Yippee just been accepted for 4.9% LOBT!!

in*the*red_6

Hi all

Just wanted to share that I'm having a good morning as the post has arrived and we (well it's in my husband's name) have been accepted for the BA Amex 4.9% Life of Balance transfer card.

We are transferring our NatWest card (that we've had for years and paid so much in interest to) - current balance £4,296 at 16.9% APR and then I am going to apply for a low credit limit card which has a good rate for purchases to be used only in an emergency and cut up the NatWest cards for good.

Need to rejig the figures on my spreadsheet when I know what the minimum payments are for snowballing but I've worked out as things stand, that next month's interest payment would be reduced from £60.51 to just £17.54 by doing this!

One last thing, prior to this we were turned down for a credit card a few months ago that I wanted to do a 0% transfer to as we were "overcommitted". This really shook me as we'd never been in default and never been turned down for any type of credit before. This put me off applying again up till now and I ended up paying lots of extra interest on a Virgin card (thankfully paid off in full now). So if you are in the same position and scared to apply it could well be worth it if you do.

Thanks all, wouldn't have done it without you and debt-free day will certainly be closer now!

Karma67

Excellent news for you!! Well done :beer: :j :j :beer:

tattooed_lady

That's great news, what a huge saving that will be :j