Egg or HSBC?

silverbirch_3

My 0% on both these cards ends on 1st November. I haven't got enough to pay off both cards and will need to leave a balance of £5500 on one of them. So which is the best to pay off completely, i can't find any info on what the interest rate will revert to for either card.

grumbler

Both HSBC and Egg advertise their APR as 'typical'. This means that different customers can have different APRs. The best thing to do is to check your paperwork or call CS.

YorkshireBoy

silverbirch wrote:

So which is the best to pay off completely, i can't find any info on what the interest rate will revert to for either card.

Some ideas...

Original T&C's
Subsequent "Notice of Variation of T&C's"
Last statement
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silverbirch_3

Actually, thinking about this, if I pay off my hsbc card in full, I can then close the account thus reducing my available credit by £10000. In theory this will make it easier to get a new 0% card in a couple of months to transfer the balance on Egg too? I don't want to close the egg account as i want to make use of the anniversary offer, plus the credit limit is £8500 so looks better on my credit file. Is this the right thing to do?

Ps, i've just closed my barclaycard account(£1500 credit limit) and was offered 6.9% for life of balance transfer to stay. Refused as the limit was so low but hubby has the same card with a higher limit so will get him to phone to cancel this evening in the hope he gets the same offer. Its not as good as 0% but still better than what i will be paying (providing i can persuade him to transfer my balance to his card).

Newbird

Just check with HSBC silverbirch before you close it. I have an idea that I was told when I got mine, that if you close it you cannot re-apply. Just a thought, I've paid mine off, but kept it in case i need it in the future. I may be wrong, but check first.

silverbirch_3

I only had the card for stoozing purposes anyway so no probs with not been able to reapply. (my debt is due to not leaving my stooze pot alone - bad move). I've just applied for the lloydstsb platinum card with 9mths 0% on balance transfers in my husbands name. I've received the email saying the application was successful but no indication of credit limit so will have to wait and see if its enough to keep the debt at 0%.

YorkshireBoy

silverbirch wrote:

I only had the card for stoozing purposes anyway so no probs with not been able to reapply. (my debt is due to not leaving my stooze pot alone - bad move). I've just applied for the lloydstsb platinum card with 9mths 0% on balance transfers in my husbands name. I've received the email saying the application was successful but no indication of credit limit so will have to wait and see if its enough to keep the debt at 0%.

Lecture coming...

Dipping into a stooze pot is a "bad move" (your words). Dipping in to the tune of £5.5K is crazy (IMHO)!!!!

Anyway, rather than wait for LTSB to let you know what your limit is, you can phone them to find out and set up the BT details so that as soon as the card is activated, the BT is activated.

Former_MSE_Dan

Actually, thinking about this, if I pay off my hsbc card in full, I can then close the account thus reducing my available credit by £10000. In theory this will make it easier to get a new 0% card in a couple of months to transfer the balance on Egg too? I don't want to close the egg account as i want to make use of the anniversary offer, plus the credit limit is £8500 so looks better on my credit file. Is this the right thing to do?

It's also worth considering that some forummers have reported offers of 1.9% for 6 months for BTs with HSBC. So if you have the whole 5500 on egg, then you could see if you can get this offer, and if you do, shift 1500 to HSBC.

It'd save you £100 over the 6 months

silverbirch_3

Yes yorkshireboy, it was crazy, but the algarve was fantastic lol, and its going to be at least 4 years before my husbands holidays correspond with the school holidays again so that gives me plenty of time to pay it off and save for the next one so avoiding the same situation happening again. I know this isn't the money saving way but i've learnt my lesson and will not be stoozing again.

I requested a balance transfer when i applied for the card so if the credit limit is enough it will be done, but will get hubby to phone them anyway as its in his name.