Credit Card advice

Popeye84

Hello,

Not sure if this is the right place to post or not.

I am about to make a purchase worth £100. I have the cash to do so and was wondering if it would be a good idea to use my Credit Card and then pay the money straight over to the credit card account.

I currently have £400 on the Credit card which I have been paying off over the last couple of months so I havent had any new purchases on it for a while. It is a Nationwide gold card and I dont have 0% etc as I have had the card for a while.

Any advice would be helpfull.

Cheers

Popeye!!

lvm

For the sake of 1 purchase I don't actually think it would make much of a difference.

The only reason I would say to go for it is if your credit card gives you some sort of guarantee on purchases (faulty etc) or if you're making the purchase online and you don't receive it. Or it's for travel related goods (flights etc).

I would personally concentrate on getting rid of the £400 then using your credit card for 1 specific thing (I do petrol as I buy a lot of it but you could do food, entertainment, presents etc) and set up a direct debit to pay the full amount off every month so you're not paying interest.

Popeye84

Thanks lvm,

No benefit using the CC so will just use cash. Thanks for the help.

Will hopefully clear the Credit card in a few months and then try not to use it again unless i know I can pay back within a month.

Have been using it for petrol and then when my expenses come back I havent been paying off the CC hence the £400 on it now. Whoops!

david_hellier

Make sure you make fixed repayments not the minimum.

Popeye84

Thanks David, I always make sure I pay back much more than the fixed payments.

Paid off £100 last month and I have already paid £60 off this month reducing the balance to £400. I will then be paying another £30/£40 on Monday when my expenses arrive.