I've read a few posts on here advising anyone to make more than the minimum payment, even if £1 more. I have a couple of 0% balances at the moment, and I'm making the minimum payment on them. Is this a bad idea?
It wouldn't be a problem to pay a bit more, but as they are 0% I'm a bit reluctant.It's not much of a faff to do so, though at present I have a DD for the min payment, so that is effortless, but what is the rationale behind this? I can see in some circumstances it might look like you were overstreched, but if the balances are at 0%, is this different?
I have 2 other cards that I pay off in full as they are at whatever %, which doesn't concern me as I pay them off in full and get protection and cash back.
Leading on from this, I currently have credit limits on a total of 6 cards of about 10% below my gross income. As I say, I pay 2 off in full, have 0% on 2 both of which have limits of £6000 each, one stands at c£5,500, one at c£2,000, one I keep for transactions abroad, the other I just keep out of habit, but haven't used for AGES. It's kind of there for emergencies like the roof falling in or something.
As I will need to transfer the remainder of the balance on the £5,500 (which should be around £3,500 or less by then) when the time comes, would there be any foreseeable problems?
Other than just after I moved house, I've not been refused a credit card ever, but austerity and all that - any helpful suggestions?
Thank you in advance for your replies.
It wouldn't be a problem to pay a bit more, but as they are 0% I'm a bit reluctant.It's not much of a faff to do so, though at present I have a DD for the min payment, so that is effortless, but what is the rationale behind this? I can see in some circumstances it might look like you were overstreched, but if the balances are at 0%, is this different?
I have 2 other cards that I pay off in full as they are at whatever %, which doesn't concern me as I pay them off in full and get protection and cash back.
Leading on from this, I currently have credit limits on a total of 6 cards of about 10% below my gross income. As I say, I pay 2 off in full, have 0% on 2 both of which have limits of £6000 each, one stands at c£5,500, one at c£2,000, one I keep for transactions abroad, the other I just keep out of habit, but haven't used for AGES. It's kind of there for emergencies like the roof falling in or something.
As I will need to transfer the remainder of the balance on the £5,500 (which should be around £3,500 or less by then) when the time comes, would there be any foreseeable problems?
Other than just after I moved house, I've not been refused a credit card ever, but austerity and all that - any helpful suggestions?
Thank you in advance for your replies.