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Credit card -v- savings

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  • [Deleted User]
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    gionnetto wrote: »
    I have a 20-month 0% on purchase card (1800 limit, 360 ulitilized so far). My funds are in a Regular Saver (1000+, 3%) and an instant savings account (400, 1.5%).
    I plan on doing the Christmas shopping on the CC, make the minimum payments (25/mo), and clear it once the regular saver matures.

    That’s not really stoozing.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    Combo Breaker First Post Newshound!
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    gionnetto wrote: »
    I have a 20-month 0% on purchase card (1800 limit, 360 ulitilized so far). My funds are in a Regular Saver (1000+, 3%) and an instant savings account (400, 1.5%).
    I plan on doing the Christmas shopping on the CC, make the minimum payments (25/mo), and clear it once the regular saver matures.

    Sounds sensible to me. It is often recommended to pay very slightly more than the minimum payment to avid the minimum payment marker.
  • Sea_Shell
    Sea_Shell Posts: 9,529 Forumite
    First Anniversary Photogenic Name Dropper First Post
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    Ben8282 wrote: »
    Sounds sensible to me. It is often recommended to pay very slightly more than the minimum payment to avid the minimum payment marker.

    My stoozed accounts, minimum payment only, are shown as being a "promotional rate" on CRA's, so I think that gets taken into account.

    I have £5400 currently at 0%, and the money to pay them off, as and when the deals expire, currently sitting earning 3%.

    I won't be able to re-finance these, as I no longer have any income, so I doubt that i'd be offered any new cards! My Stoozing days are over, for at least 20 years!!!
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.38% of current retirement "pot" (as at end April 2024)
  • KatySan89
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    Great post, and great website.
  • [Deleted User]
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    KatySan89 wrote: »
    Great post, and great website.

    And great post building!
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