Credit Card suitable for Houseslave?

Bach_Off · 17 January 2007 at 9:22PM

Hi guys and gals.

I am currently in unpaid employment (i.e. slave to my three children aged four and under, house manger, budgeter, multi-domestic appliance operator, peace negotiator, etc, etc).

In a previous life (and hopefully it will return sometime in the future) I was in paid employment and owned a credit card with nil balance.

To help out my sister, I agreed to transfer a debt onto this card which she has been paying off very, very slowly. The debt is approx £4,500.00.

My credit card rate is pretty crap and to help speed up its repayments, I was wondering if anyone knew of a credit card with a good rate, that I could successfully apply for?

So far as I know, my credit score should be OK, although my sis has defaulted on a few credit card payments and I have occasionally gone over my agreed overdraft limit with my bank. I have a mortgage which I have never defaulted on and a savings account which has approx £3k stashed in it.

Has anyone any helpful suggestions?

Thanking you in advance for your help!

CLAPTON · 17 January 2007 at 9:37PM

remember that although it your sister's debt you are wholely responsible for it.

what is the APR of the card

what does your credit file say

what is your income and what is the household income

Bach_Off · 17 January 2007 at 10:23PM

Thanks for your reply.

The APR is about 14%. I do not know what my credit file says - do you need to know before you can answer? £250.00 is paid into my current account monthly for personal spending, if that qualifies as an 'income'. The household income is about £40K at present.

I look forward to hearing from you.

YorkshireBoy · 17 January 2007 at 11:44PM

In my experience, M&S are very obliging for members of the fairer sex.

As far as I remember, postal applications (pick up a leaflet from store) and *possibly* online applications do not ask for salary or income. They simply ask for 'household income', meaning you can (honestly) enter £40K.

And better still, it offers 3.9% APR for the life of the balance transferred to it.

The minimum payment is 3% of the balance, and I'd suggest you ask your sister to continue to pay the starting figure each month, rather than paying a slightly reducing 3% figure each month. Otherwise, you could have this millstone round your neck for the rest of your life.

One final word...once you've BT'd YOUR debt to the card, cut it up. Do not be tempted to make any purchases on the card because, although you'll be offered 0% for 12 months, at the end of the 12 month introductory period, these purchases will be locked in at 16.9% APR (typical) until you completely clear the card.

A_little_stressed!! · 18 January 2007 at 1:09AM

Tell me about it! As a professional nappy changer, I cannooot get credit anywhere!!! No bad debt/credit history, I have checked my reports & I still got turned down on an Egg card today (Its supposed to be easy!!)
Oh well

CLAPTON · 18 January 2007 at 1:27AM

A_little_stressed!! wrote:

Tell me about it! As a professional nappy changer, I cannooot get credit anywhere!!! No bad debt/credit history, I have checked my reports & I still got turned down on an Egg card today (Its supposed to be easy!!)
Oh well

really start your own thread: but why do you need credit...i.e. stuff that means you have to pay interest to banks rather than spend it on yourself or nappies (even)

A_little_stressed!! · 18 January 2007 at 2:31PM

CLAPTON wrote:

really start your own thread: but why do you need credit...i.e. stuff that means you have to pay interest to banks rather than spend it on yourself or nappies (even)

I have my own thread .. http://forums.moneysavingexpert.com/showthread.html?t=346431

I want interest free credit and a cashback creditcard. I will never spend money I don't have. I have emergency money in my ISA to make sure I never miss a payment. I have car insurance coming up & I want to 0% that for a while & pay off gradually rather than pay in installments give them a stupid%

Any advice on my thread would be more than welcome!!

Bach_Off · 18 January 2007 at 3:36PM

Hi there Yorkshireboy,

Thank you for your recommendation - 3.9% APR sounds fine and dandy to me and I will give it a go. My sis is paying off more than the recommended min, in fact, she's going after Nationwide for nearly £4K of bank charges and providing she gets it, my debt is top of the list for clearance.

Cheers,

(married to a yorkshire boy and saddened Leeds supporter....)

Clapton,

Have you given this anymore thought and can you beat 3.9%???

thumshie · 18 January 2007 at 4:44PM

I'm not Clapton.....but...

0% for 12months with BT fee of 2%???

http://www.gemoney.co.uk/en/credit_card/index.html
This only asks for household income not personal..
EDIT: Whoops missed the very,very slowly part.. LTB probably better.....

Bach_Off · 18 January 2007 at 11:17PM

Thumsie,

Thanks for your comments - what's the likelihood of a similar 3.9% LOBT being available in 12 months time do you think? I am wondering if I should take 12 month interest free and then transfer onto another card? Haven't particularly followed what the credit card interest rates have been doing lately (due to domestic slave 'stuff').

Cheers.....

YorkshireBoy · 18 January 2007 at 11:40PM

CurleyGirlie wrote:

what's the likelihood of a similar 3.9% LOBT being available in 12 months time do you think?

With base rates at 5.25%, and the possiblility of at least 2 more rises this year, it's hard to see a 3.9% fee-free LOB rate being around much longer. Couple that with the fact that M&S say in their T&C's that they 'may' charge a BT fee (which technically means they don't even have to give the normal 30 days notice), I think you'd be wise to grab this whilst you can - especially since if your sister can't pay, it'll be cheaper for YOU.

I am wondering if I should take 12 month interest free and then transfer onto another card?

You won't get 12 months interest free without a 2-3% BT fee (up to £135 on £4.5K). When deals dry up, your sisters debt (which YOU are responsible for paying) will revert back to 15.9 - 27.9% APR. If it was me, I'd want the surity of a LOB rate - and they don't come any cheaper than 3.9% APR.

Credit Card suitable for Houseslave?

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free