Can i get a credit card to balance transfer a debt from a catalogue

Steviec321

Hi,

I have Index Extra as a catalogue and owe them 24000 approx.

I have never had a credit card before and not really sure how they work.

Could i get a card that has 0% on balance transfers for 9 months or something like that and transfer this debt so i do not have to pay the interest.

I would set a direct debit of £100 to come out every month so in theory if i played it right and changed over every 9 months i could pay this debt of in 24 months and not pay any intertest whatsoever.

Not sure and would really like some advice

dinkylou

Just wanted to check something with you.

Is it £2400 you owe them or £24,000? (this is what you have written?) as this will make a big difference.

Can't help you with the above though as never dealt with catalogues. Would think you can pay them by credit card though and either have that on 0% purchases for x months or then do a transfer to 0%.

Am sure others will confirm soon though.

Steviec321

Hi,

Sorry its only 2,400 sorry.
Can you recommend any good deals out there at the minute.

What about the Capital One 15 month card

Justin_Credit

I'm not sure that you will be able to get 9 months interest free but you should be able to get 6 months, which is better than nothing.

I opened an Egg account which gave 6 months interest free for balance transfers which included super balance transfers. This means that you can transfer cash to your bank account then pay off the catalogue debt by cheque.

It may be worth you reading Martin's articles on CC's and super balance transfers etc.

HTH

Regards JC

Chortle_2

If you've got a 0% CC you can probably pay the catolgue off with that, (just call them and ask to make a CC payment) without having to do a balance transfer - but check your card is 0% for purchases as well as BT's first!

Verbatim

If you go for a 0% for purchases Nationwide still has 9 months I think.

For BTs see the other CC threads, the PO card is still fee free for 6 months I think and the others without fees Barclays, Nat Wesr and HSBC all require you to have a cuurent a/c with then for them to be fee free. But do check on the other thred.

Capital One deal is dicey if it's the one I'm thinking of. If it's the one where you have to soend £100 or something on the card before July to get the deal. You'd have to spend and clear the balance in full before BT or you'd be paying interest as the put any payments you make towards the 0% BT first. And I don't know if you could do that, there might be a clause that allows BTs at that rate only in the first month. So unless you paid off the entire BT you'd pay interest as long as you had the card! Also there's an uncapped fee of 2% or is it 2.5% now?

Otherwise there's low life of balance cards. Again check the cc articles and threads.

must_stop_digging

a lot will depend on your credit history , have you considered a low rate life of balance card i think morgan stanley is 5.9% for life of balance .Make sure you check all cards details for balance transfer fees etc