£15,000 balance transfer advice?

ponker

I would like to transfer the balance of one of my credit cards which is currently £15,000. I am with MBNA and my 0% interest rate deal has recently run out, which means that the interest is now about 27% (eek!)

Can anybody recommend a card that I can transfer such a high amount to in one go, rather that splitting it up onto many cards? It doesn't necessarily have to be 0% interest, just as long as it low! So far I can only find cards that have a limit of say £5000.

My credit rating is good

Thanks for any suggestions/advice

sophalaval

ponker wrote: »

I would like to transfer the balance of one of my credit cards which is currently £15,000. I am with MBNA and my 0% interest rate deal has recently run out, which means that the interest is now about 27% (eek!)

Can anybody recommend a card that I can transfer such a high amount to in one go, rather that splitting it up onto many cards? It doesn't necessarily have to be 0% interest, just as long as it low! So far I can only find cards that have a limit of say £5000.

My credit rating is good

Thanks for any suggestions/advice

Not a lot of credit card companies will give you a big limit like that when you first get a credit card with them - the best thing to do is maybe apply for one maybe a life of the balance card and then move part of it over...

I am in the same position as you - but as I have such a large debt on my CC I can't seem to get any more credit - even though I have a good credit rating...

Moggles_2

Which is best depends, to some extent, on which credit cards - besides MBNA - you have at the mo or have held recently.

ponker

The only credit cards that I have besides this mbna one is a Citibank card. I haven't changed them or had any others in the last couple of years.

Thanks

Moggles_2

To maximise the 0% period, 14 months is currently available to new customers from Tesco. A 2.9% BT fee applies.

http://www.tescofinance.com/personal/finance/finance/creditcards/bonuscc/index.jsp

Alternatively, you'd get 13 months with Halifax. A 3% fee applies.

http://www.halifax.co.uk/creditcards/pluscard136.asp

IME, and that of other forum users, the Hally tends to hand out more generous credit limits than Tesco, but there are no guarantees of course.

bigstevex

The halifax have been good for me, excellent credit rating but lots of searches recently due to shifting everything around, got an 8K credit limit straight away! I do have current account/mortgage with them though, don't know if that helped!

YorkshireBoy

With such a large balance to transfer I'd be looking towards Egg or LTSB. Both have 3% fees and around 13-14 months 0%, but the LTSB card has a £100 minimum purchase requirement (which will incur interest after month 4).

I'd also be hedging my bets and applying for 2-3 cards (in as short a time as possible online) to better my chances of getting it all on 0%.

I think the chances of getting a suitable credit limit on a LOB card are slim?

Best 0% cards: www.stoozing.com/0fees.php

Best LOB cards: www.stoozing.com/lob.php