Ask Andy #56: 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 live Q&A

Every couple of weeks (usually on a Sunday or Tuesday evening at 7pm) 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:

This week’s extra questions

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

What card should I use abroad?

Which is the best credit card to use for purchases during a short European trip?

John, via the Facebook community

My pick for overseas spending is the Chase debit card, which will give you 1% back for the first 12 months and is fee-free to use. However, if you’re keen to get a credit card then look at the Barclaycard Rewards account. That’s also fee-free and the only other one where you’ll get cashback, though at a lower rate of 0.25%. Unlike most other credit cards there’s also no interest on cash machine withdrawals. My full guide to these cards is here.

Do I need to wait for direct debits to pay before switching?

The direct debits are showing as new on my second current account with Halifax which is a dummy account for switching Am I good to switch even though they haven’t gone out yet? Or should I wait?

Gemma, via the Facebook community

In most cases you’ll be fine to switch – in fact some offers will let you set up the direct debits on the new account rather than switch them from the old one. The only one where I’ve been told the DD needs to be “active” and paid from the old account prior to the switch is with Nationwide. Though it’s possible it won’t make a difference I think it’s worth waiting for the money to come out first. There are some fast acting ones detailed in this guide.

Can I round up to savings once a day?

Can I auto save my coins at the end of the day…. £19.45 sweep the 45p into a pot/account? I don’t want to save the change from debit card but odd amount at the end of the day

Ruth, via the Facebook community

None of the banks or apps offer this as an everyday feature, but you could look at using IFTT and Monzo to set up your own rules. More is explained here.

Should I cancel my unused credit cards?

As my credit cards 0% purchase offers expired I just got a new one. I now have 4 credit cards, and only use the one with the current offer. The others help my usage against allowance stay low, but should I cancel them, change them or keep them? One I’ve had for over 6 years now. Don’t know what to do for the best.

Mark, via the Facebook community

Sadly there’s no right or wrong answer on this. If you cancel them it could be good for your credit report as other lenders won’t be as worried about you having access to too much credit. Or since it reduces your credit utilisation level, they might feel you’re already using too much credit! Plus closing long held accounts can hurt the average longevity of accounts (something lenders like to see).

Can I have more than one current account?

Hi Andy, just found your channel and absolutely loving the content, you mention keeping dormat accounts there to take advantage of switching offers. I’m confused? Can you take advantage of more than one current accounts?

Ronald, via the Facebook community

Yep you can. There’s technically no limit to how many you can have, though some specific accounts might be limited to one or two per person. It’s great for reward accounts (and security), but if you have a “dummy” account you can use that to switch for bonuses without impacting accounts you want to keep! More here

How to ask me questions

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

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

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

If you want to contact me via other channels I tend to look once a week at all the messages, but it can take longer – so you might have to bear with me for a reply.

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

• Twitter @AndyCleverCash
• Instagram @AndyCleverCash