A new credit card?

Sncjw

Hi all

I'm thinking of setting up a business part time and when my friend told me he has applied for a 28 month 0% purchase card with virgin it got me thinking.

I currently have a clarity card and I have had for 2 and half years now. I pay it off in full each month with a 2k limit. I barely reach £500 sometimes a little over that. I also have a next account at £600 limit. I barely reach £100 on that.

I was thinking of maybe applying for a long credit card 0% deal but the thing is I'm managing well at the moment I have a bank account current account of over 2k in the bank so wouldn't really neeeds a new card.

I'm just thinking all the start up costs. The business will be photogrpahy I already have camera and studio kit. I've recently bought a laptop and will get soft ware on top of that.

Is it really worth me going for a longer deal when I pay off I. Full anyways.

I earn 16k a ear before tax and love with parents so no major bills

[Deleted User]

If you always pay off in full you don't need a deal for 0%, they are best for people who want to transfer a cc balance or rack up some cc debt.

Sncjw

St the moment I do pay in full it's just for when I start the business. Which I'm scared to actually do

Nebulous2

I'm not clear why you would need a card. You're managing well, have money in the bank and seem to have most of the equipment you need already.

If you are disciplined enough to not use it for treats and unnecessary expenditure it could be a benefit to you. You could save the money in a 5% regular saver and use a purchases card to build up a balance at 0% The idea would be that when the 0% ended you had saved enough money or more than enough to pay off the debt.

It needs to be your decision though and what is best financially isn't the only factor. If debt scares you, even when you have the money to cover it, then that can be part of your decision-making.