Balance Transfer Credit Card

Vicksta_2

We've spent on our 0% transfer card without realising how the interest and payments were applied.

Is there anything we can do to limit the cost of our stupid actions with this card?

Tixy

Hi Vick

have you worked out exactly what impact this is going to have on your interest? how much have you spent on the card? what is the purchases APR? how many months remaining at 0%. If the payments are not large the impact may not be huge so its worth knowing what the cost will be to you.

If the cost does work out very high you could consider trying to apply for a new bt card and bt-ing the whole balance across to the new card, but there will be another BT fee to do that and you need to work out whether it would be cost effective.

Vicksta_2

Hello Tixy

We have several different rates and different promotion end dates, its a nightmare trying to work it all out.

We have purchases that will be 16.6% in few months,
Balance Transfer's that will be 18.6% in a year,
Money Transfer's that will be 20.6% in few months
All totalling just under £10k
With payments being allocated to the lowest rate first, so all a nighmare really.
Would it be too simple to transfer the lot to one rate, to kow where we are and whats what?
I can't believe we didn't see all this before hand, we(me and my husband feel so stupid over it all)

stephane_2

Vicksta wrote: »

Hello Tixy

We have several different rates and different promotion end dates, its a nightmare trying to work it all out.

We have purchases that will be 16.6% in few months,
Balance Transfer's that will be 18.6% in a year,
Money Transfer's that will be 20.6% in few months
All totalling just under £10k
With payments being allocated to the lowest rate first, so all a nighmare really.
Would it be too simple to transfer the lot to one rate, to kow where we are and whats what?
I can't believe we didn't see all this before hand, we(me and my husband feel so stupid over it all)

Would be best to transfer if possible the all lot or as much as possible onto a different card which has a 0% offer or a low interest card on the life of the balance. You may find it difficult to find a card willing to give you a £10k credit limit.

Vicksta_2

Praps we might be better to try for a bank loan through our bank, at least we'd know where we are then even if for 5 years.

Thanx for advice