Two Credit Cards to pay off

[andy-hughes]

I am paying off cash advances on two credit cards - approx £1500 on each.

The interest rate on both cards is the same.

Is there any advantage to paying the minimum payment on one, and the maximum avaialble on the other, so one decreases rapidly, with an attendent drop in interest, and on completion, pay the maximum to the remaining card.

Or is it just as ecconomical to pay a split amount to each card, and reduce them both at the same level?

[andy-hughes]

madmaggott - thanks for your good wishes.

I borrowed the money for a valid reason which meant that normal borrowing options were not available - but as i said, I did it knowing what I was doing.

[madmaggot]

Mainly Mick, because I work hard for my money and don't like giving it away. I'd rather save and have a bit extra given to me instead.

[237SJ]

<if everyone worked within their limit, then no c card company would stay in business>
Not quite true - the credit card companies get a percentage (usually 6%) of every purchase made on them (via the retailer). That keeps them in business.

[andy-hughes]

Thank you 237SJ - like a man in orthopaedic shoes, I stand corrected.

[237SJ]

andy :-)
By the way, that`s another good reason to not put restaurant tips on your credit card - the pesky credit card companies take 6% of it

[parkie]

For years my wife and I put all our shoppping on our credit cards and paid them off at the end of the month before the interest cut in. Since we retired, however, we have slowly gone over to paying cash for everything. If we walk into Sainsbury's with £50 we know that's all we have to spend and we don't go mad on 'extras' or so called special offers (not all of them anyway-we are selective) which will probably stick in the cupboard for weeeks on end. It wasn't easy to do and we didn't do it overnight but it is surprising how much cash we have left at the end of the month.

[madmaggot]

I just tot up on my mobile phone calculator as I go round; then pay on the card.