Best way to pay off Aus CC debt

tobes_2

Hi all,

I have a debt of about $5000 on my Australian credit card (about £2000). Unfortunately the card has a high rate of interest (16% or so).

Obviously I would like to get a better rate of interest on this debt while I pay it off. A transfer to a 0% balance transfer CC would be great, but I have only lived in the UK for a little over a year and so getting a CC with a decent limit is hard (all the online applications ask for years of addresses in the UK). I am assuming I can't get another CC in Australia with a 0% balance transfer because I don't live there anymore.

I have a NatWest account and CC, but the CC limit is only £150 and I don't think they would increase it much. My monthly wage is £1474 and I have a £500 overdraft (which I usually go into by about £300 per month). I can do international transfers using tntforex for £7 per transfer.

There is probably a really simple solution to this. Help!

M_Thomson

tobes wrote:

Hi all,

I have a debt of about $5000 on my Australian credit card (about £2000). Unfortunately the card has a high rate of interest (16% or so).

Obviously I would like to get a better rate of interest on this debt while I pay it off. A transfer to a 0% balance transfer CC would be great, but I have only lived in the UK for a little over a year and so getting a CC with a decent limit is hard (all the online applications ask for years of addresses in the UK). I am assuming I can't get another CC in Australia with a 0% balance transfer because I don't live there anymore.

I have a NatWest account and CC, but the CC limit is only £150 and I don't think they would increase it much. My monthly wage is £1474 and I have a £500 overdraft (which I usually go into by about £300 per month). I can do international transfers using tntforex for £7 per transfer.

There is probably a really simple solution to this. Help!

You will not be able to get a UK credit card and transfer a balance directly from your Australian card. It isn't possible to do balance transfers to credit cards in different countries. You may be able to find a card like Egg and do a Super balance transfer to your current account at 0% and then transfer the money from this back home. This will only provide a tempory solution for a few months. How quickly can you pay this balance off? The main problem is that you have quite a limited credit history in the UK and a lot of cards like someone to have lived in the UK for at least 3 years.