Re: Credit cards : Wed Jun 25, 2014 8:13 pm  

Dead Man Walking wrote:

Used it way too much because it was there and ran up a large bill. I'll never do it again as it is just so easy to spend on it.

personal responsibility, not the cards fault!

[DaveO]

Re: Credit cards : Wed Jun 25, 2014 11:01 pm  

Cronus wrote:

Used wisely and cleared every month they can be an assett. But otherwise steer clear. And for God's sake whatever Martin Lewis says, 0% card-hopping is not a good financial plan unless you've already racked up the debt and are sticking to a strict plan to clear it asap.

What Lewis is on about used to be a profitable pastime for some. Mortgage rate 5%, credit card rate 0% with no balance transfer fee and a stupid credit limit of £15K? That is how it used to be.

Well then ask for a £15K balance transfer to your current account from MBNA or whoever and if you had an offset mortgage from the likes of Virgin 1 or "IF", bingo you save 5% interest on £15K.

At the end of the interest free period you just sent the £15K back and look for the next 0% no fee deal.

Never did it myself but the Maths says I should have.