pay credit with credit?

queenlizard45uk

I have a Tesco credit card and was wondering if I get another credit card with no APR for however long - could I then pay off my Tesco card?
I only have around £300 on it, but I can only afford the minimum every month and its making me worried.

molerat

You will have to pay a BT fee of around 3 - 5%, possibly a minimum £5 unless you get a card with a 0% fee. If your finances are such that you cannot afford to pay off the £300 and a history of minimum payments it is unlikely that you will get another card with a good offer.

HappyMJ

queenlizard45uk wrote: »

I have a Tesco credit card and was wondering if I get another credit card with no APR for however long - could I then pay off my Tesco card?
I only have around £300 on it, but I can only afford the minimum every month and its making me worried.

You should be paying that off every month in full with your monthly pay....and use the card during the month to buy the shopping with. Even if you're on benefits including maybe a bit of JSA and housing benefit you can use the benefit payments to pay off the credit card in full even JSA is more than £300 a month then use the credit card again to buy the shopping, pay the bills and even pay the rent. Heck you can even use a credit card at the pub to buy a round of beer.

By following the above strategy you will never pay any interest. You don't need another card. Stoozing is for people with thousands in credit card debt. You can do it all without another card.

dresdendave

HappyMJ wrote: »

You should be paying that off every month in full with your monthly pay....and use the card during the month to buy the shopping with. Even if you're on benefits including maybe a bit of JSA and housing benefit you can use the benefit payments to pay off the credit card in full even JSA is more than £300 a month then use the credit card again to buy the shopping, pay the bills and even pay the rent. Heck you can even use a credit card at the pub to buy a round of beer.

By following the above strategy you will never pay any interest. You don't need another card. Stoozing is for people with thousands in credit card debt. You can do it all without another card.

I would hope that someone's whose finances are so precarious that they can only afford the minimum repayment on a £300 balance doesn't spend too much time at local pub buying rounds of drinks.


Rather than looking at moving the debt from to another card, you should be looking at how you can start paying above the minimum. A good place to start would be putting a SOA on the DFW board. The friendly people on there will advise on ways you can cut costs and free up money to start reducing your CC balance. Have a declutter around your house/flat, sell old computer games, DVD's, clothes you no longer wear or suchlike.


I actually find it quite refreshing that you are worrying about a £300 debt, so many people are blase about debts 20+ times as large as yours. Good luck.