What do you think?

webbo1981

I have a debt (stated as below) with various credit cards with interest rates ranging from 17% - 25%. Anyway I have recently applied for two balance transfer credit cards which both hsbc and llyods turned me down. I then applied for an Capital one balance transfer credit card...again I was turned down....however they offered me a 0% interest on purchases for six months....I am considering accepting this and then using the card for purchases...such as shopping and petrol.....that would result in me not using the cash in my current account and perhaps using that cash to pay off my existing high interest credit cards...would anyone recommend doing this or would you sit and wait for a few months and again apply for some balance transfer cards....

Regards

must_stop_digging

wont you be building up large debt on 0% card then have to pay back at high apr ?

think about repaying higest apr first then snowballing payments

you may consider posting in the Debt-Free Wannabe section with full budget breakdown lots of people to help there. :money:

Bokken_2

webbo1981 wrote:

....however they offered me a 0% interest on purchases for six months....I am considering accepting this and then using the card for purchases...such as shopping and petrol.....that would result in me not using the cash in my current account and perhaps using that cash to pay off my existing high interest credit cards...

this is known as slow stoozing,but in your case you suggest not paying the credit card off at the end of the 0% period there is no advantage to this.
What is the APR on the Capital One card after the initial 6mth @0%.
As this is what you will be incuring on all of your purchases.
If you spend £500 a month for 6months = £3000 + 17%/19%/??? or whatever the Capital One rate is.
I think you need to read up on Martins credit card articles and the credit scoring so you are not applying for too many cards in close succession or applying for cards by the same supplier or cards that are beyond your current wage level etc.
If you post some details about the cards and APRs etc someone will be able to suggest a way forward,more details needed.