To stay or to change?

PrimaFlower

Hi everyone!

I am currently with Egg card, have been for a few years now. I have £2800 to pay off (although just paid off £300 this morning) so that brings it down to £2500. I was wondering should I swap over to another credit card which doesn't charge interest for so many months or shall I stay with Egg and keep on paying the interest. I'm hoping to pay off £300 a month. I'm not that clued up on such things so any help is appreciated!!

Thanks!

NickX

There is no reward for loyalty within the banking industry.

Transfer the balance to a 0% card, continue to pay £300 per month and you will save loads on interest.

With a £2500 balance, you only need 8 months at 0% to clear the debt completely.

PrimaFlower

Thanks for that

Do you which cards are the best and do they charge to transfer the balance over to them? Sorry for so many questions!

sicker

Nearly all cards now charge a fee of around 3% for the transfer usually added to the 1st months repayment but this varies amongst card providers. If you can get a Virgin card run by MBNA you could have 16 months @0% and only have a minimum fee of £25 repayment per month (first month will include £75 fee) but make sure you save thee £300 you intend to use to clear the balance.

PrimaFlower

Cheers for that. I have been accepted for the virgin card!

Thanks!