How Bad are credit cards

becky701

Hi

I have balance transferred my balance onto a 0% card & it's round £3400 - if I'm paying more than the minimum amount (about £50+ a month) but it takes a few years to pay off is this a problem?

Can I keep balance transferring until it's paid off to avoid interest?

Thank you

amfan

No problem, and yes as long as you get accepted for a new one.

becky701

What if I sometimes put more on it but still pay off more than the minimum?

molerat

Be aware though that BT cards do not always come with interest free purchases.

NineDeuce

They are proper bad, especially when you are telling yourself that you need Sky TV or an iPhone while paying on a credit card

becky701

OK thank you

amfan

Do you mean put more on as in take advantage of another transfer? That's not a problem either. You most likely will lose any promotion though if you make purchases on the same card you transferred to.

Credit cards in themselves aren't bad. It's peoples inability to not buy the things they crave that can become out of control and cause credit card debt to spiral beyond a manageable level. Used well they will bolster your credit history for a time you need it in the future.

PeacefulWaters

Sooner or later you'll get rejected for the next 0% card.

Then you'll pay lots of interest.

Dobbibill

Ideally you should keep BTs and purchases on separate cards.

You should also address why you have the debt initially, without doing that it's quite likely to happen again. This will mean you then need cards with higher limits, longer terms or both.

bris

Ideally you should not put further charges on credit cards.


Credit cards are good for some people who know how to manage them, for millions more they are the devil and cause severe financial hardship.


Stay away from them, that shiny new Iphone 8 might look good just now but 2 years down the line it's not so shiny but that minimum payment still needs met for years to come.

DCFC79

Credit cards are fine as long as you are sensible with them.