Huh. My credit card limit has been sneakily raised by another £500 without me asking for it or being told about it. Not quite sure how I feel about this.
It's SOP in the credit card industry, as is sending out those nice credit card cheques which are an invitation to fraud.
The limit on my main card is only a couple of grand less than my salary - which can be taken as an indictment of the card issuer, or my employers. Or both ;o)
Don't hit me with your TLAs - I never have a clue what they mean :p
I've never actually seen these credit card cheque thingies - heard plenty about them, but never actually seen any. My credit card limit is currently at just over 7% of my salary, so it's well within safety limits, but unfortunately 75% of that available amount is already being used and is acruing interest. It's at the point where I should probably look at transferring it over onto a 6 month interest free on transfers card.
Well, not definitely. Thing is, generally you now have to pay a transfer fee of x% of the balance transfer, so I'd need to weigh that cost against the interest of the time period that it would take to pay off. But yes, I should probably be looking at transferring.
OK, if you're planning on paying it off in the next couple of months then it's probably not worth it. But if you'll still have a balance in 6 months, it's probably worth a one-off 2.5% fee rather than 6 months' interest at credit card rates.
There's still the odd card left that doesn't charge a transfer fee, or there was last time I looked at things.
And it goes without saying that a card with a balance on should not be used for your day-to-day spending... that way lies pain.
The limit on my main card is only a couple of grand less than my salary - which can be taken as an indictment of the card issuer, or my employers. Or both ;o)
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I've never actually seen these credit card cheque thingies - heard plenty about them, but never actually seen any. My credit card limit is currently at just over 7% of my salary, so it's well within safety limits, but unfortunately 75% of that available amount is already being used and is acruing interest. It's at the point where I should probably look at transferring it over onto a 6 month interest free on transfers card.
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And if you're running a balance, you definitely want to move to another card with an interest-free period.
The Motley Fool and MoneySavingExpert.com are the places to go.
HTH, HAND, TTFN.
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That's why I use TLAs, far easier to type.
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There's still the odd card left that doesn't charge a transfer fee, or there was last time I looked at things.
And it goes without saying that a card with a balance on should not be used for your day-to-day spending... that way lies pain.
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