Profit from the credit card price war

Banks are desperate to lend, so you can take advantage of blockbuster deals...
Read the full story:
'Profit from the credit card price war'
OfficialStamp.gif
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
See the latest news from MoneySavingExpertNews
Follow the MSE on Twitter: @MoneySavingExp
Get Martin's Money Tips
Join the MSE Forum

Comments

  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    As usual, spending on balance transfer cards can be beneficial. That can apply when the need is to maximise the balance at the 0% rate by preventing the monthly minimum payments from reducing the balance on the card. And if the person can't just get enough cards to maintain the 0% balance or fully repay or if the interest cost is lower than the cost of paying the fee for a new balance transfer deal, which it typically is.

    Needs careful consideration vs alternatives like a 0% for spending card to maintain the amount borrowed but it can be desirable.

    Stoozers or those with large debts and not great credit, or fully stretched credit, are most likely to benefit from doing it.

    Don't do it if it's easy to get a new card at 0% with no fee for spending, though, that'll be cheaper, as in free. :) And a no fee balance transfer offer would also typically be a better move if you can get one.
  • MABLE
    MABLE Posts: 4,221 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I just checked and have been pre approved for a couple of cards. However I will not be taken them up on their very kind offers because I have more than enough excellent promotions without any more. I am presently enjoying an MBNA card with interest free on purchases until December 2017. Very large balance at the moment but is easily covered my savings.
  • If you are thinking of getting a new credit card, it might be useful to check if you can get cashback though one of the usual sites. No point in not maximising the benefits you receive.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.7K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 452.9K Spending & Discounts
  • 242.6K Work, Benefits & Business
  • 619.4K Mortgages, Homes & Bills
  • 176.3K Life & Family
  • 255.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.