Credit card balance transfer help??

ricardo33

Hi there everyone,

I have a sticky situation as i have recently lost my job and all my circumstances have changed.

I have 1700 owing on a a barclaycard platinum. i need to get a card to balance transfer this so i can start to pay it off more efficiently.

what id the best card or the best people to start to talk with.

any help would be greatly appreciated.

thanks

[Deleted User]

You won't get a 0% card without an income.

What's your current rate? Which card? Do you have other cards - if so, what are their rates?

ricardo33

thank you for your help

my current interest is 12.40% but after this month it is going up to 16.9%, i do not currently use the card for purchases or do i have any other cards.

[Deleted User]

Ok - first things first - have you rejected the increase? If you're still within 60 days of the notification, you should do this, as youre not using the cards for purchases (as it will be cancelled once you reject the increase). Will you be able to live just using your debit card? If you can, phone them today - don't put it off.

12.4% is a very decent rate, and I can't see you bettering it until you're back in work.

What sort of payments will you be able to make in the future? Obviously the more the better, but you don't want to leave youself short so you need to borrow elsewhere. But paying more than the minimum is pretty vital.

Late addition: if you do reject the rate and therefore lose the ability to use the card, I would suggest applying for one of the lower ranked cards - aqua, vanquis, etc, so that you have SOME sort of credit card to use from time to time, simply to maintain a credit history. ie use it to by your shopping and pay off in full each time. That way, you won't be back at square one in terms of applying for another card when things pick up for you.

PS - these cards won't offer you good BTs and do have high rates, but they ARE relatively easy to get. Although not guaranteed.

ricardo33

this sounds good. thanks.

question? i have £20 in barclaycard freedom points should i use these before i reject the increase?

thanks again

[Deleted User]

The correct answer is check the t&cs to see if they can be used after the account is closed.

The quick answer is they'll probably be cancelled when you close, so yes, spend them/use them, whatever you need to do. But DO NOT let it delay you rejecting the increase beyond the 60 days. And obviously redeem them on things you need, ie food, clothes, or at the very least a luxury that only costs £20, no more (ie a couple of DVDs). DON'T put it towards that big plasma screen we all know you've got your eye on.:)

Good luck with the job hunting.

ironlady2022

I would suggest that you pay the minimum also as you will need money to live on in the meantime. JSA doesn't really give you much nowadays but up until you are in some sort of part time/full time work then you will get rejected for a new card due to unemployment.