Newbie would like some advice please!

gemima

Hello all,

First time to this board but hoping you can provide me with some sound advice please.

My husband and me have a Tesco Credit Card between us and basically do all our spending on this card to get the points (then spend on holiday!) and pay it off every month.

This month though we needed a new cooker and TV and although got good deals in the sale we know we cannot pay this off in full. Rather than rack up loads of interest I wondered if we could transfer eg. £700 to my husbands Barclaycard (which he hasn't used for ages and there is nothing on it) and then apply for a 0% interest card and transfer again or would this be silly? We own our home (mortgaged), credit score is good and not upto our eyeballs in debt but just want to find the best way to manage this swap. Is it best to just do one transfer or if we transfered from 2 cards would we be charged eg 2.9% for each transfer or for both. Not sure how this all works.

Any help would be appreciated.
Thanks
Gem

latecomer

you would be charged each time you transfer the balance so if they both charged 3% you would be charged £21 each time. Of course if the charge was added to the transfer then it would be slightly more for the second one. Anyway a single transfer would be cheaper and less effort too!

Why not phone and ask Barclaycard if they will do a 0% deal on a on balance transfer? If not then you could apply for a new 0% card and if successful just transfer it to that card.