Help!!!! Whats the best card for me now?!!!

makershaker

Okay, currently have £4,600 debt on a Virgn credit card with the interest free period ending in April. Been a godsend having this card due to money being very tight at the moment as the minimum repayments are only £25 per month.

So looking to switch this soon, maybe even now.

Problem is though, i already have these cards...

Halifax
Barclaycard
Capital One

with nothing on them. So now looking to find one that has a low interest (or interest free) rate PLUS must have fairly low monthly repayment fees as money is extremly tight just now :sad:


I've saw this one, MBNA https://wwwa.mbna.co.uk/apply/UKCCapp/Ctl/entry?sc=8pt48rfl_ost&mc=ECO-UK-33333-12386

Which has a 1.5% handling fee to transfer the balance, 5.9% fee for the life of the balance plus minimum repayments are £1.5% of the balance per month which isnt too bad.

Would i get a knockback for that though seen as i already have Barclaycard? Or is it worth applying for? (will i harm my credit score if i do?)


PLEASE HELP!!!!!!!

dylanuk

Virgin is issued by MBNA - so you would have to route your balance through one of your existing credit cards or use the MBNA 'money transfer' which has a higher handling fee - either way you're looking at around 4% fee to get your balance onto the MBNA card.

MBNA also "split" your credit limit between their cards, so even though you may get an MBNA - they'll take into consideration your credit limit on your Virgin card.

Have you tried phoning Barclaycard? They're quite well known for offering existing customers balance transfer deals, usually low rate ones, probably around 6%.

Otherwise, how about Egg? I think with all those cards though you'd have to have a good credit rating / good income to be accepted. There's some more BT cards here.. http://www.credit-card-comparison-o...co.uk/0-balance-transfer/

makershaker

dylanuk wrote: »

Virgin is issued by MBNA - so you would have to route your balance through one of your existing credit cards or use the MBNA 'money transfer' which has a higher handling fee - either way you're looking at around 4% fee to get your balance onto the MBNA card.

MBNA also "split" your credit limit between their cards, so even though you may get an MBNA - they'll take into consideration your credit limit on your Virgin card.

Have you tried phoning Barclaycard? They're quite well known for offering existing customers balance transfer deals, usually low rate ones, probably around 6%.

Otherwise, how about Egg? I think with all those cards though you'd have to have a good credit rating / good income to be accepted. There's some more BT cards here.. http://www.credit-card-comparison-o...co.uk/0-balance-transfer/

yeah but the minimum payment fee is for the barclaycard is 2.25 % per month which works out over 100 quid per month, thats quite a rise from £25!!!

Also i dont care about the credit limit, i just want to pay to the balance and NEVER spend on this!

dylanuk

Also i dont care about the credit limit, i just want to pay to the balance and NEVER spend on this!

I was thinking if MBNA would give you a big enough credit limit to cover the existing balance on your Virgin credit card.

How about trying Halifax for an existing customer balance transfer deal? They've also got a very low - 1% - minimum repayment haven't they?

There's a post dedicated to this.. http://forums.moneysavingexpert.com/showthread.html?t=33 There is a mention of someone getting a deal going through retentions on their Halifax credit card (e.g. attempting to close the account and then getting offered something to stay by customer services).

makershaker

oh i see. Whats my chances of getting one do you think?

Will it harm my credit score to apply for it?

dylanuk

If you phone Halifax and ask if they would offer you a balance transfer deal on your existing credit card account.

I don't think they will credit search you, because it would be based on your credit record with them - which they can already see. Might be worth posting in here (http://forums.moneysavingexpert.com/showthread.html?t=33) and just double checking with other people who've done it.

I wouldn't of thought so, but I don't want to say definitely just in case.

If you've got a good record with Halifax it's worth trying. If you've missed payments or exceeded your limit it becomes less likely they would offer you anything.

Maybe go in with something like "I want to close my account as I need to apply for a balance transfer offer with a new credit card", maybe if they don't say anything you could then add "would you consider offering me a deal for a balance transfer?".

makershaker

Halifax phoned me tonight and offered me a 6.9% for the lifetime of the balance with a minimum monthly payment of 1% or 6 month at 0% with a minimum monthly payment of £25. Both have a 3% handling fee to transfer.

Which, in my curent predicament, would i be better going for?

Any

Well - Virgin is quite well known for repeat offer so you could take the 6 mths and then transfer back to Virgin after that on good repeat offer. But it's a risk. Hoping they will do new repeat offer for you.

And taking the BT fee in account you won't effectively repay anything. Just postpone the debt.

Otherwise go for LOB and won't have to think about it again. Just keep paying until it's gone.

Any

The initial repayment on the LOB card will be £27.24 approx.

Paying this way it will go slighlty down every month. Very slowly, but you won't have to worry about transfering again and your chances of getting another deal.

makershaker

Any wrote: »

The initial repayment on the LOB card will be £27.24 approx.

What do you mean by 'initial' repayment?

Any

makershaker wrote: »

What do you mean by 'initial' repayment?

Sorry, it was too late last night and I didn't read after myself.

The "initial interest" will be £27.24. By initial I mean in the first months per month. That is based on balance of £4738 (£4600 you are transfering + £138 BT fee).

As you are repaying this balance will go down and therefore the interest will go down..

1% payment in the first month will be at least £48. And will go down very vey slowly if you make only minimum repayments...