What do you pay with your 0% CC

Candyapple

Ebe_Scrooge wrote: »

That's a very good point - however, does this still apply with a 0% deal ? I'm not disputing what you said, just curious ?

It's been debated across numerous threads on here that paying £1 over the minimum is largely irrelevant and makes no difference to how other lenders will view you or in obtaining further credit.

From my own experience it hasn't stopped me from obtaining high limits and further 0% deals, I just set up a DD for min repayment on any 0% deal and carry on.

Don't forget that some credit reference agencies also have a 'promotional rate' marker so again any potential lender will be able to see that too.

m4rc

Unless the money will sit in bank accounts or be used in other ways to make it work for some interest I always think it's better to just pay off more than the minimum amounts. Sure it's likely you can keep getting 0% cards and moving the debt around, but what if you suddenly can't, what if situations change and the minimum payments become harder to make. If you have been saving the extra and can afford to pay it off that's great, but for many people 0% cards are just used as a way of putting off paying the debt for a bit longer and they won't be investing or saving, they will be living off the money.

I pay what I comfortably have left over so the debts go as quickly as possible, it means I don't have large debt sat here waiting to bite me should something happen later down the line. I'm not a great saver and I'm he first to admit it, so if I stuck money in accounts I would just find something to spend it on, however I am good at not thinking 'oooh I can stick that on a card and worry about it later' so clearing the balance doesn't mean I'm tempted to spend it again.

I know a lot on here are great at saving so it works for them to pay the minimum and make the savings work and earn some extra interest, I plan on trying a bit harder to be a saver although with interest rates so low it doesn't make a lot of difference unless the amounts are pretty substantial.

A_Frayed_Knot

foxtrotoscar wrote: »

...or vehicle excise duty perhaps?

Reminder to get vehicle tax or make a statutory Off Road Notification (SORN) - Form V11
from the Driver & Vehicle Licensing Agency.

The above was taken from the form V11 received from the Driver & Vehicle Licensing Agency.

and it states £ 2.50 charge for credit card payments.

chattychappy

Candyapple wrote: »

It's been debated across numerous threads on here that paying £1 over the minimum is largely irrelevant and makes no difference to how other lenders will view you or in obtaining further credit.

I don't think it has been debated "across numerous threads"*. People often suggest paying £1 more and it's rarely discussed beyond that.

It is a fact that for some cards and CRAs, if you just pay just the minimum then the file is marked for that month for that card. If you pay £1 more, then it isn't.

It cannot be positive. In many situations it probably doesn't matter. It is all just speculation. My attitude is that for the sake of £1, I might as well pay the extra. I don't use DDs. So whether I send the minimum or minimum + £1, the effort is the same. I suppose it is a bit of hassle if you are on DD and have to manually send an extra £1 - perhaps in this case it's not worth the effort. If your cash flow is so tight that you can't manage £1, well.... maybe 50p is enough to avoid the marker! I've never tried.

(*avoiding cash advance markers has been debated alot, I wonder if you were thinking of that)

redpete

A_Frayed_Knot wrote: »

Have just got myself a 0% credit card (the 1st) but problem is to know what to pay with it.

Nothing unless you put that amount of money away each month so that you have it to pay off the CC at the end of the offer period (or know for sure, not hope or expect, that you will have the money available then).

- scared by the comment - don't use it as cash as it will be expensive.

For starters, thinking about paying Road tax for the year - is this classed as ok. or classed as cash?

That would not be counted as a cash withdrawal.

Use it for groceries, fuel, holidays, travel, clothes, toys, DIY stuff, entertainment (but not gambling), ...

Nasqueron

foxtrotoscar wrote: »

...or vehicle excise duty perhaps?

DVLA form refers to it as vehicle tax as well as VED so both are fine, so long as you don't use "road tax"

No_6

Never paid more than the minimum on all my 0% purchase or BT cards
and never had problems getting new ones either, since the early 90's
Always use DD's for the min payments, which have NEVER been missed.

Another reason for using MS money !

6

datlex

Those 0% cards sound dangerous to me. Especially if you spend on them but don't put aside the money to pay them off in full before the deal expires. From what I see, the 0% balance transfer cards often are actually 2 or 3% interest cards added to your balance.

I personally make most payments on my credit card. Officially it has a rate of 18%. However this figure is meaningless as by paying in full I don't actually pay any interest.