'Dr Greene'
 |
If you repay the balance in full every month then it doesnt make any difference.
If you have a hardcore debt on one of your cards then you can save on the interest you pay my being a 'card tart' and moving that balance from one interest free deal to a new one when it expires.
Most financial service providers for any kind of product are still target driven so they are always more interested in new custom than retaining current customers.
This is true of credit cards, mortgages and insurance products.
SO SHOP AROUND.
p.s. I actually know someone who has five grand on his credit cards on interest free deals, and the money is in his current account offsetting the money on his mortgage. The crafty sod is actually using his banks own money to reduce his mortgage repayments. Tell him that all debt is bad. |
|
Your Best Fiend
 |
Define switching.
If you move debt from one credit card to another (transfer a balance), then you can reduce your interest rates for a period of time. Lower interest saves you money; this is a benefit.
If you mean to close an account and get another account, then it isn't such a good idea. Multiple accounts is a warning sign to creditors. It looks shady even if it is not. |
|
jester
|
If you have a credit card debt and you switch it to a card that is interest free for say six months, then do it again when the six months is up, then again, and again etc etc, in theory at least you need never pay interest on your debt, meaning (in theory) that the amount you pay every month ALL goes to settling your debt.
If you don't have a debt, switching probably isn't worth the bother.
Switching also normally reduces the interst rate you pay (if you switch to the right card).
Best idea........Keep ALL your money and don't have credit cards! |
|
Martin14th
 |
you benefit by not paying any interest, but you would lose that benefit if you missed only one payment.
It lowers your credit rating if you have too many cards so it is best to cancel a card with no debt on it after switching |
|
JANET T
 |
yes it doesn't pay to be loyal anymore keep switching cards loans insurances at least once a year go with who ever is giving the best rates at the time
keeping money in your own pockets is the important thing keep it out of there's |
|
HANNAH P
|
yes lots offer intrest free balance transfers! |
|
cj
|
I'm a fan having 2 cards that alternate every two months and in all cases get paid off every month, never exceeding 25% of the total credit line.
And for carrying debt I routinely open a new credit card, use the balance tranfsers, pay it off or repeat the process until it's paid off.
My credit score is currently 804.
Best wishes,
pup |
|
robert w
|
It creates a FLAG on credit reports and may lead to universal default interest raising by banks.
You need to stop playing 'smart' with you cards.
Pay them off fast . You are like a drunk who changes drinks and says I'm not a drunk cause i don't drink only.
You are playing with snakes and you will get bite sooner not later. |
|
Wolverine
|
it depends. Most people who switch regularly do so because of offers from another provider eg 0%apr on all balance transfers for 6 months. If you owe £1000 on your credit card with an apr of anything over 15%, not having to pay interest on that money for 6 months will really cut you some slack and possibly enable you to pay off the balance in full. If after the interest free period you're still in debt and therefore subject to interest on your balance, transferring to another provider with a similar offer can achieve the same thing and so on. If you're smart with how you handle your credit cards, or any debt for that matter, you can make it work for you rather than you working for it. |
|
Stephanie73
|
no, creditors look not only at your payment history, but at the length of time your accounts have been established... if you keep switching cards, it doesn't look good on your credit report |
|
IloveMarmite
 |
Thats what I heard but I doubt its true. I reckon it just gets you into more debt!! |
|
summerbrze
 |
if you paid in full any balance each month couldn't hurt your credit,, but ck the best rate & have 2/3 cards only .. if a problem with your interest u can always ask the credit co to lower the rate .. |
|
L L
 |
the thing is to get three and use one to get £1000 credit and then use the next one to pay thenjust use them to apy each other forever and you are a grand up |
|
chuckann2002
|
No Still Have to pay bill with intrest |
|
Crystal
 |
no. switching credit cards runs your credit in every card that you apply to and this drops your score when you have too many inquiries then the credit companies can list you a credit abuser and close your account by the bank which hurts your score worse for credit abuse. the same if you are opening accounts and transferring the balances. the best thing to do is to have 1-2 accounts that you pay 20% of the balance or more on a monthly basis this will cause the company to raise your lines and help your score. |
|
lanesra12
|
I do it all the time - the trick is once you transfer the balance do not spend on your new credit card but hide it somewhere & then move to a new credit card a month before the introductory period ends - also check the credit card terms many are now appliying a chargee - the best advise i can give you is log onto martin lewis's website he gives a clear view on this & offers other gret money savings schemes - good luck |
|
bigpaul
|
NO. Stay with one or two credit cards and build your credit thusly. |
|
Not Laughing w/ U
|
It probably doesn't matter. What is important is your credit history. You want to keep atleast one card open and in use for as long as possible. A card with a good 10 year history looks very good on your credit report. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
