Best 0% card

zoosh

Ive currently got a Barclaycard credit card and iam hoping to transfer(if possible) the balance on it to a 0% card.

In reference to the info here...http://www.moneysavingexpert.com/cards/best-0-credit-cards is there one that stands out from the rest, or would anyone do as they are all 0%?

Appreciate any advice on the matter

Caddyman

The only advice I can recommend is to follow exactly the advice on the MSE website and if you do do a BT, don't whatever you do, spend on the new card otherwise you're wasting your time.:cool:

exel1966

Take a look at THIS table for the currently best available cards.

zoosh

Decided on the Natwest 0% for 16 months card.

zoosh

Caddyman wrote: »

The only advice I can recommend is to follow exactly the advice on the MSE website and if you do do a BT, don't whatever you do, spend on the new card otherwise you're wasting your time.:cool:

Sorry I dont quite follow what you mean here...so if I transfer my current CC debt to a 0% intrest card, your saying DONT spend on the new credit card?

fozmcfc

Yes don't spend, because say you transfer £1000, but then spend £200 on the card, you're repayment will go towards the £1000 0% balance transfer first and the £200 will accumulate interest until the full £1000 0% balance transfer amount is paid off. It's called payment hierachy (sp?), whereby cheapest interest debt is paid off first.

This will be changing sometime in the next 6 months or so though, when companies will be paying off any money to the highest interest debt first.

zoosh

fozmcfc wrote: »

Yes don't spend, because say you transfer £1000, but then spend £200 on the card, you're repayment will go towards the £1000 0% balance transfer first and the £200 will accumulate interest until the full £1000 0% balance transfer amount is paid off. It's called payment hierachy (sp?), whereby cheapest interest debt is paid off first.

This will be changing sometime in the next 6 months or so though, when companies will be paying off any money to the highest interest debt first.

Ok thanks, I kinda get what your saying. As I still want to be able to use a credit card, what would you suggest?

Davewils

If you're transfer the balance off one card, why not just spend on the old one instead. Set up a direct debit to pay the total amount each month and the interest rate wont matter.

Davewils

Of course you could also ring the old card company, tell them that you are thinking of shutting the card down unless they can offer you a better interest rate.

zoosh

Davewils wrote:

If you're transfer the balance off one card, why not just spend on the old one instead. Set up a direct debit to pay the total amount each month and the interest rate wont matter.

Well my main problem is I can't afford to pay off my credit card balance at the moment. Which was why I was hoping to transfer the debt to a low intrest credit card.

Tixy

zoosh wrote: »

Well my main problem is I can't afford to pay off my credit card balance at the moment. Which was why I was hoping to transfer the debt to a low intrest credit card.

So you transfer the existing balance to a new card, then keep the old card open for any new purchases you make. Assuming you only make purchases you can afford to pay off the next month then you wouldn't pay any interest. You presumably don't want to run up a bigger credit card balance overall that the one you already have and cannot afford.