paying off credit card

evilscotsman82

evening all

Just a quick question i have 4K saved way in a save to buy account with the nationwide. i also have £1700 credit card i need to pay off. would i be better paying it off now giving i still have about 12 months left 0% or stick with it get it as low as i can and then pay it off using the money in the save to buy account?

Sazzie23

evilscotsman82 wrote: »

evening all

Just a quick question i have 4K saved way in a save to buy account with the nationwide. i also have £1700 credit card i need to pay off. would i be better paying it off now giving i still have about 12 months left 0% or stick with it get it as low as i can and then pay it off using the money in the save to buy account?

Will you need the Save to buy account in the short term? I'm not familiar with the T&C for this type of account

evilscotsman82

Im looking to start applying mortgage in about a year

debtfreeby30:S

I've just got a DIP with Nationwide and said I'd still have my 0% interest balance CC that ends later this year. It didn't make any difference getting what we needed to borrow so I guess it depends how close you are (or will be) to the limit of your affordability? I'd pay it down as much as possible and keep your savings as it isn't costing you anything

asparagus1968

i'd keep the savings earning interest and just keep paying the CC monthly as its not costing you any interest

thecassman86

I agree with all of the above.

While your card is 0% then it's costing you nothing so using savings isn't required. When the interest-free period expires you should try to move it to another 0% card, or pay it off at that point.

evilscotsman82

Thanks folks much appreciated