credit

dpecollins

looking to take advantage of my good credit rating,do i run up a debt with my current credit card before i transfer to a zero rated card for 9-12mths

smartsaver

You need to read What is a Super Balance Transfer & Revenge of the credit cards ? on Martin's credit card section  :) - sorry don't seem to be able to link this :-/.  

Reaper

What is SBT and Revenge - make free cash from credit cards

smartsaver

Cheers Reaper

CopperPlate_2

I'm always terrified that my rating (which is unblemished  ;D) will be damaged by applying for too many cards.  I think I'd need therapy if I was declined or, ignominy, given a £500 credit limit.  WHAT USE IS THAT!  Woo!  The interest I'd get on £500!!  Now where shall I go on that?  What far off beach?  Or perhaps it might just pay for a train ticket 50 miles down the coast.

Anyway.  I digress.  If I take out half a dozen cards with a total credit limit of say £20k (I should be so lucky) and stuff the money into a high interest account, I'd need to keep some of it back to pay off the minimum payments, say £1k, and keep the rest in the account gaining interest, yes?

It all sounds very complicated.

CP
:P

Robert_Sterling_3

If you think it will be too difficult for you then don't do it.

hopefulfooluk

I'm always terrified that my rating (which is unblemished ;D) will be damaged by applying for too many cards. I think I'd need therapy if I was declined or, ignominy, given a £500 credit limit. WHAT USE IS THAT! Woo! The interest I'd get on £500!! Now where shall I go on that? What far off beach? Or perhaps it might just pay for a train ticket 50 miles down the coast.

Anyway. I digress. If I take out half a dozen cards with a total credit limit of say £20k (I should be so lucky) and stuff the money into a high interest account, I'd need to keep some of it back to pay off the minimum payments, say £1k, and keep the rest in the account gaining interest, yes?

It all sounds very complicated.

CP
:P

CP,

Check the links out that have been posted earlier in this thread.

If you don't think it's for you, then as Rob says don't do it.

Chris.

CopperPlate_2

Ta.

The problem IS I'd probably be okay with it - managing to organise the repayments, etc. It just seems like such a lot of effort - I've not sat down and calculated the interest that I'd get on £20k.

Just done that calcs - that'd be about £1k. Hmmmm. Not bad!!

CP

Reaper

It does take some effort, although I actually find it quite enjoyable (ok - I admit it - I'm sad).

It is not difficult nor particularly time consuming, but you do have to be organised to make sure you have the funds to cover the monthly payments and are aware when each credit card interest free period is about to end.

It is not for everyone, but if you feel you are up to it then don't hang about - give it a go.

smartsaver

Totaly agree with reaper - but this is for a 'certain type'. Attention to detail vital but it does not take up much time and the rewards are great ;D

deemy2004

As with everything start with one, get practiced with controlling that one then move on to the next, then the next...... ad infinitum 8)