A question about credit card balance transfers.Please help!

petey16

Hi, this is my first thread, i would just like to ask for advice because i dont really know who to ask , i have a £1,000 debt on a credit card, can i just transfer that money if i got a new 0% card like on the website (http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards) As that would allow me to pay off monthly and not pay massive of interest. Do all credit cards allow to do this??
Im only 19 will that affect by chances?
Is this a good thing for me to do as it looks like it would save me money!.

Many thanks Pete

NewbieMoneySaver**

This option can save you lots of money as long as you transfer the whole amount and then be strong and close the other card. There is always the idea to transfer and then people just use the card again and they are back to where they started but now with two cards.

Most companies do 0% on balance transfers for new customers and also existing customers. You can search and comparison site to find the best deals. Also read more on this site and this should help you.

Goodluck

cf11liam

If you transfer the whole balance (if you are able to get that amount on another card) there's usually a handling fee (ranging from 2-3%) that usually amounts to what you'd be paying in interest if you were on a rate of around 17-21% so definatley worth doing.

Just make sure you cut your other card up, so you aren't tempted to use it. Even go as far as closing the account, and just sticking with the one.

Try to pay it off whilst it's in the 0% introductry period though, or you will be paying interest again.

Try Virgin, they're doing a long offer on BTs 13 months I think, so you could pay just below £100 a month to clear it off

petey16

Thanks for your post, it has given me the answers to my questions, Cheers

cf11liam

I meant to say the fee usually = 1 or 2 months interest on a 17-19.9% APR, so technically if you had 10 months you'd have 8, if that makes sense