balance transfer virgin needs help

cashmoney_2

Hi all, we have 8k on 3 cc's that we need to reduce desperately. We could pay off between 150-250 per month and our credit record is probably alrightish - with a glitch here or there. 2 late payments over a few years perhaps?
I want to know any suggestions of cards with low fees and also i was wondering how those fees are paid - what interest are they subject to or are they separate cash payments? any help vvvv much appreciated . thanks!

td_007

cashmoney wrote: »

I want to know any suggestions of cards with low fees and also i was wondering how those fees are paid - what interest are they subject to or are they separate cash payments? any help vvvv much appreciated . thanks!

What you are looking for is a 0% on balance transfer card. They usually have about 4% transfer fee. With such a card you will pay £4 for every £100 you transfer and for the length of the 0% BT period, you will need to make at least the minimum payment. So assuming that you can transfer 8K, you will have to pay £320 as transfer fee (this is added to the card) and then min payment (@3%) of approx £240 each month (this will reduce each month). If you have an alrightish credit history you may not get the limit to transfer all the outstanding amount, but every bit that you are able to transfer will help reduce the interest that you now pay.