Should i go for it?

xtina87

Hi everyone

Right here goes, Ive got a credit card with my bank that has about £500 owing and they sent me a letter with some balance transfer cheque things in saying i could trensfer a balance to them and it will be 0% interest till nov 2009 and then only my 14.9% after that
so i was thinking would it be worth my while putting my littlewoods direct balance on to my card which is just under £500 as im getting a high interest on that, and i also what to know can you do that with a littlewoods direct account?

i would be able to pay over £100 a month off my card, just want some advice if doing this is worth while.

i only have untill may 22nd to do it

thriftymomma

Don't forget the £500 you already have as a balance on the card will not be at 0% interest, and it is the 0% balance that will be cleared first.

xtina87

i know ill still get interest on my card balance but does that mean if im paying £100 it will only go on the trensfered balance and nothing on the other one? or will it be split?

theoretica

All repayments are usually ordered in the way that makes the most profit for the bank- so all to the transferred balance until it is gone.

Innocent_Guy

You always pay off the 0% first. Only way would be to write a CC cheque to yourself for 1k. Pay £500 to CC & £500 TO littlewoods then all on 0% make sense?

xtina87

It kinda makes sence, i didnt know i could write a cheque to myself though, the only cheque things i have are the ones they sent me in the letter, and ive never done this before

I had another idea of what i could do, i wouldnt be getting 0% but i could just pay the littlewoods off with my CC and then just pay the one off at less interest? or is that just basicly the same thing?