Credit Card Question

sjf20

Hi,

This might seem like a stupid question but here I go. I need to buy a new sofa, now I have the money saved up so can pay cash, but would I be better off paying on a credit card for the over £100 protection then clearing the balance as soon as the statement comes or am I only covered by that if I am clearing the balance monthly?

Thanks

Sean

opinions4u

sjf20 wrote: »

Hi,

This might seem like a stupid question but here I go. I need to buy a new sofa, now I have the money saved up so can pay cash, but would I be better off paying on a credit card for the over £100 protection then clearing the balance as soon as the statement comes or am I only covered by that if I am clearing the balance monthly?

Thanks

Sean

S75 applies regardless of the speed you clear the debt.

So I'd pay on card, earn a couple of weeks interest on the cash and then clear the balance in full.

Fruit_and_Nut_Case

opinions4u wrote: »

S75 applies regardless of the speed you clear the debt.

So I'd pay on card, earn a couple of weeks interest on the ash and then clear the balance in full.

But watch out for the dreaded Ash Dieback Disease!

opinions4u

Fruit_and_Nut_Case wrote: »

But watch out for the dreaded Ash Dieback Disease!

Effin' iPad keyboards!

MarkFromCornwall

sjf20 wrote: »

Hi,
This might seem like a stupid question but here I go. I need to buy a new sofa, now I have the money saved up so can pay cash, but would I be better off paying on a credit card for the over £100 protection then clearing the balance as soon as the statement comes or am I only covered by that if I am clearing the balance monthly?
Sean

It's not a stupid question it's a sensible one. Your idea of using your credit card to get protection is a good one. You get the protection regardless of how quickly you pay off your credit card. You can be earning interest on your money in a savings account for a few weeks and, of course, if you pay your credit card in full you won't pay any interest to the credit card company.

sjf20

Thanks for the great advice, would hate to have paid cash then have the company go the same way as Comet within the 12 week delivery period.

Thanks Again

Sean

jellie

I pay for everything on credit card anyway, due to getting Tesco clubcard points and then pay off in full each month.

But definitely sensible to use one for anything which costs over £100.