So I should be paying more than the minimum on my credit card?

Kendall80

JimmyTheWig wrote: »

The important thing is to pay at least the minimum each month on time. If you miss a payment then they will cancel your 0% rate.
I'd rather set up a direct debit for the minimum amount and get the credit file marker to say I paid the minimum than pay a pound extra manually and risk missing a payment.

Best of all worlds, I guess, would be a direct debit for minimum plus £1. I don't believe any credit card companies have this option.

Like many others, I Stooz and pay the minimum and haven't hit problems.

Same here. 30k stooze pot. 7 CCs - minimum monthly payment.

Nasqueron

JimmyTheWig wrote: »

The important thing is to pay at least the minimum each month on time. If you miss a payment then they will cancel your 0% rate.
I'd rather set up a direct debit for the minimum amount and get the credit file marker to say I paid the minimum than pay a pound extra manually and risk missing a payment.

Best of all worlds, I guess, would be a direct debit for minimum plus £1. I don't believe any credit card companies have this option.

Like many others, I Stooz and pay the minimum and haven't hit problems.

Barclays let me set the direct debit amount to whatever I want so I have been upping the amount I pay starting at £100 to now £150 a month (minimum is about £65) so I can work to clear it by the end of the period

mrs_T

The point of stoozing is to maximise the interest you earn on the money borrowed at 0% so paying more than the minimum defeats the purpose. The borrowed money should always be banked/invested so that it is available to pay back.

JimmyTheWig

mrs_T wrote: »

The point of stoozing is to maximise the interest you earn on the money borrowed at 0% so paying more than the minimum defeats the purpose. The borrowed money should always be banked/invested so that it is available to pay back.

True.
And if that was a reply to Nasqueron then fair enough.
But if it's a reply to the OP then I don't think that an extra pound a month will make much difference to a Stooz's profits. And if by paying off that extra pound you end up with a better credit rating and so better credit limits next time (which is debatable) then it would be worth doing.

Thrugelmir

TheNewGuy wrote: »

We might have the same card, Nationwide Select?
How do you think the extra £1 helps? Does it shoe them you're trying to pay more or something?

Doesn't mean anything as such. The concept behind minimum payment history is to help identify borrowers under possible financial duress. So there'll be a combination of different factors at work that'll provide a full picture. As with Mortgage Lending and Payday Lending. The FCA will progressively tighten the rules on the finance houses. The impact eventually will change be game changing.

No_6

Never paid more than the minimum amount on any of my stoozing cards and never had any problems getting new cards either.

shortcrust

I don't believe it makes a difference. Prospective lenders can see that there's a promotional rate on 0% deals. Even if they cared about minimum payments on 0% deals they wouldn't be 'fooled' by an extra pound.

Ben8282

May well not make a difference but paying an extra £1 or so can't do any harm either.

Kendall80

Ben8282 wrote: »

May well not make a difference but paying an extra £1 or so can't do any harm either.

Except reduce the amount of interest you receive on your stooze pot. Alright £1 = 2.4p interest a year (Santander 123) but its still 2.4p

Treasure2011

But, if you make a minimum payment of say £65 isn't that £65 when paid then available to make additional purchases? Thus maxing out the card until the promotional period finishes?