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Advice needed

I've got 3 credit cards. All of them new.

One is a Barclaycard Platinum card which I have used for paying for a holiday and obtaining £250 cash from an ATM. The cash interest is 2.075%. My balance on the Barclaycard is £996.27 and I'm due to pay a minimum paymt of £14 next month. I've been charged interest of £5.34 (I assume on the cash advance). My credit limit is £2000.

I've got 2 other credit cards also. A Halifax one credit card - credit limit of £4750 and an Amazon credit card, also by Halifax with a credit limit of £4300. These both have £0 balances. The Halifax one Credit card has 0% on purchaces for 10 months. The Amazon card has 0% on purchaces for 9 months.

Would I be better off doing a balance transfer onto the Halifax One Credit card so that I dont pay anymore interest on the Barclaycard Platinum card??

Comments

  • NickX
    NickX Posts: 3,046 Forumite
    Well the Cash Advance will sit on the account accruing interest until the balance is settled in full.

    You mention that the Halifax card has 10 months 0% on purchases. If it also has 0% on Balance Transfers then it might be an idea to transfer the balance over.

    Halifax will probably charge a fee of around 3% which will be about £30 but I think this will be less than the interest that will accrue on the Cash Advance over a 10 month period (will be around £53 in total).

    Taking cash out using a Credit Card is not adviseable unless you have money to burn.
  • NickX wrote: »
    Well the Cash Advance will sit on the account accruing interest until the balance is settled in full.

    You mention that the Halifax card has 10 months 0% on purchases. If it also has 0% on Balance Transfers then it might be an idea to transfer the balance over.

    Halifax will probably charge a fee of around 3% which will be about £30 but I think this will be less than the interest that will accrue on the Cash Advance over a 10 month period (will be around £53 in total).

    Taking cash out using a Credit Card is not adviseable unless you have money to burn.

    It also has 0% on balance transfers and says a fee may be charged for balance xfers from other Halifax cards.
  • CannyJock
    CannyJock Posts: 3,838 Forumite
    1,000 Posts Combo Breaker
    Be sure to transfer enough to cover the residual interest on the cash advance. Better to put the Barclaycard into a positive balance and then ask them nicely to send you a cheque for it if they'll play ball.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
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