Rate Tart
Posted: Wed 10 October, 2007 | Author: Lyle | Filed under: Five Year Plan (now Ten), Getting Organised, Own Business, Work-related |2 Comments »Oh Gawd, I’m definitely growing up. For the first time in my life, I’ve organised myself enough that when the 0% interest on one credit card runs out, it’s transferring over to another card for another 12 months interest-free. I’m officially now a “rate tart”
OK, admittedly I’m not organised enough to have paid off the balance on the existing card before the period runs out, which was the original plan. That’s been buggered about slightly by the fact that one ex-client still hasn’t paid me the money he owes, despite us now being four months down the line. The umbrella company that I use are chasing it, but they’re all fucking about. Anyway, that’s a post for another day.
So yes, having looked at Motley Fool’s credit card comparison table, I ended up going with one that’s offering 0% pa for 13 months, which will take me up to just about christmas ’08. The credit limit has just about halved from the (fucking staggering, to me) one on the existing card, but that’s OK too – I’m not planning on using the new one for any purchases, but just to pay off this transferred balance.
But wow, definitely getting all organised and grown up. It was also the first time I’ve ever filled in my status as “Home owner” on a credit application, which is probably worthy of note as well.
Blue Star 🙂
For future Extra Value, could I suggest that you use moneysavingexpert.com rather than Motley Fool for this sort of comparison thing? MF is a commercial site getting claw-backs from featured links and there are often better bargains to be had, as MSE will show you. MSE’s weekly e-newsletter is very informative too (if you don’t already know about it) – link to sign up on the site and they are totally not-for-profit.
BTW have you also got a 0% on purchases card?
If not, there are some 12-15 month deals around (see MSE for info) that will enable you to only pay the minimum each month, so allowing you to keep the money you would otherwise spend on paying off every month in a 6.3 or 6.4% savings account (or in a cash ISA which is interest-tax-free, if you’re not otherwise using your allowance). Just don’t spend it!!!
Disregard if you already know all this of course 🙂