How to use a credit card efficiently?

MDMD

[Deleted User] wrote:

Awesome, I've actually set up my DD to come out of my savings account as I now transfer around 1/3rd of my wage into my savings account per month anyway, so that is going to also benefit me, the fact that i'm in habit of doing that already, thanks for your info!

Most banks don’t allow a DD to be set up on a savings account- you might be able to give this to the CC company but the bank might not act on the instruction as it has no DD facility.

Might be worth calling the bank to check it’s set up properly

Terry_Towelling

Bigspender01 wrote: »

Just joined this forum but don’t know how to post a question....please help?

My question is: I’ve just received the m&s balance transfer credit card recommend on mse in January. Wanted this for the purpose of transferring my next directory card balance. Just tried to do this and have been told that next only accept payments and do not provide account details to credit card companies to allow balance transfers. Really angry!!! Help please

Oops! If that is Next's policy, it looks like you will need a Money transfer card instead. Presumably, you are allowed 14 days to cancel the M&S card (do check this) and I would hope that any such cancellation would require M&S to restore your credit history back to the point it was before you took their card (not sure about this bit - someone shout if this is not accurate).

If your position is restored, you may be able to then apply for a Money Transfer card elsewhere. Trouble is, you won't know what credit limit you'll get (if you get a card at all) and money transfers often have a higher fee to make the transfer.

You also need to do some homework on the minimum payment calculations offered by the various money transfer card providers. I say this because their minimum payment could greatly exceed that of the Next card and that could create affordability problems for you.

qwert_yuiop

bertiewhite wrote: »

Were they American?

Maybe they were Irish - County Cavan uses the same past participle.

18cc

The direct debit to your savings account will fail and you will default on the monthly payment. Change it immediately to your current account.

Jami74

[Deleted User] wrote:

My main usage would be things like food shopping and petrol for my car (then pay IN FULL), at the end of every pay month.

I did exactly that just over a year ago and it has worked out really well. I don't keep it below a certain utilization, it's a reward card and I'm not planning to apply for a mortgage any time soon so I'd rather earn the rewards. I keep track of how much I am spending so that I don't spend more than I'll be able to pay back and the direct debit is set up to pay it back in full.

Two little things I've learnt.
1) For the first month when you get the statement make the minimum payment immediately. For my cards the direct debit comes out on the date that the payment is due which means if for some reason the direct debit didn't set up in time there would be a late payment charge, interest and a mark on your credit file.
2) If you pay it early for whatever reason, the direct debit might still come out. On all of my cards if I pay the amount due when I get the statement, the direct debit still gets paid, which means I'll have doubled paid.

[Deleted User]

It’s actually not, there’s a balance transfer, barclay card forward, then platinum.

I looked , and checked myself.

[Deleted User]

MDMD wrote: »

Most banks don’t allow a DD to be set up on a savings account- you might be able to give this to the CC company but the bank might not act on the instruction as it has no DD facility.

Should elaborate ,I use a second debit account for my savings, so it’s definitely set up

Might be worth calling the bank to check it’s set up properly

qwert_yuiop wrote: »

Maybe they were Irish - County Cavan uses the same past participle.

The lady I spoke to was actually Irish, and so am I lol.

18cc wrote: »

The direct debit to your savings account will fail and you will default on the monthly payment. Change it immediately to your current account.

It is a current account I just class it as my savings account, should of elaborated .