NO More 0% Credit Card Deals According to Mint
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Scooby_Saver_2
Posts: 209 Forumite
Hi All,
I just been clearing up my finances and after speaking today MINT they advised that the credit card industry wont be doing any more 0% balances in January but just offering long term long low interest deals. Ok this may just be sales talk but it does seem strange all the really good credit deals seem to have dried up.
Sorry if this is old news
I just been clearing up my finances and after speaking today MINT they advised that the credit card industry wont be doing any more 0% balances in January but just offering long term long low interest deals. Ok this may just be sales talk but it does seem strange all the really good credit deals seem to have dried up.
Sorry if this is old news
Tell it as it should be....
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Comments
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It is the obvious thing for credit card companies to do.
I have about £15000 at 0% at present.
If I had to pay a tad more than about 4% interest on it I would give it back to the credit card companies tomorrow. 5% would certainly end my days as a stoozer.
On second thoughts I would give it back when the 0% period ends.
...............................I have put my clock back....... Kcolc ym0 -
Hi All,
I just been clearing up my finances and after speaking today MINT they advised that the credit card industry wont be doing any more 0% balances in January but just offering long term long low interest deals. Ok this may just be sales talk but it does seem strange all the really good credit deals seem to have dried up.
Sorry if this is old news
Still plenty of deals on the table
Remember your not only making interest, but also inflation (RPI 3%) erodes the value of the debt ! keep rolling it for 3 or 4 years than thats a 10% plus devaluation in the value of the debt
Add interest of say 4% net (1% per year) and it still pays to play the stoozing game0 -
sorry i have put this on the wrong chat board - didnt see the credit card one - DOH - Thanks for the respones back Tell it as it should be....0
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Remember your not only making interest, but also inflation (RPI 3%) erodes the value of the debt ! keep rolling it for 3 or 4 years than thats a 10% plus devaluation in the value of the debt
Add interest of say 4% net (1% per year) and it still pays to play the stoozing game
It is not clear to me whether inflation makes things better or worse for a stoozer. Perhaps it is better for some neutral for some others and worse for the rest................................I have put my clock back....... Kcolc ym0 -
It would make things better for all who borrow as the value of the debt erodes with time, if by some miracle you could stooze for 20 years, then a £20k debt in 20 years time would be worth £10,875 (3% RPI).0
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I'm not convinved this is true. Telephone staff are not always well informed. Look at the way the MBNA ones all give different answers on BT charges.
Eventually it may happen but I think we would have heard about an industry wide change of policy before now. As long as there are new entrants into the market trying to grab market share there will be the temptation to offer headline grabbing 0% deals.
Maybe one or two will wrap it up but there are lots of other 0% cards out there.0
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