credit card

sjh101

I've got a credit card which is 0% on purchases for 15 months. I've only just got it and I'm yet to pay my first monthly bill.

There is a balance of £350 on the card and I'm not going to spend anymore on it. The min repayment is either £5 or 1% of balance plus interest. If I were to only repay minimum each month and then when this card expires, get another credit card which was 0% on balance transfers for how ever long.......would that affect my credit rating severly ??

I realise its better to pay it off sooner and I probably could, but want to put some money aside for a lads weekend away.

grumbler

It's fine, but is recommended to pay just a little more than minimum payments. However, I don't think that transferring £250-£300 balance is worth the hassle.

Tixy

Its unlikely to affect your ability to get future credit severely.

But I'd work to pay it off the remaining balance in full in 15months time rather than bother balancing transferring a couple of hundred to a new card.

fozmcfc

It's great you don't intend to spend anymore on it and I see no problems with you using some cash, you could pay your debts off with on a lads weekend as it's at 0% for 15 months.

I've taken out a few 0% purchase cards and made large purchases at the beginning and use the spare cash for such things.

But just be very careful, that at the end of the 0% period, you haven't racked up a large balance, particularly as you risk, not being able to get another 0% card.

I've had about 7 0% cards for balance transfers and purchases, over the past 4 -5 years and I know how easy, it is to just put this and that on the card.

You suddenly, realise, hold on, this balance is getting quite high and the 0% is only running for another 6 months or so.