Profit from the credit card price war

in Credit cards
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'Profit from the credit card price war'
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  • jamesdjamesd Forumite
    25.8K Posts
    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.
  • MABLEMABLE Forumite
    4K Posts
    Part of the Furniture 1,000 Posts
    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.
  • baldeagle09baldeagle09 Forumite
    135 Posts
    Part of the Furniture 100 Posts Combo Breaker
    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.
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