dvp82 Posted August 12, 2012 Share Posted August 12, 2012 Not sure I want another card It was just a case of right, I need this now, I'll try and apply - Got refused for any card I tried. Whilst logged into PayPal, I saw their card advertised and thought I'd give it a go, and I got it, straight away, and before even getting the card I could use it to pay for things online via Paypal. Great stuff! Just got to pay the bugger off now. Never bothered with it though, used it for about 3 transactions online, never even used the physical card. Doing a quick on the back of a fag packet calculation, if you pay just 3% each month on your current balance of £560 which is currently about £17 a month on a balance of £560 and with a APR of 29% it would take you over 20 years to pay the balance off and you will pay over £1500 in interest. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted August 12, 2012 Share Posted August 12, 2012 3% a month? Coo. Bad news. Get it repaid asap, maybe by a balance transfer from a less-extortionate card. Link to comment Share on other sites More sharing options...
Leah-Lacie Posted August 12, 2012 Share Posted August 12, 2012 Doing a quick on the back of a fag packet calculation, if you pay just 3% each month on your current balance of £560 which is currently about £17 a month on a balance of £560 and with a APR of 29% it would take you over 20 years to pay the balance off and you will pay over £1500 in interest. I know! Shall certainly be getting onto them to up the DD! Would be easier if I could still manage it online and pay a bit extra Link to comment Share on other sites More sharing options...
Andy Posted August 12, 2012 Share Posted August 12, 2012 Leah, do you have online banking on your bank account? If you do phone the credit card people and ask them for their bank details, then make a bill payment from your bank account whenever you can spare a few pounds. It'll all help. I'd be surprised if they can't sort your online access out for you though. Link to comment Share on other sites More sharing options...
dvp82 Posted August 12, 2012 Share Posted August 12, 2012 I know! Shall certainly be getting onto them to up the DD! Would be easier if I could still manage it online and pay a bit extra Thats a wise thing to do if you can afford it. If you can afford to double your monthly payments and pay £35 a month every month, the balance would be cleared in less than 2 years and you would pay only about £150 in interest. Pushing the monthly payment to £50 a month, balance would be cleared in just over 12 months paying only £100 in interest. Link to comment Share on other sites More sharing options...
janeplain Posted August 12, 2012 Share Posted August 12, 2012 If you cant even afford something for £700 dont ever get a credit card, as you would get into like so many dumb people have. Link to comment Share on other sites More sharing options...
Clare85 Posted August 12, 2012 Author Share Posted August 12, 2012 If you cant even afford something for £700 dont ever get a credit card, as you would get into like so many dumb people have. I hate being a penny overdrawn, so maybe this isn't a good idea no. Link to comment Share on other sites More sharing options...
janeplain Posted August 12, 2012 Share Posted August 12, 2012 Not having a go at you, But most people with credit card debt started with i am skint this week so i pay less and the debt gets bigger and bigger until it too much to manage Link to comment Share on other sites More sharing options...
barleycorn Posted August 13, 2012 Share Posted August 13, 2012 Just found a bill, my limit was actullay £650, and the cards been defunct since about March. I think I got it last April and used it to buy a new pram and other baby stuff, maxing it out. I've paid £16 a month since, and according to latest bill, I still owe £560 on it, this months bill of £16 includes £10 in interest, so the balance is clearing VERY slowly. I'll maybe start making bigger payments on it actually! Making just the minimum payment every month is probably the worst thing you can do. Have a look here to see how just how long it can take to pay off... http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc jb Link to comment Share on other sites More sharing options...
Rensh Posted August 13, 2012 Share Posted August 13, 2012 I personally think Credit cards are a good idea if you are strict enough with yourself from the start. I have had an Argos store card since i was about 19 and was started off with a £300 limit. Over the past 4 years I've spent on it and paid off within the interest free period and my limit has slowly gone up to £1600. Whenever I spend on it i simply just divide the amount I've spent by the number of interest free months i have and then pay that amount each month, Never pay the minimum payment cause i means paying even more the next month to catch back up. If you want to spend £700 on a CC over 12 months interest free then just set up a DD for £58.33 and leave it to pay itself off. As long as you can afford the £58.33 without a doubt and can guarantee making the payments then go for it. If you find you have a little money spare at some point then pay it off or if after 6 months you have enough to pay it off then do so. Just make sure you don't then get sucked in to buying more and more. Only use it if you NEED to. Link to comment Share on other sites More sharing options...
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