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credit card tarts!

6 replies
Found 3rd Nov 2004
i'm sure everyone has read the latest news about credit card tarts. Personally ive always stayed well clear of them as i didnt want to get into debt. - now im having second thoughts.

Can anyone tell me what the best deal is going and how you beat the system. My friend said I should get a card with o per cent interest on purchases and put my wages into the bank to get interest and then get another card 6 months later to pay off the first one. Are there risks? things to beware off? do you have to make minimum payments? annual fees? can you transfer an overdraft to a card with these deals? are there ones that offer a free gift too when you sign up? any special codes people know? Also cards to avoid - bad experiences? And last but not least does anyone know if you can sign up via greasypalm or similar site and get cashback too or rewards?

Thanks to all for help

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7 Comments

Whoa lots of questions! Yes depending on which card you are applying for you can sign up through greasypalm and get a decent amount of cash back.

I would say the biggest thing to be aware of, and the bit that you will hear over and over is BE CAREFUL. Not with what card you will get, but if this is your first time with credit you need to be very aware and careful of what you are doing. For example putting your wages in the bank to draw interest for 6 months while putting expenses on a 0% card is a fine idea in theory but I know very very few people who can pull that off in real life. Generally what happens is they see the bank balance going up and feel like they have more money so they spend that little bit more which ends up being more than they saved by drawing interest.

However, if you currently have a budget that you stick to closely and follow that through even with a card they can pay off very well.

Is the 0% interest not usually on balance transfers only? So any new purchases will incur interest, any money you pay off goes towards the balance transfer amount first...? And make sure you pay at least the minimum amount every month.

Check out moneysavingexpert.com this is an excellent site with loads of info on stoozing and tarting.

If you want to see how much you could save check out whatsthecost.com

Yeah money saving expert is where i get all my info.

MSE also offer a free "reminder" text to be sent to you when your approaching the end of the free period

This is also a very good site

stoozing.com/

Halifax One Card is good for 9 months at 0%; you need to pay 2% off the balance every month; [url]www.halifax.co.uk/creditcards;[/url] MBNA and Egg let you transfer directly to a bank account. Good online accounts to keep the money in while awaiting payment are Halifax Websaver, ING Direct and Egg Saver;

Greasypalm, ipoints and mutual points offer a range of rewards to credit cards; mutualpoints link to a number of differently branded cards issued by Lloyds TSB and pay £20 each.

Risks: Keep the number of cards you operate to less than 4 as it can impair your credit rating; pay on time as £25 late payment fines can wipe out your profits and MBNA revert you to a high rate if you pay late!!
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