Balance Transfer Fees - Help needed

edited 30 November -1 at 1:00AM in Credit Cards
1 reply 1.1K views
winniewinnie Forumite
45 Posts
edited 30 November -1 at 1:00AM in Credit Cards
Hi folks,

Ok this is the situation - ive run my credit card up stupidly (£6K) and now am going to work on clearing my debt over the next 2 to 3 years. Ive looked into the best ways to clear it and i think that a low lifetime interest balance transfer rate would be best. the lowest one is by american express platinum card (around 4.9%). I would have to pay 2% transfer fee, but thats when i get stuck. Would this charge be added onto my balance and be charged at a higher rate (menaing i get stung) and is there a minimum amount i need to spend a month. Ive had a look at the t&c's but i cant really figure it out.

Just for some background i also have 2 loans, 1 of £9.5K, the other £6K.

All help would be appreciated. Also if you think there is a better way for me to repay back everything quicker, please let me know.

Many Thanks,



  • RafterRafter Forumite
    3.8K Posts
    Hi Winnie,

    The 2% normally gets added to your balance but is only charged at your balance transfer rate.

    If you are looking to pay off within 2-3 years you may be better off with the Co-op 5.9% offer without fee, but it will be marginal. That may be a backup if Amex reject you because of your other loans.

    Best way to repay debt is to spend less than you earn and going on a 'money diet' as advocated in Martin's book will be the quickest way.

    You may be able to reduce your interest bill further by using 0% offers, but BT offers often have fees attached.

    Good luck.

    Smile :), it makes people wonder what you have been up to.
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