Advice with credit card / loan

liam191

td_007 wrote: »

With a cashback card, you will need to clear the balance at the end of first month to avoid any interest. If you plan to pay it over a 9 month period, you need to check what the purchase interest rate is on the card. Is the APR higher or lower than the loan you are looking at?

Hi, yes I ordered the cashback card as I thought i wouldnt need to borrow any money but now that I do I will have to apply for one of the interest free ones I believe...will ring halifax on mon!

td_007

liam191 wrote: »

Hi, yes I ordered the cashback card as I thought i wouldnt need to borrow any money but now that I do I will have to apply for one of the interest free ones I believe...will ring halifax on mon!

If you get your hands on a 0% card, a tip is to pay the min amount each month and put away the additional amount you have on hand into a saving a/c - for eg. if the min amount to pay is £90 and you have £350 to pay, then after paying the min amount put £290 into the highest interest paying easy access saving a/c you can find each month till the end of offer period. This way you will not only avoid paying interest but also "make" a little bit of "profit" from the savings interest:beer: Good luck!