Reply to: Cheap debt

[northernladuk]

Is this deal for transferring between credit cards? I presume it's not a cash one like the post from NWP2C awhile ago that you can use on offset mortgages? I know I can use the credit card and stick on there and not pay off to achieve more or less the same outcome but don't really need any big payments at the moment.

EDIT : Nice little tool to compare them here..

http://www.moneysavingexpert.com/cre...dit-cards#tool

It's a nice rate but only saving less that £200 over 2 years is hardly saving of the century.

[psychocandy]

Tis annoying at the moment. Lots of cheap deals around and I love to stooze, but I'm also looking to move and even though its cheap its counted as 4x the debt off the amount a bank will lend you on a mortgage, so I've been having to unwind all my credit card debt before I go to the bank and ask for some more money.

Is that true? I know I had a problem a few years ago getting a car loan.

I added up all my credit card limits and it came to over £100K. Most of them I'd just transferred balances to, paid off, never used and forgot about.

So, credit card blast it was. Closed a load and lowered limits on a load.

Got the nationwide one now. Cracking deal. Only gave me £7K limit though. But weirdly when I first logged in it let me up it to £8K automatically.

Had to open nationwide flex account first. When I first logged in it let me set od limit to £2K too (no fees for first 12 months). Result.

[fullyautomatix]

I agree Dimmy. No credit means no economy. Am in Buenos Aires at the moment and there is no credit available and there is 30% inflation. More credit please.

[BrilloPad]

Never applied to extend my credit limit.
Got a new card the other day 22K limit, what the hell would I need that for

Indeed. How much does a webcam cost?

[alreadypacked]

Never applied to extend my credit limit.
Got a new card the other day 22K limit, what the hell would I need that for

[Zero Liability]

They want you to actually use the thing, not just carry it in your wallet as a status symbol and use a load of others.

I use all the ones I have ATM. I do tend to clear balances off fully each month, though, so perhaps not their target audience? Particularly with the 0% purchase interest cards, unless you show a propensity to rack up a lot of debt, which you will then be stuck with afterwards to (hopefully, in their eyes) repay, with interest.

[Sysman]

Well as long as firms continue to offer them, that is. I tried getting one from AmEx, a cashback card, but I think I have too much credit as it is, so might need to shed a few CCs and try again.

They want you to actually use the thing, not just carry it in your wallet as a status symbol and use a load of others.

[Zero Liability]

FTFY

Nah, my credit record is actually squeaky clean. I think I need to get rid of the lacklustre ones and wait a couple of months, then re-apply.

[AtW]

BTW the economy is not just built on credit. Its built on immigration too.

Actually it's built on people who can spell and add up numbers.

HTH

[BrilloPad]

In theory you could get 10x5k 0% purchase credit cards then transfer forever, almost free 50k.

That would only get me a shed in Guildford.

I suppose I could buy a mansion in Swindon - but who wants to live there?

BTW the economy is not just built on credit. Its built on immigration too.

[AtW]

Well as long as firms continue to offer them, that is. I tried getting one from AmEx, a cashback card, but I think I have too much credit as it is, so might need to shed a few CCJs and try again.

FTFY

[doodab]

In theory you could get 10x5k 0% purchase credit cards then transfer forever, almost free 50k.

Or one for £19k, one for £14k and one for £11k

[MarillionFan]

Tis annoying at the moment. Lots of cheap deals around and I love to stooze, but I'm also looking to move and even though its cheap its counted as 4x the debt off the amount a bank will lend you on a mortgage, so I've been having to unwind all my credit card debt before I go to the bank and ask for some more money.

[Zero Liability]

Well as long as firms continue to offer them, that is. I tried getting one from AmEx, a cashback card, but I think I have too much credit as it is, so might need to shed a few CCs and try again.

[Unix]

0% Balance Transfer Credit Cards | Credit Card Offers | Nationwide

26 months interest free, 0.75% transfer fee.

Fill yer boots!

The economy is built on cheap debt.

In theory you could get 10x5k 0% purchase credit cards then transfer forever, almost free 50k.