Credit Card Shuffle Discussion area

thedon31

I've got a Capital One Card that is nearly at its limit. I have an overdraft that is used every month. I cannot get a better credit card deal and my bank wont increase my overdraft. I meet the minimum repayments every month but struggle to pay off anymore than this. My overdraft charges next to nothing.

Any advice on how I can get these debts down/shuffled as I'm going full circle? All would be fine if I could get a credit card with 0% balance transfer but I cant get one from anywhere and think I've damaged my credit score trying to do so.

CannyJock

malice wrote: »

i have life of balance @ 4.94% have been offered 6.95% life of balance with same company,should i take it or would this be counter productive. i dont qualify for any other cards or transfers. my lower rate i.e 4.94 owes £2,200 and the one i want to transfer is for £1,800 which will bring my total to £4,000. any ideas?

What's the APR on the £1,800? If it's higher than 6.95% then why would you not take it? Is it a second card or a new offer on a existing card? Is the 6.95% offer guaranteed or are you just reading an advert?

CannyJock

thedon31 wrote: »

I've got a Capital One Card that is nearly at its limit. I have an overdraft that is used every month. I cannot get a better credit card deal and my bank wont increase my overdraft. I meet the minimum repayments every month but struggle to pay off anymore than this. My overdraft charges next to nothing.

Any advice on how I can get these debts down/shuffled as I'm going full circle? All would be fine if I could get a credit card with 0% balance transfer but I cant get one from anywhere and think I've damaged my credit score trying to do so.

Depends entirely on the APR on the card and the APR on the overdraft. Are there any overdraft fees on top of the interest? Also depends on how much of your overdraft limit you have left to put to the credit card.

Why not post back with actual balances, limits and APR.

Might be something to make things a little bit easier but not a lot of room to maneuver. What you really need to do is a major workout over your spending each month and look for some form of additional income.

thedon31

Hi, thanks for your time. The credit card is 34.9% APR - Its one of their classic cards which I originally used to build my credit rating...my car went wrong and then my heating went up the creek and to cut a long story short, what started out as something i paid in full every month is now out of control where my minimum repayment is approx £50 a month and I may be able to put in another £20 to that.

I dont know the interest on my overdraft but it is with Natwest and they do not charge me for using this. It is a £500 overdraft which i've had to max out at the end of every month.

Have been through my finances and done the money workover from this site...It was just unfortunate that every thing came at once and now I dont know how to break this circle.

johninessex

Hi everyone
Can someone please advise me on whether I will be saving any money by reshuffling my debt.
I currently owe £3300 on my virgin credit card, and £3800 on my Lloyds TSB credit card. I do not have any other cards and have been refused twice in the last 6 months.
I rec'd a letter yesterday from Lloyds TSB to say my limit has been uped to £7350 and I can make balance transfers for 0% for 6 months. The small print reads that any payments made over the minimum payment will pay off the promotional balances first. So I assume that means any transferred money in. So if I transfer in my Virgin debt of £3300 to Lloyds at a cost of 3% (£99) which is what they charge to do it, will I save any money as I wont be touching the £3800 I already owe on the Lloyds card for ages, whilst I pay off the promotional balance. I'm very confused as to whether I should do this.
Can someone give me any advice, or tell me the maths so I can work out how much I will be saving. My current monthly rate on my virgin card is 1.873 on purchases.
Thanks
John

CannyJock

johninessex wrote: »

Hi everyone
Can someone please advise me on whether I will be saving any money by reshuffling my debt.
I currently owe £3300 on my virgin credit card, and £3800 on my Lloyds TSB credit card. I do not have any other cards and have been refused twice in the last 6 months.
I rec'd a letter yesterday from Lloyds TSB to say my limit has been uped to £7350 and I can make balance transfers for 0% for 6 months. The small print reads that any payments made over the minimum payment will pay off the promotional balances first. So I assume that means any transferred money in. So if I transfer in my Virgin debt of £3300 to Lloyds at a cost of 3% (£99) which is what they charge to do it, will I save any money as I wont be touching the £3800 I already owe on the Lloyds card for ages, whilst I pay off the promotional balance. I'm very confused as to whether I should do this.
Can someone give me any advice, or tell me the maths so I can work out how much I will be saving. My current monthly rate on my virgin card is 1.873 on purchases.
Thanks
John

APR on your Virgin card is 24.95%.

You don't say what the APR on your current balance with LTSB card is :cool:

You also need to make clear how much you can pay towards the debt each month as that's a factor in the equation.

Student-of-Thrift

Hello! I would be so grateful if someone could give me some advice! I have read all the info on Credit cards/transfers/shuffling etc but I still cant work out the best thing to do.. Heres the info:
I have £3,300 debt on a Virgin card, 16.8% apr. Limit of £5,000, and there is currently a 0% til june '11 (on balance transfers) promotion on.
I also have £500 on my HSBC credit card. This is 21.9% apr, limit of £2,500, no promotions.
I also have an £800 overdraft on my HSBC current account, at 19.9%, limit of £1,250.
I am expecting a £2,000 repayment in december which will all go towards my debts.
I am currently unemployed.
I was thinking of doing some kind of shuffle to take advantage of the Virgin promotion, but wont the fees work out as really expensive? I was thinking of asking HSBC to up my credit limit, but the fees to transfer to them and then back to Virgin will be loads!
Any ideas would be so welcomed thank you!!

[Deleted User]

Hi all I hope that someone can help with some advise:

Here goes.

I have 4 credit cards
LTSB 0 debt £1400 limit
Egg 0 debt £5000 limit
Natwest ~£1500 debt £2250 limit
Barclaycard ~£5200 debt £11000 limit

I am paying 6.9% for life on the Barclaycard
0% on Natwest til the end of next month then reverts to 18.9%

Current balance transfer deals ive been offered are:

4.9% fee and 4.9% APR for 6 months Egg.
2.5% fee and 0% APR til Dec 2011 Barclaycard
3% fee and 0% 6 months LTSB

What is the best option available to me to reduce the interest I am paying on my debts.

Am I best lumping most of the natwest debt on LTSB for 6 months paying remainder with my wages and min paying Barclaycard this months?
OR
Transfer Natwest (after making a payment on to Barclaycard) for 15months leaving the current balance to wrack up at 6.9% APR until that 1500 is cleared (payments to offer BT made first with Barclaycard)
OR
Pay what I can on Barclaycard, transfer to Egg briefly, then transfer Fully loaded Egg and Natwest back to Barclaycard?
OR
Leave it as it is. Try and pay Natwest off at a higher rate within the next 3 months, paying minimum amount on Barclaycard.

I dunno what to do for the best.

Had an offer last month to move to Egg without balance transfer and 16.9% for life of balance. Why didn’t I do that then? Grrrrrrrrrr.

Looking forward to some help.
cheers

developer_2

My husband has a Santander 0% credit card which expires in Feb '11. I have an Alliance and Leicester current account so was going to apply for a Santander 0% card myself. Obviously we can't do a balance transfer between the two cards but what would be the cheapest card to use as a mule card so that we don't pay too much in charges?

Deesse

I have an overdraft of £1600 with Natwest and a credit card with Barclaycard with a balance of £970. These are my only debts and i want to be able to clear this off in a year.

Even though i have a 'Good' credit score, i was rejected when i applied for a Virgin 0% balance transfer card, their reason being the amount of debt i have (!) - is £2570 too much to transfer or too little?? That confused me!

Anyway, i am now thinking that instead of applying for a new card again, i could ask Barclay to increase my credit limit on the existing card to £2600 and transfer the overdraft debt to this card and focus on paying both debts in one pot and one interest rate (the overdraft interest is soooo high its painful!)

Can anyone advice me on this? Would it be worth trying or would it even be possible??

Thanks!!:)