Credit card help

gags

Hi there,

I would like to transfer to my Barclay card at 6.9% for the life of the balance but I was thinking of moving the debt off the barclay card first to a CITI card to free up the Barclaycard and then transfer the 2k from CITI back to barclaycard.


My question is my current CITI card is 4.9% for the life of the balance with a £5000 credit limit with a current balance of £2800

I have rang CITI - they said I could do a transfer to them at 22% as there are no offers on.

If I do this Freeing up the barclaycard ready for 6.9% transfer and transfer 2k back off CITI card what implications does this have for my CITI balance?

Will the 2k come off my 4.9% balance or the 22% 2 k balance?

Hope this all makes sense!

Thanks

ziknik

The £2k will come off your 4.9% balance. This means you will lose most of your 4.9% rate.

Can you get a temporary £2k from somewhere? Other half’s credit card or family member to help you out?

OR

You could transfer the £2k from Barclays to Citi and then transfer £4.8k from Citi to Barclays. You are better off paying 6.9% to Barclays for the entire sum than you are paying 4.9% on 2/3 and 20% (ish?) on the other 1/3.

BUT

I believe the Barclays Balance Transfer is a promotional offer. What will you do if they don’t offer the promotional rate to you once you transfer to Citi?

gags

ziknik wrote: »

The £2k will come off your 4.9% balance. This means you will lose most of your 4.9% rate.

Can you get a temporary £2k from somewhere? Other half’s credit card or family member to help you out?

OR

You could transfer the £2k from Barclays to Citi and then transfer £4.8k from Citi to Barclays. You are better off paying 6.9% to Barclays for the entire sum than you are paying 4.9% on 2/3 and 20% (ish?) on the other 1/3.

BUT

I believe the Barclays Balance Transfer is a promotional offer. What will you do if they don’t offer the promotional rate to you once you transfer to Citi?

The thing is my Barclay card does not have a 4800 limit so transfering the full citi card to it is not possible.

I can't get 2k from anywhere else unfortunately

I just wanted to have a zero blance on my Barclays before I tried the transfer at 6.9%

I didn't realise that they could refuse you the 6.9% transfer offer if you were a existing customer?

ziknik

I don’t think they would normally refuse you the 6.9% balance transfer but they might do if you transfer a balance away and try to transfer it back a month later. The 6.9% is not written in your T&Cs (is it?) so they could refuse.

Have you asked Barclays to increase your credit limit? OR maybe you could apply for another card. Virgin money, Natwest and Halifax have good offers available http://www.moneysupermarket.com/cards/

(MBNA is the same company as Virgin don’t apply for both. Egg is Citi Bank).

gags

ziknik wrote: »

I don’t think they would normally refuse you the 6.9% balance transfer but they might do if you transfer a balance away and try to transfer it back a month later. The 6.9% is not written in your T&Cs (is it?) so they could refuse.

Have you asked Barclays to increase your credit limit? OR maybe you could apply for another card. Virgin money, Natwest and Halifax have good offers available

(MBNA is the same company as Virgin don’t apply for both. Egg is Citi Bank).

I don't really want to apply for another card. I have a couple extra already that are no problem cards Mand S 4.7% for the life of the card.

I think I may go the personal loan route and get rid of the problem cards all together.