Would I be entiteld to a virgin credit card

CannyJock

**Upsy_Daisy** wrote: »

MBNA / 8700 / 9500 / 0% until July then 15.9% (will be higher, trust me)
A&L (MBNA) / 5000 / 6500 / 0% until July, then 15.9% (will be higher, trust me)
Barclaycard / 2300 / 5000 / 0% APR until April, then 2.9% (sure about the rate?)
M&S (HSBC) / 3000 / 9000 / 0% APR until April, then 18.9%
Nationwide / 1500 / 3500 / 16.9% APR
JLP (HSBC) / 250 / 9500 / 16.9% APR (assuming typical rate)

The order of payment should be highest APR first. Where the APR is the same, go for lowest balance to try and clear a card in the hope of a repeat deal (not unusual to have to wait a couple of months and ask repeatedly before you get one). Good guide on asking for repeats here on the main stoozing site (sponsored and supported by MSE). I've sorted your cards into the order I'd be looking to clear them (from the bottom up).

The big gap in your deck of cards is RBS or HBOS. I would definitely consider one of their cards. Full list of card providers here. Full list of 0% offers here. I would avoid trying to hit MBNA or HSBC for another card at the moment. Halifax have always been decent with me and half-decent credit limits - just got a 0% purchase card with £9k limit last week - in the process of writing to them to complain about the low credit limit and to suggest they consider increasing it

To increase the amount that you pay towards your cards, consider getting a 0% purchase card for your normal monthly spending where you can make the minimum payments for up to 12 months at 0% APR while only repaying the minimum, allowing you to pay more against your interest bearing cards. Full list of 0% purchase cards here. I would point you towards the Tesco Clubcard 0% purchase card.

If your Barclaycard is only 2.9% APR then I'd be transferring the balance of your other cards onto it - better to be stuck with it at 2.9% than 16.9% - but I'm going to guess this is a typo?

There's a post here where someone got a repeat on a JLP card, so might be a possibility there. Normally I'd have said for HSBC you're better to close the card and reapply in a few months.

EDIT: Just realised you didn't list your RBS 3.84% life of balance card - would be worth including just to get an idea of overall credit. Is it not possible to increase the balance on this card by moving some of the debt across to it at the LOB rate or did you only get one bite at that cherry?

**Upsy_Daisy**

Yes - barclaycard should have been 12.9% :beer:

I'm worried now that MBNA will do the dirty and hike up their interest just before the 0% rate ends. I see from other threads that Virgin have done that so maybe I should throw my spare £500 monthly at MBNA - even though M and S are looking higher at moment

RBS card is OH card and is around £8,000 at the lower rate for life - and yes, that was one bite

He doesn't have any other cards as his income is lower (early retirement) so if he needed anythng he got it on my cards which are in joint names

I am no longer doing any spending on cards. if I do I know at some pont I will be tempted to just pay the minimum so we live on cash only now and most of the time I don't take my purse to work

**Upsy_Daisy**

OOOowwwwch

CannyJock - many many thanks

You have just drawn my attention to rate jacking - something I had never heard of before

My understanding is that it wouldn't be too painful for us as we are clearing our cards and able to pay more than the minimum. We also pay by DD so have never had a late payment.

I will keep a close eye out for that though as we get closer to the end of the 0% periods and my understanding is that I can "close" the account if I act quickly once I receive notification

My ultmate aim is for us to have no credit cards whatsoever (or just one for emeregncies with a zero blance)

I feel dreadfully sorry for people who have had sudden changes in circumstances or families who are struggling - some of these people are never going to get out of debt.

It's not enough for banks to shaft the economy, they're now shafting individuals as well :mad::mad:

Once again. many thanks CJ - in the meantime, I'll stick to your "bottom up" suggestion

UD

CannyJock

**Upsy_Daisy** wrote: »

Yes - barclaycard should have been 12.9% :beer:

Okay, makes sense. Any debt over 15.9% APR (12.9% APR+3% transfer fee) that you won't be able to clear in 12 months you should move to this card.

**Upsy_Daisy** wrote: »

I'm worried now that MBNA will do the dirty and hike up their interest just before the 0% rate ends. I see from other threads that Virgin have done that so maybe I should throw my spare £500 monthly at MBNA - even though M and S are looking higher at moment

MBNA are known for shady practices on interest rates, but I'd deal with the immediate problem of the current highest interest rates. Your MBNA 0% promotion deals end in July. You've got 6 months of hard savings/applications to clear other cards to switch the balance to.

**Upsy_Daisy** wrote: »

I am no longer doing any spending on cards. if I do I know at some pont I will be tempted to just pay the minimum so we live on cash only now and most of the time I don't take my purse to work

Make sure you don't throw the baby out with the bath water here. Cards used sensibly (ideally for cashback) can be very, very useful. They're not all evil

0% purchase cards can help you basically "live on cards for a year interest free" and let you divert your own hard-earned sheckles to your interest bearing debt. They don't wave a magic wand, but they do buy you a year to get your house in order.

**Upsy_Daisy**

Thanks - I get your message about the 0% purchase - once I get my balances heading down and get a bit more confident I'll explore this. Certainly the £600 monthly cash we're living on could make a big dent in our cards if we were to divert it onto a 0% purchase card