Snoozin woozing newbie

goforthegoal78

Hi All,

i have applied for the 0% for 21 months purchase Barclaycard - does this mean (depending on the limit given) I have to make purchases online/in store and only pay off the minimum every month and pay off the balance as the 21 month anniversary approaches ? ( so if you spend only 2k, you owe 2k).
What is the quickest way of maxing the credit limit given and transferring the funds to account/savings account ?

I'm looking to spend a fair bit in the next couple weeks booking family holidays etc possible up to 10k so ideally want to pay all with CC and build up a fairly large stooze pot in the process. I am very disciplined with money and can make the monthly repayments and clear balances when required.

What is the best way to start snoozing and build a stooze pot at the quickest rate with a large spend coming up? what cards are recommended to get? 

Brie

Yes to the first bit - set up a DD to pay the minimum every month.  Use it for purchases but not for any other transactions (money transfers etc).  

The only way to build up a credit limit is normally to prove to be a good customer.  I've found Barclaycard to be pretty tight with their limits compared to in the past so I doubt you'll get £10k from the start unless you have a very large income and an impeccable credit history.   But if they give you, say £5k, and you start using that you might, after a couple of months ring and ask for an increase based on the anticipated large purchase.  Just be sure that this would still be covered under your 0% purchase offer.  They might consider the increase to be outside of it and you'd then be hit with interest payments from day 1 of the purchase.  

MBNA has always been my favoured card.  Frequent deals.  Mostly for balance transfers.

goforthegoal78

thanks  - first time so will wait to see how much the limit is. I do hold a 20k limit on my amex.