i want to do a balance transfer

terrierwjb · 26 October 2010 at 10:35AM

HELP..
i want to do a balance transfer ..
£7400
i want 0% apr
0 - low transfer fee (2.5% OR less)
short term is ok
balance will be paid off in june 2011
no further purchases will be made
good credit history
currently with MBNA

which card do you recommend ???

stephane_2 · 26 October 2010 at 10:38AM

What is your income?
Any other debt?
What is the credit limit on card?
How is your repayment history?

terrierwjb · 26 October 2010 at 11:12AM

ddddddddddddddd

stephane_2 · 26 October 2010 at 11:29AM

You may find it very difficult to get a credit card wiith the limit that you want...simply because your ratio debt to income is almost 60% which for many lenders will seems very high.....and you'll need to find a provider that would be willing to lend you an extra £8500 at least if you want to transfer everything

terrierwjb · 26 October 2010 at 11:54AM

i rang MBNA and they have reduced the APR from 29.9 to 9.9% for the remaining term.. do you think this is as good as i am likely to find ?

Tixy · 26 October 2010 at 12:01PM

Considering how quickly you plan to pay it off that is not a bad deal
Most card providers tend to have fees of around 3%.
As you are going to pay it off quickly the interest you will pay will probably be not much more than that fee.

Eg if you are going to pay off the balance by July in equal installments of around £820 you will only pay interest of around £250 which is not much more than the fee.

And even if you got a 0% card it would be fairly unlikely to be a sufficent limit to transfer the whole amount to anyway. Most new card accounts start with a low limit (£2-3k) and increase it based on behaviour.