Should I transfer balance to a new 0% card???

kezzae

Hi,

Just after a bit of advice....... Ive got a Platinum Barclaycard with a balance of £200 owing on it.
Ive been reading about, transfering balances to 0% interest cards. Do you think I should do this? Ive only had the card since April, if I can swap to another one which cards do you recommend?

Many Thanks.

CLAPTON

in all honesty why not concentrate on paying the card off and from then on, always pay in full each month.

NickX

Well £200 is not that much debt in all honesty.

But if you are going to struggle to repay, then yes get a 0% Balance Transfer card and move it across to that. It will save you paying interest for 12-15 months which will hopefully be enough time to pay off the card.

Be aware that a fee of around 3% will probably be charged for the Balance Transfer.

kezzae

Hi Nick

Lol, no I know that £200 is not much of a debt, so come on hun, give me some figures............. 14.9% apr is interest.................. was trying to save money lol

NickX

kezzae wrote: »

Lol, no I know that £200 is not much of a debt, so come on hun, give me some figures............. 14.9% apr is interest.................. was trying to save money lol

Well if the Balance Transfer is going to cost 3% for 12-15 months, or leave it where it is and pay 14.9% ??

3% is a lot less than 14.9% so thats why I would recommend doing the transfer.

Just make sure you make all the Minimum Payments on time otherwise they will revoke your 0% and you'll be back on a standard variable rate.

kezzae

Thanxs Nick,

Got any cards you can recommend lol??????

NickX

kezzae wrote: »

Got any cards you can recommend lol??????

Heres a list :

http://www.stoozing.com/0fees.php