Should i do this balance transfer thing and get a new card?

LouE

We have one credit card, balance is £3500, the best credit card for balance transfer is Barclaycard platinum, but after 90 days there is a fee, so i reckon we'd be charged a fee as we are paying back £1k a month but also still using the card with xmas coming up. I think our current apr on our card, which is with cahoot, is 14% or therabouts. So are we best staying put or will we benefit from moving to another card?

Thanks

stephane_2

The 90 only means that you can transfer a balance at promotional rate then after 90 any transfer made will be charged at current apr...you pay the fee for transfer all the time before or after the 90 days

LouE

Oh right, so the cards that say its no fee arent actually no fees?

[Deleted User]

There are some with no fees for promotional BT. Well, one I think. But a lot of cards don't charge a fee for a normal BT - ie just Bt'ing it across at your normal retail rate.

So depending on your card, you can either BT at say 3% for 0% APR for 6 months (or whatever the offer is), or for no fee straight onto 18.9% (or whatever your rate is).

LouE

I think the rate is higher than our current card, but we still save if we pay it all off before the 6months or whatever is up eh?

[Deleted User]

What are the rates on the Barclay card - standard retail and promotional BT?

Oh - and how long is the promo period?

LouE

Purchases 0% for 3 months 1.313% 16.9% 16.9% APR
Typical
Variable Balance Transfer0% for 16 months 1.313% 16.9% Cash Advancen/a 2.075% 27.9%

This one appears to be the best, well the one they tell me is best. it has a 2.9% fee though

[Deleted User]

Ok - seems sensible

You;ll pay 2.9% on your £3,500 balance = £101.50
Then no interest for 16 months

Compared to paying interest of 14% where you are at the moment - over £650 for the same period (without taking your payments off thebalance into account)

If you haven't paid it off at end of 16 months, it'll go to 16.9%. So if there was a large sum left, you might want to BT it back to Cahoot at their standard rate of 14% - but only if there's no fee for this.