Who can I swap to?

tyson666

Hi everyone - new to this but I'm sure I'm in the best place to get some advice :j.

I've currently got a 5k balance on BOS One Credit card which at the moment is on a 3.94% pa until paid off. At the moment I pay £40 a month interest and was thinking about transferring part of this balance to another interest free card to try and reduce interest and pay it off a bit quicker - I currently pay £100 per month.

I got caught out before applying for a card and was unable to transfer a balance as both were MBNA cards. Can anyone tell me who I can swap to don't want to swap and have a new card which I can't use and have a hit on the credit history unneccesarily. Thanks :rotfl:

CLAPTON

5,000 at 3.94% pa = 197 pa or 197/12 = £16.4 per month
so I don't understand why you are paying 40 per month interest
something wrong here

intranicity

£5k at 3.94% interest would be I think approx £17 a month interest, not £40? Or are you still spending on the card and that is being charged at a higher rate?

I'd guess that it's a pretty good deal, even if you took it to a 0% card, you'd only have 0% for 18 months max, plus the charge for doing the transfer, personally i think you'd be better off leaving it where it is.

intranicity

HEY..... looks like my maths is good for once lol

tyson666

We did spend more on it after I transferred to the 3.94% looking at it now the typical interest on purchases is 27.95% APR - the breakdown shows purchases being the highest £27 per month in interst charges, the original balance transfer £11 (bu**er shouldn't have spent on it) will just keep up the payments - thanks for the advice, goodnight guys

Fruit_and_Nut_Case

tyson666 wrote: »

I got caught out before applying for a card and was unable to transfer a balance as both were MBNA cards. Can anyone tell me who I can swap to don't want to swap and have a new card which I can't use and have a hit on the credit history unneccesarily. Thanks :rotfl:

Have a look here to see who owns whom.