0% interest credit cards

[Gem123]

I took out a mint card with 0% interest for 6 months. Which has now run out. Am i better to transfer my balance to another 0% interest card or leave the balance where it is?

Some people say its better to leave it where it is to develop a history?

[Steveee]

There are some cards that can offer you more than 6 months of zero % on a balance transfer. Check out a web site called www.moneysavingexpert.com for the best offers around at the moment and for lots more good advice on the subject.

[Chillum]

I agreewith the others, keep it going. You can also check out this site http://www.fool.co.uk/cards/cards.htm I just applied for the Citi one - 9 months free interest.

[SCARFACE]

Absolutely, keep it going to develop your credit history. YOu actually benefit from carrying a balance more than you lose. When other Creditors check your history, they see their opportunity to profit from you, therefore you're given a generous credit line !

[fairy!]

I thought that each time you applied for, and got accepted for a credit card, this also built up your credit history... is this not correct??

[Eeeek]

Well i guess it depends whether or not you are happy to now pay interest on your balance and what credit history you have already? Personally i never pay interest on my credit card balance because there is no need to i just move between 0% rate companies as and when i have to.

[scorpio61]

Are you all mad!!!! Stick to interest free, there is no credit history advantage to paying interest on a credit card, the only people who will tell you there is are the creditors!!! Provided you don't default on a payment and regular credit and debit transactions are seen your credit history will be fine. 90% of lenders still calculate your earnings against your financial commitments before making a decision on whether you get the money or not. Basically every creditor works on the principle that if you have a disposable income after basic living costs and other credit have been deducted then they should be lending you money so they can charge you interest on it and make their profit. Why should they make a profit from your hard earned cash? In credit card land the best way forward is to have ONE credit card for convenience and pay the balance off at the end of EVERY month. If you need a large sum of money in a hurry then GET A LOAN!!! You�ll then have a fixed term to pay it back with a much better interest rate. If for some reason your world comes crashing down and you can only maintain the minimum payment, or even worse, you can�t even afford that, you will not get any sympathy from a creditor, so why put yourself in that position in the first place. Of course the negative side to my comments is that if you all take my advice I�ll be out of a job!!!
Pete (Debt Practitioner)
M.D. Chambers Moore Ltd
www.chambersmoore.co.uk