Balance Transfer Con

NetMan_3

Hi everyone,

I need help...so any ideas would be much appreciated.

I have a debt of about £10000 on my current credit card. After reading this site i decided to transfer my balace to Lloyds to get the transfer rate of 5.5% for the life of the balance...I couldn't afford the 3% minimum payment from AMEX, whereas Lloyds is 2% (i can always pay more, but not less!) Anyway, i went though the paperwork chain and finally (after sending me the card) said my credit limit was £3000 and therefore i couldn't transfer the balance - what a complete waste of time! Now i have to go through the process of cancelling the account etc. Are all cards like that or shall i just put up with my high rate?

Thanks for any help.

NetMan_3

Thanks...I suppose that would be better than nothing. What i was more irritated about was the fact that no-one told me that the limit would be so low BEFORE i went through the rigmarole! Perhaps i was just being naive!

YorkshireBoy

NetMan wrote:

...what a complete waste of time!

Why is it a waste of time?

You have a chance to move nearly a third of your debt to a lower APR which is fixed for the life of the balance and you have lower minimum payments as well! Now you say you will cancel the account.

Before you do anything rash, take a look at this article...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1121180622,51973,

NetMan_3

Actually, yes...I hadn't seen it that way. Thank you very much.

creditcardking_2

You should ask Amex for a life of balance rate of 4.9% i would be surprised if they didnt give it to you.