Leah-Lacie   10 #25 Posted August 12, 2012 Oh yes I thought for example the credit card company would say 'the minimum payment each month is £50...' and I can meet that or pay more, which I will!  Before you jump into this, do you need the item now? Or could you save up for a couple of months or so, and buy it then? Or are you like me, and crap at saving? Share this post Link to post Share on other sites Share this content via...
Andy   10 #26 Posted August 12, 2012 As to how the CC companies make money, they get a small percentage from the retailer for each transaction you make. That's how they can afford to give cashback, points etc. Even if you never pay interest or a late fee they'll still cover their costs. Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   90 #27 Posted August 12, 2012 Not always, earlier this year I just totally forgot to pay my credit card before the due date. Phoned credit card company up and made a debit card payment over the phone. I asked if the missed payment would be a mark on my credit score / record. I was told I would be charged a late payment fee of £12 but as the payment would be credited to my account only a couple of days late, it wouldn't effect my credit score / record in anyway. You're fortunate; at least one client of mine was declined a mortgage advance because of one missed debt repayment. Share this post Link to post Share on other sites Share this content via...
Clare85 Â Â 11 #28 Posted August 12, 2012 Before you jump into this, do you need the item now? Or could you save up for a couple of months or so, and buy it then? Or are you like me, and crap at saving? Â Ha yes I'd like it now more than need it now, saving would be a lot simpler though! Share this post Link to post Share on other sites Share this content via...
dvp82   10 #29 Posted August 12, 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!  With the interest you are been charged I would try to pay as much as you can afford each month and try to get the balance down ASAP.  £16 this month but with £10 been interest you are only paying £6 off the balance, if you keep on just paying the minimum each month, it will take you years to pay the card off and you will pay 100's if not a few 1000's in interest.  Depending on what your current credit rating is, try looking into getting a card card with a interest free period on balance transfers. Share this post Link to post Share on other sites Share this content via...
Leah-Lacie   10 #30 Posted August 12, 2012  Depending on what your current credit rating is, try looking into getting a card card with a interest free period on balance transfers.  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. Share this post Link to post Share on other sites Share this content via...
dvp82   10 #31 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. Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   90 #32 Posted August 12, 2012 3% a month? Coo. Bad news. Get it repaid asap, maybe by a balance transfer from a less-extortionate card. Share this post Link to post Share on other sites Share this content via...
Leah-Lacie   10 #33 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 Share this post Link to post Share on other sites Share this content via...
Andy   10 #34 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. Share this post Link to post Share on other sites Share this content via...
dvp82   10 #35 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. Share this post Link to post Share on other sites Share this content via...
janeplain   10 #36 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. Share this post Link to post Share on other sites Share this content via...