Tip: use 0% purchase offers instead of balance transfers to avoid the fees

beninmangotown

My post wasn't intended to get into whether or not to pay a mortgage off. It was just to say that if you're already using balance transfers to pay down a debt (for whatever reason), 0% purchase offers give you a better option in my opinion.

Altior

None of us I think can work your claimed method out though as you only get the benefit of the 0% purchases deal whilst the deal is in place and the balance is accumulating. What you would have spent on those purchases can be put to work elsewhere.

However at the end of the deal, the balance needs to be BTd or settled. It can't be settled using a new 0% purchases card.

The BT option is perfectly fine and a method I use. But it ordinarily attracts a fee.

surreysaver

I've also not seen any evidence of keeping spending below 50% of the limit, or paying more than the minimum helping your score. But it doesn't matter what you do with your credit score, as it's only you that sees it.

beninmangotown

The point of using multiple purchase offers is that you don’t have to settle in one lump, you are just using your monthly budget to move the balance gradually from one card to the other.

This only makes sense if you already have a balance you’re looking to pay down, without the equivalent cash in savings. It’s not a method to make profit when you don’t need to borrow.

The advantage being that you don’t pay any fees and get higher credit limits.

born_again

https://forums.moneysavingexpert.com/discussion/comment/81898848#Comment_81898848

As OP has a interest only mortgage, then that maybe the only option, if they have reached the end of term. Especially if they are carrying a lot of CC debt. Which would make affordability a issue.

OP need to also stop thinking about credit score… Pointless figure made up by CRA.