Credit Card for Spending Discussion Area

Consumerist

Ratbiter wrote: »

Hi all, I'm looking for a new credit card and wondering what would suit me best?
I have a Lloyds Platinum Credit card for 15 plus years, which until recently I was more than happy with, I would buy something on it maybe for £50-60 pounds and I'd quiet often pay it off before any fee's incurred within the interest free period of 50 days plus. Occasionally I'd use it for a bigger spend of maybe £300 and pay it off with 5-6 months always making more than the minimum payment each month.
But now Lloyds have changed the terms and you pay from day 1 when you borrow more than £7 then don't charge much but it's not as flexible for me. I have my spending money each month and can decide if it's worth it to me to be short for a few months etc.

So what would you recommend for me and my spending habits?

I think you may be confusing credit cards with current-account overdrafts.

For credit cards, you usually get up to about 6 weeks to pay off the balance by the due date. I have a Halifax CC and nothing has changed except a recent 0.25% increase in APR.

So, carry on as you are with your credit card if you are happy with it.

Kallisti

Cross posting to 0% and balance transfer.

I've got a good credit score and for one reason or another now have no loands or credit card usage other than my mortgage. I'd like to maintain the score and so get some debt out there to prove how good I continue to be.

So, my solution is to get some 0% debt and put it in an interest-bearing account. But I'm not sure if that's possible? If I get one of these 0% cards, can I invest it? Actually, "just for fun" I'd probably put it in NS&I's premium bonds - as far as I can tell, they allow top-up using a credit card? Anyone know if that'd attract any fees?

[Deleted User]

Don't worry about the score. It's not a real thing, just a CRA gimmick for you to look at.

To maintain a healthy credit file and history, just use a card regularly and clear in full each month.

Consumerist

Kallisti wrote: »

Cross posting to 0% and balance transfer.

I've got a good credit score and for one reason or another now have no loands or credit card usage other than my mortgage. I'd like to maintain the score and so get some debt out there to prove how good I continue to be.

So, my solution is to get some 0% debt and put it in an interest-bearing account. But I'm not sure if that's possible? If I get one of these 0% cards, can I invest it? Actually, "just for fun" I'd probably put it in NS&I's premium bonds - as far as I can tell, they allow top-up using a credit card? Anyone know if that'd attract any fees?

From your post it seems that what you really want is a money transfer from a new card to a current account. A balance transfer is only possible if you can transfer a debt from one card to another.

Money transfers typically cost 3% - 5% of the amount transferred. If your credit file has recently been a bit thin then this may adversely affect your chances so it might be worth while to check before actually applying.

Kallisti

Consumerist wrote: »

From your post it seems that what you really want is a money transfer

sounds like I either don't bother or move my spending to a credit card. A pity because I really prefer keeping all my spending on my debit card. There's no way I could recoup 3-5% costs in any safe investments...

That said, with a 0% on spending card, I guess I could allow it to build up month-by-month and put money in something interest-bearing instead. I have £20k unused credit cards, so can easily keep my total credit percentage used low...

[Deleted User]

Anything costing over £100 you should put on a CC for Section 75 protection

TrionaT88

Hi I have a 0% credit card with Sainsburys bank for 19months. My 19 months will be up in April next year and I always make payments on time and have just used it to save abit of cash by paying my car insurance for the year and paying it back monthly off the card. My question is after this 0% period I will no longer wish to use the card. At this time I plan to get rid of the card and if I do will I be eligible to reapply for a new card with a similar or the same deal via Sainsburys or is my best option going to be to go to a new company for a similar deal?? Any information on this would be a great help. Thank you in advance.

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TrionaT88 said:

Hi I have a 0% credit card with Sainsburys bank for 19months. My 19 months will be up in April next year and I always make payments on time and have just used it to save abit of cash by paying my car insurance for the year and paying it back monthly off the card. My question is after this 0% period I will no longer wish to use the card. At this time I plan to get rid of the card and if I do will I be eligible to reapply for a new card with a similar or the same deal via Sainsburys or is my best option going to be to go to a new company for a similar deal?? Any information on this would be a great help. Thank you in advance.

Keep the card and use it regularly and pay the statement balance off in full.

Theres no reason to close it. 

Consumerist

TrionaT88 said:

Hi I have a 0% credit card with Sainsburys bank for 19months. My 19 months will be up in April next year and I always make payments on time and have just used it to save abit of cash by paying my car insurance for the year and paying it back monthly off the card. My question is after this 0% period I will no longer wish to use the card. At this time I plan to get rid of the card and if I do will I be eligible to reapply for a new card with a similar or the same deal via Sainsburys or is my best option going to be to go to a new company for a similar deal?? Any information on this would be a great help. Thank you in advance.

Hi TrionaT88, and welcome to the forum.

If the card is likely to be a temptation to spend money you don't have then cancelling the card at the end of the 0% promotion would be a good idea. Otherwise, after the promotion ends, use it once in a while to keep it active - always pay-off the full statement balance.

You can apply for a similar deal, if available at the time, but this would involve another credit check on your credit file.

Why stay with Sainsburys? There may be better deals available elsewhere.

choppers730

Hi All.
My current virgin credit card 0% balance offer is expiring shortly, so was considering switching with a 0% balance transfer to another provider.
Nationwide are offering a card with 0% balance transfers (1.5% fee) and 0% purchases for existing customers, but I am concerned about this statement on the terms and conditions as follows;

• No interest-free period on balance transfers or cash withdrawals. Interest on balance transfers and cash withdrawals will be charged at the rates shown above.

Does this mean I'll pay their standard interest on a new balance transfer immediately?