Now you’ve spent all the money in the bank account over Christmas, and you’ve also maxed out your credit card, you might want to think of a strategy to save you for a few months; if not longer…
This is the good old balance transfer strategy of course. I remember when people started talking about this about 20 years ago, and about how they have cheated the credit card company by not paying them back the balance of their account, or any interest. It was naive then, and it is now, but it no less useful!
You can indeed spend up to your limit and then make no payments at all. What you can then do is transfer the balance to another credit card company at 0% interest for around 6 months, and before you know it you only ever end up paying the minimum amount to your credit card. As soon as you are due to be charged any interest on your credit card balance, simply transfer the balance.
It all depends on your credit rating really, just how acheivable this is, and the problem is that it’s usually the people who have enough money not to bother with ideas like this, are the ones who are enabled to actually do it! But you never know. And this is why it’s a good idea not to max out your card before you’ve attempted at least one balance transfer.
Try it out, but be careful and compare the credit cards carefully (reading all the small print!)
