Help please!

LiquidStool

dixon-bainbridge wrote: »

Ok, you could ring them and just ask them what your APR is now that the 0% has finished. Does the credit card account have online banking? If so, it might say it on there somewhere

done, thanks, got to speak to someone who could actually be bothered.....!

dixon-bainbridge

LiquidStool wrote: »

ah i see your point about that..... but i do need a credit card that i can use to make purchases on and if im right, i shouldn't use my new credit card to make purchases if i've done a transfer? and would it be wise to clear my existing balance on my new card before i make the transfer?

No don't spend on the card that you transfer to as you will probably pay interest on your purchases.

If it was me I'd transfer your tesco balance to a new card with a 0% balance transfer fee. - do it asap to keep current interest on your tesco down.

I would open another credit card with 0% on purchases - this way you have a card you can spend on without paying any interest.

I would also close the tesco card once everything has been transferred and any final balance paid.

LiquidStool

Miss_Spendalot wrote: »

No it is not £38 plus £1.25 a day if you calculate them they add up to about the same amount.. so it would be £38 if you hold out for the next statement. The £1.25 was a average daily charge..

Ah..... the light dawns..... thanks!

dixon-bainbridge

LiquidStool wrote: »

and would it be wise to clear my existing balance on my new card before i make the transfer?

Sorry, are you saying you have already opened a new card for your balance transfer and you have spent on it? If so, then yes clear the full balance before you transfer

LiquidStool

dixon-bainbridge wrote: »

If it was me I'd transfer your tesco balance to a new card with a 0% balance transfer fee. - do it asap to keep current interest on your tesco down.

I would open another credit card with 0% on purchases - this way you have a card you can spend on without paying any interest.

Ah, on closer inspection of the offer i have a 3% fee for transferring a balance which i think would be about £80, but if i transfer £2715 + the transfer fee what would be my minimum monthly repayment during that interest free period? again, it would shoot up to 16.9% in March 2013.

I will take your advice on opening a 0% on purchases card, and also will close down my tesco card.

LiquidStool

dixon-bainbridge wrote: »

Sorry, are you saying you have already opened a new card for your balance transfer and you have spent on it? If so, then yes clear the full balance before you transfer

yes i have, and yes i will!

dixon-bainbridge

LiquidStool wrote: »

Ah, on closer inspection of the offer i have a 3% fee for transferring a balance which i think would be about £80, but if i transfer £2715 + the transfer fee what would be my minimum monthly repayment during that interest free period? again, it would shoot up to 16.9% in March 2013.

I will take your advice on opening a 0% on purchases card, and also will close down my tesco card.

Please don't take this the wrong way because I am trying to help but you seem to be opening cards without a grasp on how they work and how much they will cost you. You should be considering all of this BEFORE you open an account.

If you transfer the balance to your new card you will pay a fee of £81.45 that will get added to your balance.

I don't know what your minimum payment will be... you need to check the terms and conditions to see what they request from you. If you post what it says I will do the math for you.

One last point, if you NEED a credit card to spend on is it because you are living above your means? If so you will just end up getting more and more into debt and it will soon spiral. If this is the case you need to look at your budget and cut back etc.

LiquidStool

Hey Dixon

Sorry, i'm not sure i explained myself properly, i have 2 credit cards, one santander (my bank) i've had this years and have barely used it, in fact i have a balance of about £70 on that card. Santander have offered me a 0% til march 2013 and as my tesco credit card 0% deal has finished, i thought it wise to transfer the balance of £2715 to my santander card.

My tesco card has not been used frivolously indeed it was used to pay funeral expenses, it was fortuitous that i had applied for that card a few weeks before hand.

I don't need a credit card, and i always consider carefully if any purchase i make would be better paid for in cash or funded in some other way. In general, i would consider myself to be quite money aware, however i just needed some help with working it out, something that tesco should have been more willing to do!

Thanks for your help, it is appreciated.

redpete

LiquidStool wrote: »

My interest free finishes today and am looking to transfer to a new 12 month interest free with my bank, i could pay it off but really could do with keeping hold of my wedge.

Are you saving the money you are not paying off the balance in a savings account? Does it pay more interest than the fee for doing the balance transfer? If not, why not just pay off the balance with "your wedge".

LiquidStool

redpete wrote: »

Are you saving the money you are not paying off the balance in a savings account? Does it pay more interest than the fee for doing the balance transfer?

Hi redpete

yes, my "wedge" is in a savings account, as for your second question, given the poor rates of interest for savers, i doubt that is the case.