WHERE TO START WITH CREDIT CARD QUESTIONS

libera

I'm not sure if my question fits in here but I'll try. I paid off my Mastercard in full last month and thanks to the good advice I've gleaned on this site, I'm going to cancel it instead of just cutting it up and letting it dangle in the ether.
However, I paid my cheque into the bank a few days later than their pay by date and now I have acquired a late payment fee of £20 (with interest). Am I legally obliged to pay this or can I tell them to get lost?
I've spent some time looking for advice about this in the various threads but with no luck.
Thanks

Reaper

There is some debate as to the legality of excessive credit card fees. However you did sign the T&C agreeing not to be late making the minimum payments, so instead I suggest you phone them up and say it was a mistake on your part and would they please let you off. If you ask nicely and it is your first offence they often refund you it for the sake of good customer relations.

In future set up a direct debit for all your cards for the minimum amount (at least) so you never miss another one.

gtds

Hi

New to this forum so apologies if I'm entering this in the wrong place.

Quick question regarding balance transfers, to which I haven't found an answer on the website.

Example: a credit card is offering balance transfers at 0% for 9 months and 10% on purchases. If I transfer £1000 pounds and spend, for example, £200 on purchases, does that mean I will be charged interest on the £200 alone during the first 9 months (and no interest is applied to the £1000)?
Many thanks..

Kind regards
gtds

Jasonix

Just checking that I can post something to you all when I'm in need of advice :j

duncan_maclean

i have £4000 on my credit card can i save money if i switch ??

Reaper

Er... almost certainly. Read the credit card articles to find the best cards and compare them with yours.

RachelLouise_3

I hope this doesnt seem like a silly question. But here goes, I currently own a ltd company with only myself as a director. I bank with HSBC and use the busines debit card but I want to cancel this and use a better credit.debit card for myself in my busines name for spending with and get cash back etc. I use a citibank platinum card for personal use and also do super balance transfers with a virgin and egg card. I cant apply for another one of those cards in my business name as I cant have to cards with the same company (I think) AMEX isnt accepted everywhere so can anyone sugesst the next best card for me to apply for, in my business name, for everyday spending that will be paid of monthly.

thank Rachel

ZEBRA_3

Hi all,
I have £1200 debt on Nationwide CC and £2500 on an Egg CC. I know that's bad and I haven't used my CCs for more than 2 years. Which is the best option to get rid of this debt? TB to a 0% CC for 9 months, or TB to a 4% CC for life?
I can only pay about £150 a month.

Thanks

YorkshireBoy

ZEBRA wrote:

Hi all,
I have £1200 debt on Nationwide CC and £2500 on an Egg CC. I know that's bad and I haven't used my CCs for more than 2 years. Which is the best option to get rid of this debt? TB to a 0% CC for 9 months, or TB to a 4% CC for life?
I can only pay about £150 a month.

Thanks

If your credit rating is such that you can obtain, and continue to obtain repeat 0% cards then this is the best way to go to clear your debts faster.

However, if you feel that you have got your spending under control (it sounds like you have) and the thought of juggling deals every 6/9 months frightens you, then maybe a LOB deal is better for you.

Play around with the calculators at http://www.whatsthecost.com/creditCard.aspx to see how making overpayments can help reduce the repayment term. For example, the minimum repayments on your £3,700 at 2% start out at £74. This calculator lets you see the effect of paying an extra £76 (ie the total of £150 you indicated) per month will have on the duration.

In summary, paying the minimum monthly payment (ie 2%) on your 4% LOB deal will take 17 years to pay the debt off. Paying 2% + £76 will clear the debt in 3 years. Paying it off at £150 static payment will pay it off even quicker.

Good luck with whatever you decide to do.

Southwark_2

HI I am on rung one and I am not sure what to do. I have been offered a 10 year loan at 9% which is a pretty good rate, for a sub prime customer. THe only reason I am sub prime is because of defaults to credit cards. Any other ideas?