Credit card help
Options
gillybean127
Posts: 2 Newbie
in Credit cards
Hi. I've never had a credit card before, but have run up some debt with my Next and Very catalogues. Should I carry on paying the catalogues monthly or would I be better off trying to get a credit card with 0% purchases, paying the catalogues off and then paying an amount of the card monthly instead?
For example, if I get a credit card with 0% purchases for 30 months, pay off the catalogues with this and then make payments off the card; is this a good way of managing the debt? Also, if I don't manage to pay off the full amount before the end of the 0% period, do I just apply for another card that has 0% balance transfers and then keep paying?
Sorry, I want to make sure that I get this right!
For example, if I get a credit card with 0% purchases for 30 months, pay off the catalogues with this and then make payments off the card; is this a good way of managing the debt? Also, if I don't manage to pay off the full amount before the end of the 0% period, do I just apply for another card that has 0% balance transfers and then keep paying?
Sorry, I want to make sure that I get this right!
0
Comments
-
How much debt is outstanding on the catalogues?0
-
have you checked that paying money to next and very would count as a purchase? It may not
safer to get a money transfer card.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
MallyGirl makes a very valid point.
To be on the safe side I would get a money transfer card.
One last point - will you continue to purchase goods from these catalogues?
Shifting the debt does not mean you have solved the problem of paying it back.0 -
If you have never held a credit card before then the chance of your actually getting a card with 30 months 0% purchases or a good 0% money transfer card is not particularly great. I would suggest you use an eligibility checker first to see what sort of cards you may be able to get. A 30 month 0% purchases card may not be a realistic expectation.
As has been pointed out, unless both of these catalogue accounts accept credit cards in payment and will process such transactions as purchases, then a 0% purchase card would be of no use for this purpose. In such a case you would have to transfer your day to day spending to the purchases card and use this money to repay the catalogue accounts, presumably over time depending on how much you owe and how much day to day cash/debit card spending you can transfer to the new credit card. How much do you actually owe on these accounts?0 -
gillybean127 wrote: »Hi. I've never had a credit card before, but have run up some debt with my Next and Very catalogues. Should I carry on paying the catalogues monthly or would I be better off trying to get a credit card with 0% purchases, paying the catalogues off and then paying an amount of the card monthly instead?
For example, if I get a credit card with 0% purchases for 30 months, pay off the catalogues with this and then make payments off the card; is this a good way of managing the debt?
Hi,
I have a very account and i use my CC to make a payment each month as i have BNPL on it. Its definitely classed as a purchase as its the same as if you were actually buying an item on the site without an account.
I'd have a look what you can get, you don't say how much is outstanding but another important thing to note is never having one before may mean you get a small limit to begin with.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards