Credit Card Dilemma

recovering_spendaholic

I was made redundant on 31st December and so am currently not working and living on my capital until a new job can be found. I have £6,400 of debt on an egg mastercard at 15+% interest. I have about 6 other credit cards all with a nil balance. I want to try and get this egg balance shifted to a 0% interest deal but don't think I will get a brand new card if I apply, but do you think it is worth asking one of the other card providers with whom I have cards with stupidly high credit limits if they will offer me a period of 0% on balance transfer. The other cards I have are Cahoot, Lloyds TSB Advance, Lloyds TSB Platinum, Tesco, Sainsburys and Egg Visa. What do you think?

grumbler

recovering_spendaholic wrote:

... I have £6,400 of debt on an egg mastercard at 15+% interest. I have about 6 other credit cards all with a nil balance. ...What do you think?

Just one thought: Egg Loophole - Guaranteed 0% year after year. You have two Egg Cards, hence two anniversary offers.

YorkshireBoy

grumbler wrote:

You have two Egg Cards, hence two anniversary offers.

The Egg Mastercard (with the debt) will be Egg Money.

If the OP can't make use of the anniversary offer on Egg Visa (by shuffling around using the other cards), my advice would be to call to cancel the LTSB Platinum. Hopefully they will make you an offer to stay. LTSB were running a recent promotion (which ends today 10th Feb IIRC) of 0% for 6 months with a 2% fee. I had a flyer asking me to call and quote 'CHQ1'. Might be worth a try?

recovering_spendaholic

Thank you Yorkshire boy and grumbler for these ideas. I have just contacted egg about the anniversary date and if this isn't possible I will give TSB platinum a ring. Hopefully I will get something sorted out!!

asharon

what about finding out about ne w0% offers and phoning each of your current cards and saying you are thinking of cancelling because you do not want too many cards and you would like to go for this offer and just be blatant and ask if they will make you am offer to stay with them or if they have any similar offers as an existing customer. They may say yes and they may say no but it's like the people who phone sky and cancel you don't have to go thorugh with it, just say you ar ethinking and will make a decision later.

Mary_Poppins_7

asharon wrote:

what about finding out about ne w0% offers and phoning each of your current cards and saying you are thinking of cancelling ..QUOTE]

Or just phone up CC providers and say you've been offered a rate of "xxx % by a competitor, are they prepared to over you anything lower as a valued customer?!

You won't necessarily get 0%, but you may get considerably lower.

Also check via website or Customer Services whether any offers are available that you don't know about. I did that with Barclaycard a while ago thanks to a post on MSE (got 6.95% life of balance), and another provider (Beneficial) periodically offers 6.9% for 6 months, but they don't publicise it too much.

If you don't try, you don't get!
Good luck, Mar y Poppins