a little help please

tigerryes

HI, look i know there are loads of threads out there helping with this but it really confuses me. i have had a caredit cars with BOS for about 5 years(no more intrest free stuff) i would like to have a card with 0% interest for a while and 0% balance transfers. my problem is i don't understand all the jargon. i owe only about £1500 on my card, min monthly payments are about £32.00 and i pay about £50 a month. i'm retired, well hubby is, i am his carer, so only have penson credit, disability living allowance as income. i'd like to be paying about the same a month but just be paying the balance rather than the interest. i had a go with the credit card frinder suggested from here but i didn't understand what the results were. not sure on my credit rating, could be ok but hubby got debt when he first got i'll, house is in my name only thought, not sure if that makes a difference. would be grateful for any suggestions or help with the jargon. how much does it cost to transfer balance and how long is the 0% interst for? my current card is typical 25.9% apr.
thanks

kindofagilr

Im no expert but I dont know if you will get a CC while you only have benefits as income?

redpete

You will struggle getting a new CC with a balance high enough to fund the £1500 balance transfer you want because you have only a small income (I am assuming your pension is not much otherwise you would be paying more off the card each month). If the bank you have a current account with offers 0% BT CCs it might be worth starting there to see what they can offer.

See http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards for an explanation of how to get and use balance transfer offers.

It will typically cost a 3% fee to make a balance transfer. the period that the 0% applies to varies greatly, e.g. between 6 months and 18 months.

tigerryes

Thanks both, now thats my problem redpete, the cc i have is with my bank. i did think about asking the morgage company to lend me some, you know stick it on the morgage but i'm with northern rock and they can't give me advice on things like that. i have a long morgage so it shouldn't make a difference to payments plus its interest is alot cheaper.

Brian64

Some cards will accept people who are retired on disability benefits. I got 2 cards from the sygma range the silver card with £2000 credit limit and the flybe card with a £5000 credit limit.They charge a 3% balance transfer but the interest free period is only 6 months
see here https://www.your-application.co.uk/NetFinanceCertegymicrosite/silvermastercard/SimpleToApply.aspx

other cards accept people on DLA with longer 0% period but are harder to get.IE virgin.