Advice needed

bluecounty

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??

NickX

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.

bluecounty

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

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.