Credit Card Interest

[Black Country Ste]

There are loads of cards around where you pay 0% interest for anything up to 18 months (Santander is one). Let the balance rise each month (pay just the minimum). The money that you would have spent to clear the balance can then be invested. Just before the end of the interest free period pay off the balance from the invested money and spend the interest on pies or other drug of your choice.

That only works if you have the self-discipline to do it. I couldn't clear my card before the end of its introductory interest free period because of a couple of unexpected bills and temptation to add things to it. So I've had to get another with interest-free balance transfers and try again.

Credit cards are fantastic as a budgeting tool for petrol and the food shop but it's a mug's game once you start buying luxuries on next month's wage.

 

[Louch]

Give them a ring @HLaB , will get to bottom of it quicker, then threaten to move.

 

[HLaB]

Give them a ring @HLaB , will get to bottom of it quicker, then threaten to move.

I'm thinking exactly that

 

[Louch]

Barclay card have some really good rates just now. this hope you don't move as may affect my bonus/bike budget

 

[Elybazza61]

No problems with my Nationwide card and I have now got in to the discipline of clearing it each month;have a little savings account in to which i put an amount in each month to help pay the bill,although this cycling lark is stretching it a bit now.

 

[cd365]

A Bank of Scotland Mastercard. Thats twice now after Ive paid off the balance, Ive been charged what seems to be 0.27% interest on my new transactions

Reading their website
"You will not pay interest on new purchases if you pay the full balance shown on your previous and current statement on time. Otherwise, the period over which interest is charged is as follows"
http://www.bankofscotland.co.uk/creditcards/bank-of-scotland-credit-card/

 

[HLaB]

Reading their website
"You will not pay interest on new purchases if you pay the full balance shown on your previous and current statement on time. Otherwise, the period over which interest is charged is as follows"
http://www.bankofscotland.co.uk/creditcards/bank-of-scotland-credit-card/

Thanks,
Looking at my last two statements, the full balance was paid off 4d before the due date. There was some spending in between, maybe they charged interest on that at 0.35%
I think I'll be calling them tomorrow

 

[Shut Up Legs]

I got fed up with credit card interest on a credit card I've had for decades now, and for several years it's been permanently in a credit balance (i.e. with nothing owing). Whenever I think I'll need it (e.g. to buy some cycling goodies from CRC), I'll first transfer enough money to it to cover the purchase. So I haven't paid any interest on it for several years.