Paying off a high APR store account with a 0% on purchases credit card?

GeckoGirl1985

Quick summary;

I have ~£200 on a personal account with an online clothing catalogue with an APR of around 48% (plus compound interest) that I've had hanging around for ages. I've only been making the minimum payments each month so hate to think how much interest I've paid on this sum. I want this cleared so I can close the account.

I've recently taken out a CC with 0% on purchases for 18 months, with a low credit limit (I've only taken it out to purchase something I can't afford outright and have a plan/budget in place to pay this off in full in the next 6 months).

My question is; Can I use my 0% on purchases card to pay off my personal account with the clothing catalogue, or will this count as a balance transfer?

ViolaLass

Even if it does, it's will save you money (if the card rate is less than 48%).

rehanmalik3030

store card only has a limit of £200 so why do you not simply do your monthly household expenses on your new 0% purchase card and use the cash money you would have paid for the expenses towards paying off the £200 store card ??

Its not rocket science.

After paying off the store card close it but something tells me you will you will keep it and in 19 months time you will be back here with the same story with the addition of having a 0% purchase card having just expired and you cannot afford the interest!!

Superscrooge

If your credit card is 0% on purchases only. I don't believe clearing the debt on your catalogue account will qualify as a purchase.

As already suggested. Use the 0% purchase card for all your regular spending and use the money saved to pay off your catalogue account.

20aday

Superscrooge wrote: »

If your credit card is 0% on purchases only. I don't believe clearing the debt on your catalogue account will qualify as a purchase.

As already suggested. Use the 0% purchase card for all your regular spending and use the money saved to pay off your catalogue account.

It may depend on the card lender but I had an account with Very a couple of years ago.

I had a BNPL promotion running with them with £150 left to pay. Wanted to close the account and used my credit card at the time; they offered payments by card on their website.

Went through aOK and managed to terminate the Very account with no hassle.

OP seeing as the account attracts interest at 48% it might be a good idea to close it down once you've made the payment to avoid running up another (expensive) debt.

grumbler

Superscrooge wrote: »

I don't believe clearing the debt on your catalogue account will qualify as a purchase.

It will if the catalogue accepts CC payments.

xxmarypoppinsxx

rehanmalik3030 wrote: »

store card only has a limit of £200 so why do you not simply do your monthly household expenses on your new 0% purchase card and use the cash money you would have paid for the expenses towards paying off the £200 store card ??

Its not rocket science.

After paying off the store card close it but something tells me you will you will keep it and in 19 months time you will be back here with the same story with the addition of having a 0% purchase card having just expired and you cannot afford the interest!!

I actually logged in especially to quote the above as being the rudest answer I have seen! How dare you speak to someone who's actually been brave enough to step forward and ask for help with such arrogance! No doubt you are and always have been a model citizen with your own finances and life.. Jeez!!! What have we become that we can sit behind our screens and mouth off in a way you just wouldn't do face to face, SAD SAD TIMES..

I hope all goes well GeckoGirl.. :money: