Advice needed regarding SkyCard

mjenn5

My husband recently applied for a Sky credit card with o% interest till Jan 2007 for balance transfers.

We just found out the credit limit and it is way lower than any credit limit we have ever been offered before, strange as our balance is going down nicely.

The limit is not high enough for our balance transfers and he was advised over the phone that they could do a balance transfer for up to £10.000 but for that the arrangement fee would not be capped at £50.00 and could be as much as £250.00.

This is obviously working out, you could say, at £200 interest for the free balance transfer period.

We are unsure weather to go with this as we need to move the balance quickly so as not to incure interest on the existing card.

Please could you leave opinions on this.

magentadreamer

You could look at it as an interest rate of 2.5% for a year, which is probably better than the card you've got at the moment will charge you. Given that you've had a credit ref check I'd suggest you took up the offer and moved the remainder to your cheapest APR card till you can find another 0% card.