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Is it worth changing creditcards?
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Old 29-10-2007, 19:51   #1
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Is it worth changing creditcards?

At the moment I have an EGG card but they keep putting the interest up year on year. Its currently at 16.9%

When I got it the interest rate was quite competitive and I mainly got it because I buy a lot of stuff online and they promise to cover anything over £25 but under £1000.

Now the interest rate doesn't usually effect me to much since the longest i've carried a balance on it was about 2months I try and make sure I pay it off at the end of every month.

Whether I Like it or not with an MOT looming and Christmas around the corner I'm likely to need to use my credit card at somepoint, so is it worth changing it?
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Old 29-10-2007, 20:19   #2
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Re: Is it worth changing creditcards?

Will it save you money ?

If yes, then it's worth changing.
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Old 29-10-2007, 22:21   #3
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Re: Is it worth changing creditcards?

Sounds like the answer is Yes.

It might be better getting the second card with a 0 rate and then charging these costs to the egg card and then moving the balance to the new card.

With what sound like it will be shortish term funding though check you don't get hit with a balance transfer fee on the 0% card that will exceed the additional interest you may pay for the say 3-4 months at 17% on the egg card.
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Old 29-10-2007, 22:48   #4
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Re: Is it worth changing creditcards?

Quote:
Originally Posted by SMHarman View Post
Sounds like the answer is Yes.

It might be better getting the second card with a 0 rate and then charging these costs to the egg card and then moving the balance to the new card.

With what sound like it will be shortish term funding though check you don't get hit with a balance transfer fee on the 0% card that will exceed the additional interest you may pay for the say 3-4 months at 17% on the egg card.
I plan to pay off what is on my egg card currently on payday so there's going to be no balance to transfer
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Old 29-10-2007, 23:00   #5
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Re: Is it worth changing creditcards?

looks like youve taken the big juicy worm, and now the've caught you they've thrown you into the keep net,

i would jump out of the keep net if i were you
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Old 30-10-2007, 04:12   #6
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Re: Is it worth changing creditcards?

Quote:
Originally Posted by dragon View Post
I plan to pay off what is on my egg card currently on payday so there's going to be no balance to transfer
Then either you have a good credit and sensible credit utilisation which means that you should be able to get a card with lower interest, or you just accept that the 17%apr which you don't really get to worry about as you have a few £££ on there for a couple of months maybe is not worth the hassle of getting another card.
17% is high, but in general is a pretty normal APR. If you are transferring something longer term then the balance transfer rates come into being and again the fees on those make use of them for short term funding more questionable these days.
What are your concerns two cards leads to greater temptation. Sounds of things you might want to look at what your card offers and what could be better. You like the fraud guarantee. Don't most offer that these days and do you really use sites that would cause you to worry about it?
Would you be better with a cashback or points card?
Anyway...
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Old 30-10-2007, 12:17   #7
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Re: Is it worth changing creditcards?

have a look here for a very comprehensive guide to choosing a credit card
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Old 30-10-2007, 18:30   #8
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Re: Is it worth changing creditcards?

Quote:
Originally Posted by SMHarman View Post
Then either you have a good credit and sensible credit utilisation which means that you should be able to get a card with lower interest, or you just accept that the 17%apr which you don't really get to worry about as you have a few £££ on there for a couple of months maybe is not worth the hassle of getting another card.
17% is high, but in general is a pretty normal APR. If you are transferring something longer term then the balance transfer rates come into being and again the fees on those make use of them for short term funding more questionable these days.
What are your concerns two cards leads to greater temptation. Sounds of things you might want to look at what your card offers and what could be better. You like the fraud guarantee. Don't most offer that these days and do you really use sites that would cause you to worry about it?
Would you be better with a cashback or points card?
Anyway...
Its not so much the fraud guarantee as the unfortunately some couriers seem unable to do a simple thing like deliver a parcel intact.
Or in some cases deliver it at all!
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Old 30-10-2007, 18:50   #9
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Smile Re: Is it worth changing creditcards?

If you always pay off your balance in full, go for the new Capital One cashback Mastercard.

Pays 1% cashback on purchases with a whopping 4% for the first three months.
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Old 31-10-2007, 22:49   #10
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Re: Is it worth changing creditcards?

Quote:
Originally Posted by progers View Post
If you always pay off your balance in full, go for the new Capital One cashback Mastercard.

Pays 1% cashback on purchases with a whopping 4% for the first three months.
Applied but don't know if i'll get it since I went for the one that requires an excellent credit rating, Their ticklist uses having had a credit card for 5years with a 5k limit as the example

I haven't but I have had a contract phone for several years, the current credit card, and a loan from when I bought my car as well as various other services I pay for by direct debt, never yet missed a payment so Id like to think I should have a decent credit rating.

The system didn't approve it automatically but it didn't say no either so have to wait and see what they say.

If I do get accepted will probably cancel the other card, don't like the idea of having several credit cards to be honest.
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Old 31-10-2007, 23:14   #11
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Re: Is it worth changing creditcards?

Quote:
Originally Posted by dragon View Post
If I do get accepted will probably cancel the other card, don't like the idea of having several credit cards to be honest.
LOL, at one point about four years ago I had 11 cards as I never bothered cancelling old ones. I've cut that down to four now.
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Old 31-10-2007, 23:17   #12
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Re: Is it worth changing creditcards?

Quote:
Originally Posted by progers View Post
If you always pay off your balance in full, go for the new Capital One cashback Mastercard.

Pays 1% cashback on purchases with a whopping 4% for the first three months.
Barclaycard do a 2% on fuel and groceries and 1/2% on everything else cashback card

---------- Post added at 22:17 ---------- Previous post was at 22:16 ----------

Quote:
Originally Posted by Paul M View Post
LOL, at one point about four years ago I had 11 cards as I never bothered cancelling old ones. I've cut that down to four now.
its worth cancelling cards you dont use. Some of the companies are coming out with offers for new customers
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Old 01-11-2007, 03:30   #13
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Re: Is it worth changing creditcards?

Quote:
Originally Posted by Paul M View Post
LOL, at one point about four years ago I had 11 cards as I never bothered cancelling old ones. I've cut that down to four now.
Which is about a sensible number. I only had two over here until recently. My 'backup' card had fraud reported on it and it took an age to get replaced, screw ups, don't ask. They reset the credit limit to 0 to make sure no further charges got authorised and cleverly when they copied my details to make a new card they copied the 0 limit. Their card printing system won't print / issue cards on accounts with 0 limits
About to take a trip with only the one card.
Personally I like 2 in my wallet and then a spare floating around at home incase the wallet gets lost or stolen and you have a financial backup until the mess is sorted out.
Just got an American Airlines affinity card as I can earn about 25,000 miles in the first 3 months if I use it correctly.
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Old 04-11-2007, 21:46   #14
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Re: Is it worth changing creditcards?

Quote:
Originally Posted by dragon View Post
At the moment I have an EGG card but they keep putting the interest up year on year. Its currently at 16.9%

When I got it the interest rate was quite competitive and I mainly got it because I buy a lot of stuff online and they promise to cover anything over £25 but under £1000.

Now the interest rate doesn't usually effect me to much since the longest i've carried a balance on it was about 2months I try and make sure I pay it off at the end of every month.

Whether I Like it or not with an MOT looming and Christmas around the corner I'm likely to need to use my credit card at somepoint, so is it worth changing it?
deffo !
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Old 05-11-2007, 19:20   #15
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Re: Is it worth changing creditcards?

Captial one declined it (not that suprised I didn't have 5 creditcards for 5 years)

I applied to my bank, but if that doesn't get accepted i'm not going to try again case I negatively affect my credit rating.

I applied for the one where the interest rate drops if you pay it off quickly... which should be good for me considering I try to make sure its paid off at the end of every month whenever possible.
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