Hi a newbie here and just wanted to pick your brains

I currently have a Barclaycard platinum with £2000 on it with £3000 credit limit, on a 0% interest for 12 months the aim of this card is to pay off the balance as quick as possible. I always pay the minimum plus £100 per month.

I am currently putting purchases on it and paying them in full every month but is this okay, I was told that I should have a separate card for the other purchases and leave the 0% card to just pay off.

By the time the 0% runs out in feb I doubt very much if I would of payed off this card so at that time will possibly transfer to virgin.

Any suggestions please on whether I should get another card or just continue what I am doing.

Thanks

CLAPTON

what sort of card do you have
is the 0% on balance transfers and if so for how long?
is the 0% for purchases and if so for how long?

elladaisy28

Hi

It is 0% for purchases for 3 months, So this is now up, And 0% balance transfer for 12 months which is ending feb 2010.

Many thanks

CLAPTON

have you done a BT?

elladaisy28

Yeah, I did my balance transfer from Capital one to my barclay card

CLAPTON

Usually, and you will need to check, in situation like this any repayments you make will be offset against the BT balance and NOT against the purchases balance so you will start paying interest on the purchase next month.

This is why its often said never mix purchases and BTs on the same card.

So probably too late to do much about it now unless you can get a new 0% BT card to transfer the whole lot to.

elladaisy28

So is it best to put a stop to it now and get a seprate credit card for new purchases and leave the balance transfer..

Thanks

withnell

Anything you pay off will first go towards the BT, then towards the purchases

So if you did a 2k BT, then 500 purchases, if you paid off 1k, you would be charged 0% on the remaining 1k of BT, and the purchase percentage (probably around 15+%) on the 500 purchases. You'll either have to transfer the lot or pay it all off to avoid purchase interest

elladaisy28

Ok i kinda understand, I am paying off the 2000 BT and always pay any extra purchases off at the end of the month. So is this ok

Or is it best to have a separate CC for any new purchases even though I will be looking for a new BT card in December

Thanks

CLAPTON

you are NOT paying off the purchases ... all your payments are coming off the BT and you will now start paying intererst on the full value of all your purchase to date.

never-in-doubt

elladaisy28 wrote: »

Hi a newbie here and just wanted to pick your brains

I currently have a Barclaycard platinum with £2000 on it with £3000 credit limit, on a 0% interest for 12 months the aim of this card is to pay off the balance as quick as possible. I always pay the minimum plus £100 per month.

I am currently putting purchases on it and paying them in full every month but is this okay, I was told that I should have a separate card for the other purchases and leave the 0% card to just pay off.

By the time the 0% runs out in feb I doubt very much if I would of payed off this card so at that time will possibly transfer to virgin.

Any suggestions please on whether I should get another card or just continue what I am doing.

Thanks

Can you stop posting the same thread over and over again! :mad:

http://forums.moneysavingexpert.com/showthread.html?t=1681999&highlight=

http://forums.moneysavingexpert.com/showthread.html?t=1682201&highlight=

http://forums.moneysavingexpert.com/showthread.html?t=1682739