allaboutthepasty Posted August 14, 2015 Share Posted August 14, 2015 Gave this piece of advice on another thread, but after reading a few more topics, I thought it may be of use to a few people. Not sure who else is doing this but it's just something I've been doing over the past few years to spread the cost of my insurance over the year without being ripped off... When you opt to pay your insurance monthly, they will take your annual fee and add ~17%APR onto this, which can hike the price a fair bit if you're young or live somewhere like London, where your premium will already be quite pricey. I take out a credit card with a minimum of 12 months 0% interest on purchases: http://www.money.co.uk/credit-cards/0-purchases-credit-cards.htm Pay your insurance in one go on the card, avoiding the monthly APR. Set up a direct debit with your bank for the premium divided by 12 to avoid any late payments etc. If you don't like credit cards or think you'll be tempted by all the free money, chop the card up and forget about it. Enjoy avoiding being ripped off! *Always remember to research the card, some may have monthly fees etc. I have a card on the way with 23 months 0% that charges £2 per month after the first year. Although I'll be getting 1% cashback on my shopping and 3% on petrol, so will work out fine. I'm always very sensible with them though and pay back everything each month. Hope this helps a few people! 3 Quote Link to comment Share on other sites More sharing options...
Ekona Posted August 14, 2015 Share Posted August 14, 2015 Great advice Even if you put it on a normal credit card, paying it back over 3-4 months will still be cheaper than paying for it over 12 with the insurer. Quote Link to comment Share on other sites More sharing options...
370Ad Posted August 14, 2015 Share Posted August 14, 2015 http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards Quote Link to comment Share on other sites More sharing options...
allaboutthepasty Posted August 14, 2015 Author Share Posted August 14, 2015 http://www.moneysavi...-0-credit-cards Some very good advice in that. Often find there's a bit of a negative stigma with regards to credit cards, but when used properly, I've never had any sort of problems and don't pay interest. Use them whilst online shopping too. If you do get frauded, at least it isn't your current account getting emptied and your mortgage bouncing! 1 Quote Link to comment Share on other sites More sharing options...
370Ad Posted August 14, 2015 Share Posted August 14, 2015 (edited) http://www.moneysavi...-0-credit-cards Some very good advice in that. Often find there's a bit of a negative stigma with regards to credit cards, but when used properly, I've never had any sort of problems and don't pay interest. Use them whilst online shopping too. If you do get frauded, at least it isn't your current account getting emptied and your mortgage bouncing! Agreed. I literally put everything on a credit card, so that's a holiday to a Ribena down Co Op With my BA AMEX one I have just got a 241 plane ticket which has saved me £1200 on next years holiday. I don't pay a thing for the card so why not use it everywhere its accepted. Edited August 14, 2015 by 370Ad 1 Quote Link to comment Share on other sites More sharing options...
veilside z Posted August 14, 2015 Share Posted August 14, 2015 Great 0% as long as you have the funds at the end of the terms to pay in full. 1 Quote Link to comment Share on other sites More sharing options...
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