utalising new nationwide CCard

reehsetin

Just got a new credit card from nationwide with a decent limit
wondering how it will be best to use it,
i already do all my spending on a credit card
egg money with 1% cashback & i'm an additional card holder on my fiance's american express with 1% cashback
new card doesn't offer cashback but does give 0% for 3 months on purchases, (assuming i still need to make a minimum payment which is fine) not sure what will work out best to spend on whilst the 0% is there or if i'm missing something

after that want to keep using my cashback cards but if i don't use it i'm assuming they'll reduce the limit?

any help would be much appreciated, thanks

MPH80

Depends on where you're stashing the cash while the purchases are sitting on the 0% purchase card.

If they were in an account earning 6% pre tax - that'd be 4.8% post tax and therefore over 3 months would effectively be 1.2%.

So in that case you'd be worth using the 0% purchase card. Obviously that's a crude calculation and if you are paying minimums or not saving - it doesn't work so well. But from that rough calculation - any less than 6% is probably not boding well for saving over the 0% on purchases.

M.

YorkshireBoy

You'll get up to 50 days or so interest free on your cashback cards anyway, meaning the spend is swayed in favour of those.

reehsetin

thanks!

money which i would have used would have been in an e-savings acc which is only 5%
so looks best to stick to the cashback cards,

realise its not certain but if anyone has an idea whether they will reduce the limit if i dont use the card? just got it to build up my credit rating