Credit Card Newbie MoneySavers Guide Discussion Area

s.jenkins

thanks! this is really useful.

question though, do you think sites that compare and review credit cards, like financeglobe, are reliable especially when it comes to the small details?

tacs

If there is anybody out there could you please share your knowledge.I have just ventured into the world of credit cards,the card i've got has three months interest on purchases and i wondered if before the three months was up i could transfer the balance i've amassed to a new card with twelve months interest free on balances, effectivly not having spent a penny piece for fifteen months. Thanking you in anticipation.

luscious_liz

Hi folks, i wonder if anyone can help me plz.

Due to our conservatory roof being a bit like a collander, we are having to replace it, and have a very reputable company to do it for us, at a cost of £5,600! If we get the finance from them, it's one of those pay over 10 year jobbies, (which in the long run would have an extortionate APR of around 24.9%) but we can pay more, and that brings the APR down to 6.9% i think, and we can then pay it over 4 years.

My question is, if i was to get a 0% interest over say 12 months credit card, would the £5,600 be split over the 12 months, and if not would we be able to pay more each month if we wanted to, and also, if i applied for a card, how would i know that the card would allow the £5,600 on it, and would it be a good idea to do one of the cashback cards if all this seems a good idea?

Sorry if i seem a bit daft, but i really don't know that much about them i'm afraid, so thanks to everyone that helps me to understand them.

thfccambs

Could someone please explain how pa % is worked out?

Im looking to transfer some money to a 5.9 pa % for life.
Just wondering what sort of interest i'd pay on £4000?

Thanks

Volcane

luscious_liz wrote: »

Hi folks, i wonder if anyone can help me plz.

Due to our conservatory roof being a bit like a collander, we are having to replace it, and have a very reputable company to do it for us, at a cost of £5,600! If we get the finance from them, it's one of those pay over 10 year jobbies, (which in the long run would have an extortionate APR of around 24.9%) but we can pay more, and that brings the APR down to 6.9% i think, and we can then pay it over 4 years.

My question is, if i was to get a 0% interest over say 12 months credit card, would the £5,600 be split over the 12 months, and if not would we be able to pay more each month if we wanted to, and also, if i applied for a card, how would i know that the card would allow the £5,600 on it, and would it be a good idea to do one of the cashback cards if all this seems a good idea?

Sorry if i seem a bit daft, but i really don't know that much about them i'm afraid, so thanks to everyone that helps me to understand them.

You would NOT know your credit limit until you were accpeted for a card.

If you WERE accepted then yes you could pay over 12 months and not pay a penny interest. You could pay as much or as little as you wished as long as the minimum payment was made.

Eg.

1) 11 x minimum payment then the balance on the 12th payment or

2) 12 equal payments over the year

or any combination of the two.

wardie1_2

thfccambs wrote: »

Could someone please explain how pa % is worked out?

I would like to know this also please????

CannyJock

wardie1 wrote: »

I would like to know this also please????

How to convert from APR to a monthly percentage rate that you can compound?

=((1+Rate)^(1/12)-1)*12

You can copy this straight into Excel and replace rate, or you could always use one that someone else made earlier: http://www.stoozing.com/mon2yr.htm

broadrien4

Hi hope this is the right place to ask for help.
I applied online for citi balance transfer 5.8% life of balance, I received my card but no letter to say wether the amount had been transfered. So phoned and was asked for a password which I said I didn't put one on the form but they said I have to give them a password before they could give me any formation and told me to write with a new password. I thought this was very strange and not very safe. I thought I would sent up my account online and transfer the balance that way but everytime I sign in it says the card has been deactivated and to phone up but I can't phone because of the password. I sent loads of emails and eventually I got a phone call and told to fax the password, which I did and to cut a long story short I phone again and my password is not accepted. I asked to speak to a manager but none available they will phone me back in 48 hrs. I am really getting fed up and thinking of going elsewhere, I have never had this trouble with other card all they do is check address dob etc.

Cedrick

Hi sorry if this has been covered before.

Im thinking of applying for my 1st credit card and think the Halifax 0% interest on purchases for intro 12 months will suffice. What I dont understand is exactly how this works as when I followed the link to apply, the Halifax summary says it is 0% for 12 months but then goes on to say Interest Free Period 59 days. Can someone please explain the difference between the two.

Also what I want from a credit card, is mainly to pay for a holiday and then pay it off over say 4 or 5 months rather than having to pay the holiday off in one lump sum, so is this card suitable for this?

Thanks in advance

lCJ_2

I have a credit card (0%) which i have recently transfered in preparation for leaving my job in the next few months ( i am moving and getting married), but what happens when this deal runs out? does your monthly income have a huge impact on the application process for a new card? I wasn't planning on returning to work and want to do the stay at home mum thing.