Ask Andy #38: Your cash questions answered

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My regular round-up of your personal finance questions.

I love hearing from you, whether it’s on the blog, social media, YouTube or email. Often you’re asking me questions about your finances, and I’m always glad to help if I have the time.

But I realised that my answers could also be useful to other followers. So I’ll be putting my responses to the best questions into regular articles here on the blog.

Keep reading for some of the questions I’ve been asked, plus the video live from this week with even more!

Watch the latest live Q&A

Most Tuesday evenings you’ll find me live on YouTube and Instagram answering your questions. It’s probably the best place to ask!

Here’s the latest video:

If you’ve asked me a question elsewhere, you might find the answer below!

What’s the best 0% card to clear a loan

Hi Andy, hope you‘re well, may I ask, what’s the best card for an excellent (ClearScore) credit to transfer a loan to a zero % credit card?

Matt, via YouTube

Hey Matt. So if you have a loan you won’t be able to move that debt to a credit card. You could however look at a Money Transfer card. This will send money from the credit card to your current account, which you can then use to clear the loan.

However there are a few factors to consider here. First is there a penalty for clearing the loan? Second there will be a transfer fee for the card. You’ll find a few more suggestions here and more details on money transfer cards here.

Is there a limit for current accounts I can have?

How many current accounts can you have ?

Seekeroftruth, via YouTube

As many as you like… in theory! In practice you could run out of banks. And in reality you probably only need five or six. I’ve written here about the key ones you should consider and why.

Watch new videos every week on the Andy Clever Cash channel, plus a regular live Q&A

Should I use Chase’s round up feature?

I have opened the Chase Bank Account. Is there any point to Setup The Round up @ the rate of 5%?

Chetz, via YouTube

Yes, absolutely. If you’re using the account you may as well get 5% on some of your bank balance – even if it is going to be a small amount.

Just bear in mind that you will see your main balance deplete faster, so check there’s enough in there when you come to pay. You can easily move the money back – but if you do that you’ll no be able to earn the interest on it anymore. Here’s more in my Chase Bank review.

How much can I overpay my mortgage by?

Hello Andy! My bank has 10% overpaying limot per year does this include the normal month mortgage too? Or can I pay 10% on top of that? Thanks

Kabir, via YouTube

Hi Kabir, it’ll be 10% on top of your set repayments. Usually the 10% will be of the total balance owed or the original amount borrowed rather than your monthly amount. Here’s more on overpaying mortgages.

Listen to Cash Chats, Andy’s twice-weekly podcast. Episodes every Tuesday and Friday.

What happens to other accounts when I switch bank?

Q. you do full switch what happens with the other account you might have with bank other than the current account such as ISA, CC?

Colin, via YouTube

It depends. These could be closed down if there’s a requiremene for a current account. Most of the time though you’ll be ok to keep them. I’ve also talked about this in more detail on the podcast this week.

Which card should I pay for my holiday with?

I want to apply for the best credit card out there for the sole purpose of travelling and getting the security that comes with booking a holidays with a credit card 

So question no 1 which cards is best for me and I would prefer not to pay any monthly fee aswel 

And second question it’s showing I’m eligible for £1,200 on the card I’m going to pay for 5 ppl the limit on the card don’t allow me to pay for all 5 of us so how do I go about that 

Shiddah via Instagram

Hey Shidah, 

So the best credit cards to spend with when abroad is the Barclaycard Reward as its fee free and you’ll earn 0.25 cashback. But obviously check you’re chances of acceptance first.

Otherwise any fee free credit card is good. In fact you’ll be best off most of the time with a debit card such as Chase or Starling.

Re the limit. If you want to use a card for the extra consumer protection you actually only need to pay £1 of the total on the card, not the full amount. So you can pay the rest with a different debit or credit card. However, using a travel agent could break the link you have with the airline/hotel, meaning you don’t get the protection.

Here’s more on the best travel cards and more here on Section 75 protection.

How to ask me questions

The best ways to get in touch is in the Andy Clever Cash Facebook community

Just post your question any time, or ask me live in my weekly Q&A each Tuesday (which is on Instagram and YouTube).

You can also comment on individual blogposts and videos or ask me questions via these channels:

I can’t promise I’ll be able to answer all questions but I’ll do my best. I tend to look once a week at all the messages, so you might have to bear with me for a reply!

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