Should I pay off my 0% interest visa?

Burkey0906

Hi, the interest free term on my visa is due to expire, should I pay off my remaining balance (£1,500) with my savings? I have had about 8 different cards and I'm now finding it hard to find another free BT card to switch to?

jay78

Depends on how expensive it will be. It's always adviceable to pay off expensive debt first.

Cara79

Hi there

To be honest, I would be inclined to pay it off. I've got two 0% at the moment and one I have paid off today, a month or two early and then I'm going to pay the other one off. I've had a few cards over the last couple of years to pay 0%.

It does work, if you're disciplined, but tbh, I've had enough. If I get another 0% deal etc. I'll save the money and generally pay it off, i.e. not balance transfer.

It's alot better to be debt free, even if it is 0%

Cx

YorkshireBoy

Burkey0906 wrote:

Hi, the interest free term on my visa is due to expire, should I pay off my remaining balance (£1,500) with my savings?

If the alternative is 15.9% APR then paying it off with your savings would be a good idea.

I have had about 8 different cards and I'm now finding it hard to find another free BT card to switch to?

Do you close down the cards when you have exploited their 0% intro offers? Are they marked as settled with the CRA's? Have your circumstances changed...new house, job, switched banks recently, on the electoral roll? Have you taken a look at your credit report?

Burkey0906

wrote:

I do close the cards, the only one I haven't closed is my Barclaycard one as they said I could go back to them. I haven't checked my credit history, can you recommend how I would do this? I did move house last year and I'm not on the electoral roll there. Thanks for your reply.

YorkshireBoy

Burkey0906 wrote:

I haven't checked my credit history, can you recommend how I would do this?

See the How to obtain credit reports thread.

I did move house last year and I'm not on the electoral roll there.

These are major stability indicators from a credit scoring viewpoint. The house move might not be *too* important, provided that you were in your last property for a reasonable period AND on the Electoral Roll there. However, you need to get yourself on the Electoral Roll at your current property as soon as possible to improve your chances of obtaining further credit.