Ask Andy #21: Your money questions answered

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 Q&A

Watch my answers to questions in the weekly Q&A on YouTube, including

• Is it better to used discounted gift cards than cashback credit cards?
• How many bank accounts should someone have?
• Where to save £4,000?
• and much more.

Can I make mortgage overpayments?

Hi Andy, excellent video so thank you. I have a question for you or anyone else who’s watched this. I have a 10% annual cap on overpayments.

Is there any difference between paying a chunk of that 10% at the end of each month or doing a lump payment at the end of every year??

Elisa, via YouTube

Hi Elisa. I don’t think so, but it’s best to check directly with your mortgage provider.

One thing to check is whether that 10% is based on the initial mortgage loan or the balance at the end of each year (which would mean that limit reduces every 12 months).

It’s also likely to be measured on a calendar year rather than a rolling 12 months. Here’s more on overpaying your mortgage.

Can I get cashback twice?

Can I claim the same product from both Checkoutsmart and Clicksnap at the same time? So buy two of a product and claim one on Checkoutsmart and one on ClickSnap?

 Coral via YouTube

Hi Coral. I’m afraid not as they’re both from the same company and it’s listed in their terms and conditions that it’s only once between the two apps. Here’s more on how the supermarket cashback apps compare.

Can I open an account and switch it straight away?

If I just open a random bank account and then switch the next day (per say) , would I still get the switching bonus for banks? I currently have HSBC and Monzo and I use both but I would like to open a bank account to use as a ‘switching one’ is that a good idea?

Asmr, via YouTube

Hi Asmr, yes that will be fine. You just need to be aware that if you want to later open an account with the bank you switch away from you might not be able to for a while.

You’ll also be credit checked when you open most accounts (not Starling or Monzo) so that could have a short-term impact on your credit report.

Can I use Curve with Airtime Rewards?

Can I connect Curve to Airtime Rewards for cashback?

Justin via the blog

Hi Justin. I’ve looked into this and though you can add Curve to the app, it seems that using Curve breaks the direct connection between Airtime Rewards and the retailer for tracking. So your transactions won’t track. You could always put in a manual claim if this happens but I think it’s best to avoid it.

How can I track all my accounts?

Hello Andy,

Thank you for your article on managing multiple accounts.

It is very reassuring as I have a few current accounts and linked “member exclusive” saving accounts & have done for years…I must say I’m having trouble seeing what’s what though..

I was wondering if you happened to have a template of your spreadsheets you use to keep track. I have a Money Dashboard account but it doesn’t have every account available – especially savings accounts.

Thank you for imparting your knowledge and your time Andy, you are clear in how you explain so complex stuff!! Thank you!

Hannah, via the blog

Hi Hannah. Yes, it can be a pain, and a real frustration that not all accounts (particularly some credit cards) aren’t available via those aggregator apps.

The spreadsheet is really simple so it won’t take long for you to create one in Google Sheets. It’s simply the name of the account and the balance. Then I have a total for the current accounts, a total for savings and a total (owed) for credit cards, with an overall balance total too.

At the end of the month I spend five minutes updating all the balances just to keep an eye on where things are!

Can I keep using a balance transfer card?

Hi Andy, great video…got a question…say I have £1000 of debt on a credit card and then get offered 0% for 15months on a balance transfer card with a limit of £5000….

Once I’ve transferred over the £1000 from the previous card, can I resume spending on it if I choose and then transfer again the new £1000 pound debt to the new card that will have a £4000 credit balance at this point…

And can I do this say for 2 more times or say till the 0% period ends whichever one comes first? Thanks

Dermo, via YouTube

Hey. So… I’m not 100% on this but I think it’s unlikely.

First there’s generally a time limit for when you need to make the transfer in order for that money to get the 0% deal, often just 60 days.

Then, though you can transfer multiple credit cards over (as long as the new balance allows), this is generally done at the same time. So to use the same old card and transfer it again would be tricky if not impossible. Here’s more on how balance transfer cards work.

Are airline points worth it?

Are different airline points worth it ? I have always ignored it

LolRasta, via YouTube

I’m not a fan. I think if you spend a huge amount on cards (eg you claim back work expenses) then you can earn a lot, which in turn could be worth it for upgrades when flying. But most people would be better off with cash or rewards that can be used on everyday spending in my opinion.

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 Wednesday (which is on Instagram and YouTube).

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

• Twitter @AndyCleverCash
• Instagram @AndyCleverCash
• Email Andy[at]BeCleverWithYourCash.com

I can’t promise I’ll be able to answer all questions but I’ll do my best.