MTTM Podcast Episode 457 – Credit card minimum payment trap, Best mobile provider & Technical analysis revisited

Listen to Episode 457

In this week's episode I provide some technical analysis on the FTSE 100 and the GBP/USD exchange rate, explaining where both might head next and how you can carry out your own research for free. I also talk about a major credit card provider's change to the minimum payments on its credit cards, including the potential impact it could have on your debt and what you can do to avoid it. Finally, Andy explains why it might be worth considering a number of smaller mobile phone providers over the big four mobile networks.

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Episode Quiz

Here are five multiple-choice questions to test yourself after listening to this week's episode.

1. How does the Pound's value vs the US dollar usually affect the FTSE 100?
   • A) It has no effect
   • B) A stronger Pound tends to boost it
   • C) A weaker Pound tends to boost it
   • D) Variable effects based on other indices

    

2. Some smaller mobile providers that piggyback larger providers' networks sometimes provide what additional benefit?
   • A) Unlimited data
   • B) Free EU roaming
   • C) Reduced fees
   • D) Extended coverage areas

    

3. Which mobile phone provider did not perform well in a recent 'Which?' survey?
   • A) Giffgaff
   • B) Vodafone
   • C) Smarty
   • D) Voxy

    

4. What technique involves analysing investment charts to predict where they might head next?
   • A) Quantitative analysis
   • B) Fundamental analysis
   • C) Technical analysis
   • D) Behavioural analysis

    

5. With a 3.75% minimum payment on a £1k credit card debt (24.9% APR) it’ll take 11 years and 8 months to clear. If instead you paid a fixed £37.50 every month you’d clear the debt in…
   • A) 3 years 2 months
   • B) 5 years 7 months
   • C) 9 years 10 months
   • D) 12 years 1 month

Answers

• Question 1: C
• Question 2: B
• Question 3: B
• Question 4: C
• Question 5: A

Resources:

 

• See the climate projects that Money to the Masses is currently supporting
• Barclaycard to cut minimum payment on all credit cards
• Best credit cards in the UK
• Best and worst mobile phone providers - Which? research
• Compare the best mobile phone providers for roaming abroad
• Sign up for the Money to the Masses newsletter
• Join the MTTM Community group