Use Cashback card, 0%APR, or cash?

Edelman

Sorry if this is wrong forum section.

I am looking at buying a new device. It costs just over £600.

I have a cashback credit card that gives 5%, until 29th Nov. I also have a credit card with 0% Apr till early next year.

I am going away on 17th Dec, so would be nice to get the device and take it with me. But it's obviously a 'considered purchase'.S
My Cashback card is going to take the "IN FULL" amount of about £400 from me on 27th Nov. So if I put this on there now, a full £1k will be deducted.

Now, I can afford that £1k to go, but with Christmas soon too, I'd prefer the £600 to go next month.

So do I pay the £600 now on the cashback and not SAVE anything, but earn about £30.
Do I buy it and hope I can get it transfered to the other card FAST and also get the 0% APR (but it'll be tight if I can do that).

Or do I just say, blow it. Wait till next year. Maybe get another cashback card, and see if 5% is available then.

I don't have to have the device now.
I have another one, but it's not as good, but it's been fine for well over a year. Just the new one is a lot better.

Any financial suggestions are welcomed.

rb10

Edelman wrote: »

My Cashback card is going to take the "IN FULL" amount of about £400 from me on 27th Nov. So if I put this on there now, a full £1k will be deducted.

The amount that your direct debit will be for is the total on your last statement.

This purchase won't show up until your next statement, so the payment date for the £600 (if you put it on the cashback card) will be around 27 December.

When the 0% APR on the other card runs out 'early next year', you'd hardly get any benefit (as you'd have to pay the card in full early next year to save paying interest).

So if it was me, I'd put it on the cashback card and be very happy with the £30!

Hominu

So you WANT it, but don't NEED it.

It sounds like you really can't afford it either, so in my view, I would leave it a while.

You might even find it 5% cheaper elsewhere next year! £30 isn't that much for a company to knock off, specially if you haggle.

Edelman

If the statement us due on 27th Nov, and I buy it before then, the £600+ will go on there, and my bill on 28th Nov will be £1k. Won't it?

There's the issue.

Edelman

Hominu wrote: »

So you WANT it, but don't NEED it.

It sounds like you really can't afford it either, so in my view, I would leave it a while.

You might even find it 5% cheaper elsewhere next year! £30 isn't that much for a company to knock off, specially if you haggle.

My device is slow at times, and there are things it doesn't do that I could do with - if that makes sense. But I manage without it.

£30 isn't a lot, I know. And I am not saving by getting it now. That's why I am thinking of waiting, but Feb next year I have other bills Hence my mind going thru hoops.

rb10

Edelman wrote: »

If the statement us due on 27th Nov, and I buy it before then, the £600+ will go on there, and my bill on 28th Nov will be £1k. Won't it?

There's the issue.

No. They'd never give you just one day's notice of a payment due.

The payment due on 28 November has been fixed at £400, as that was the balance on your last statement.

If your next payment is due on 28 November, then the earliest the payment for the £600 can be due is around 28 December.

Edelman

so the £380 I see as the amount on the statement now, is that was will be due on the invoice on 27th Nov, and due for payment by 27 Dec? So if I bought the device now, on 27th Dec, I would be paying about £1k ?

Gromitt

You'll pay whatever your statement says.

So if your statement is printed on the 27th and you buy £600 of goods on the 26th, then yes it'll appear on your statement on the 27th, but you'll have until the due date to pay it. Buy it after the statement is printed and you could get upto 56 days of interest free credit (ie, Decembers due date, which could be in January, typically 20 days after the statement date).

Edelman

Exactly. The other reason fir spending is obviously tax reasons. Business! But nice to spread it out. So there is the reason.

Now and just spend the £1k ish in Dec over other bills. Or, wait, not receive the £30 cashback, and do in new year. Or do now on cashback, and jive fast to a balance transfer card for 12mths. Duno if can move it that fast tho. By 27th.

Gromitt

If you don't have a Nationwide FlexDirect account then that might be better than a balance transfer card. Upto £2,500 interest and fee free overdraft. So you could just pay off the cashback card in full and pay off the balance in 12 months.