Credit Card Question

[Gazza's Fat Mate]

Stupid question but have to ask just to set my mind at rest.

I need to but my train season ticket which wil set me back £2500.

If I get an intrest free credit card purchases only for 12 months will that mean that I don't pay any intrest on the £2500 if i use it to buy my season ticket???

[Batch]

I'd have though so, until the 12 months are up. Then whatever is left on you credit card acrues interest.

That's right isn't it?

[Gazza's Fat Mate]

Thanks batch thats what I thought but can someone say for certain? there must be a rate trat on here somewhere who knows about all this shit!

[axs]

but if you have any other money on it already your payments will go to that first. if the card is empty then it'll work fine.

[STFC_Manc]

If you have an interst free card on purchases for 12 months, then Its actually from when you get your card, say you get it now, you get interest free until Aug 08, so you get the full 12 months.

However if you wait till Dec to put anything on the card then you will only get 8 months interest free!  

Hope it helps

[Samdy Gray]

Yeah, what they said.

I'm going to do the same for the honeymoon, just get a new 0% card and whack it all on that. Then if you don't pay it off on time, transfer it over to a new 0% card.

Tempted to do a bit of stoozing as well, but it's a bit of a risk.

[jayohaitchenn]

apparently balance transfers are no longer free, and have an adverse effect on your credit rating so I'd be a little carful with that...

[Batch]

I doubt they affect your credit raiting, but they do seem to have got wise to rate whores and add a 3% transfer fee these days.

[Bushey Boy]

whats stoozing?

[Samdy Gray]

BT fees are normally in the region of 2% to 5%, so save you money in the long term.

Not heard about them affecting your credit rating though, I'll have to check that out.

[jayohaitchenn]

just what i heard! i have no actual scientific evidence, but it is a fact!

[Samdy Gray]

whats stoozing?

Borrowing money from 0% cards and sticking it into high interest savings accounts.

[Bushey Boy]

whats stoozing?

Borrowing money from 0% cards and sticking it into high interest savings accounts.

That would affect your future borring surely!  Youd be better off working hard and overtime making money

[pauld]

I doubt they affect your credit raiting, but they do seem to have got wise to rate whores and add a 3% transfer fee these days.

It shows up on your credit rating every time someone does a credit check on you so if you do a lot of card switching that shows up and will adversely affect your rating. Not by a huge amount, but it does show up. According to my mum who works in a bank and knows about these things (although she might just be trying to frighten me into not getting lots of credit cards)

[Batch]

you learn something new every day...