Is it worth reducing my available credit?

Fliss_M

I currently have 6k outstanding on 2 cards. Both on 0%. Am paying £400 pm off them. It was 8k when I started. I have 5k on a virgin card which am paying min on and 1.2k on a HSBC card (my bank) which is getting the lump to pay it off.

Come June-ish both 0% will end and I want to transfer again. So I will need to move 5k (the virgin)

I have a barclaycard with 4.5k limit - empty. Nationwide with £900 - empty (use for foreign travel) Debenhams with 3k and tesco with 3k which I use & pay off in full each month to help with costs (car repairs, big buys, discounts etc).

What I thought of doing was cancelling the barclaycard and once its clear the HSBC card. Taking 7.5k of available credit off me. would that help getting a new long deal with say MBNA Platinum? 5K is alot so if I dont get it all and I have cancelled the other cards am not sure where I could put it.

I had thought of transfering to Barclaycard but thats only 6 months 0%. I was hoping to make this the last tart. (hum, tho is it worth trying to get barclaycard to give me a better term with the threat of cancelling?)

Such a mined field. Welcome any points.

[Deleted User]

Reducing limits will help, but the specific problem you have is you can't transfer directly from Virgin to a new MBNA (as they are both MBNA). So you need to be aware of which cards will be going to which.

Degenerate

Deleted_User wrote: »

Reducing limits will help, but the specific problem you have is you can't transfer directly from Virgin to a new MBNA (as they are both MBNA). So you need to be aware of which cards will be going to which.

True, but if they get a big enough limit they can do a money transfer to their current account and use that to pay off the Virgin card. This will incur a higher fee, but still could be reasonable if it's a long 0% deal.

briankelleher

Aren't money transfers considered cash advances, and thus not eligable for 0% deals of any type? I know my natwest is 0% transfers/purchases, but 2% a month on advances.

Degenerate

briankelleher wrote: »

Aren't money transfers considered cash advances, and thus not eligable for 0% deals of any type? I know my natwest is 0% transfers/purchases, but 2% a month on advances.

MBNA cards usually offer the same introductory terms for money transfers, just with the slightly higher fee (4%).

Fliss_M

mmmmm, I had given up hope but the money transfer sounds interesting! Thanks for the extra info, I will but it to good use