Some advice needed please.. Stoozing newbie

bottay

Hi, just wondered if anyone can advise as I have been trying to do the whole stoozing thing and now my 0% is coming to an end I am a little unsure what to do...

Here is my situation:

CC debt: £3000 - Full payment due by March
ISA: £5400 - Nationwide at i believe 3.10% (Only £4,377.14 paid in this year, original amount was transferred in.)

My questions are:

a) Does anyone know if I pay off my cc with my ISA, do I still get the interest based on the amount i have saved in total or does it drop because I have withdrawn before APril?

b) Do i earn interest based on the total amount of £5400 or just the amount added £4,377.14?

c) Am i better off to balance transfer to another card at a low rate and keep my ISA to gain the interest in April if it is a case of only earning the 3.10% if the money remains in there until the end of the tax year?

d) Am I better off just to pay the debt using my ISA and apply for a new 0% Spend card - if so how long do i wait to apply for a new card once i have paid off old card?

My plan was just to pay off the credit card in full using my ISA and then get a new 0% spending card. Then the whole issue of not getting the interest on my ISA made me reconsider.

Any advice is really appreciated.

Thanks in advance :):)

Tixy

You need to check the terms of your ISA to know when interest will be paid and what effect withdrawing the money in March will have.

Your cc you say full payment due in March - presumably what you mean is that you need to pay in March to avoid paying interest. What APR will your card move to once the 0% period ends?

bottay

Thanks for answering Tixy
The APR is around 18% once the 0% runs out in March.
I'll have to speak with Nationwide and see about the Interest.

P.s : Love your Signiture :P

ricky_v

You'll need to read up on your ISA to find out and ins and outs of when interest is paid, I know mine is paid annually, however it's easy access, so if over a year, for the first 3 months there's nothing in the ISA paying 3%, then £1000 for 6 months, then nothing in the last 3 months, I'll get paid £15 interest for that year, as it's £1000 at 3%/year for 1/2 a year.

I'm coming to the end of my 0% soon and in the same prediciment as you, to BT or not to BT?

Well it depends on several factors. How fast you max out the card, the rewards, the BT fee, etc. If you max out the card quickly, and the rewards are high, then it wouldn't be worth BT, however if you take a long time to get to the limit, rewards are crap, then it is worth BT, as you've already got the capital in your ISA from day 1 of the new card.