Does it look bad to request lower limits?

adaze

you'd still make a good few hundred pounds for doing very little...

kukujang

It's fine!

YorkshireBoy

itsgototstop wrote: »

Blimey, I have just been offered 20k on a 7 month 0% percentage but a fee of 2.5%, is it it still worth it?

adaze wrote:

you'd still make a good few hundred pounds for doing very little...

Not if the OP is a tax payer.

Knocking a month off the duration, ie only 6 months, to allow for delays at each end will return a £13 loss (using the calculator in CannyJock's post).

Even if a full 7 months *was* achievable, the profit is only £64.

clio

whats does being a tax payer got to do with savings /stoozing ect ive seen this on the egg site but not really sure what it means,i pay tax that comes out of my wages thats all i know??

[Deleted User]

clio wrote: »

whats does being a tax payer got to do with savings /stoozing ect ive seen this on the egg site but not really sure what it means,i pay tax that comes out of my wages thats all i know??

If you're a tax payer it's much harder to make money off stoozing, as you pay tax on the interest you earn with your stooze pot. If you pay 40% tax then you only get to keep 60% of the interest you earn!

clio

Jimster
So coz i pay NI/& Tax on my wages does that mean me, thought everyone who worked was a tax payer lol??

CannyJock

clio wrote: »

Jimster
So coz i pay NI/& Tax on my wages does that mean me, thought everyone who worked was a tax payer lol??

Depends on level of income, at moment individuals are allowed to earn £ 5225 tax-free, then next £ 2230 is taxed at 10% - changes in a couple of weeks.

Savings Interest is automatically taxed at 20% unless you've specifically applied for interest to be paid gross. If you're in the higher tax bracket then you need to need to declare the bank interest and tax deducted on a self assessment form and then you get the pleasure of paying the nice tax man more money. What winds me up is that bank charges aren't tax deductible but interest is taxable - far as I'm concerned one is there to offset the other. HMRC don't see it that way.

If your partner isn't employed then it could be useful to have the stooze pot in their name (yup, there's the risk you come home one night to empty wardrobes and an empty bank account).

clio

Canny Jock
I,m only paid £15 K a year so do i qualify for anything or need to do anything special in respect of telling anyone of my tax bracket in respect of stoozing/savings etc??

G/F works and my money stays with me lol

clio

Anyone help me with my last question just so i know i,m ok ??

MABLE

itsgototstop wrote: »

I've just managed to clear my card debt, and on 3 of my cards with high limits I have requested lowering limit to 10k each
I didn't want to cancel them and was planning to lower gain but one of my friends said credit card companies look poorly on this?

They all agreed instantly over the phone but wondering if I should stop doing this?

Does anyone know

Are you saying then you spent up to the limits of 3 cards and because you cant trust yourself you have ask the providers to reduce the limits. Personally speaking I do not think it looks good to spend up to the limit and then pay off and ask for the limits to be lowered.

Because you have high limits it does not mean you need to spend up to the limit.


Its seems to be you cannot trust yourself with the high limits remaining and would therefore try to wean yourself off of credit cards completely.