New CC won't cover existing CC balance - what now?

mummy_dumpling

Our Capital One card is coming to the end of its 0% balance transfer and we still have £5500 left on it

Hubby has an A&L cc with no balance but we haven't received any offers for this cc

We applied for a Halifax cc but they've only given us a limit of £3500 with a max balance transfer of £2800 - so that still leaves us with £2700 remaining

I have just had a letter from my barclaycard with 0% on balance transfers till Aug - I have a balance of £900 on this cc but have just enough credit limit left on it to transfer the remaining £2700

Is this the best option for us? or should we apply for another card? or ?

All advice appreciated :j

Phoenix79_2

Ring up A&L and see if you can strike a deal. The credit card is managed by MBNA and they are usually open negotiation. Just say you want to BT £2.7k....whats the best deal you can do. Good luck

m00head

Alternatively, log into the A&L credit card servicing website (if you have signed up for it) where they sometimes offer you 0% balance transfers (with BT fee) for up to 12 months down the right-hand side of the screen. I believe this is usually when you have not used your card for a while or are still within your promotional introductory offer period.

mummy_dumpling

We phoned A&L and they offered us £5k balance transfer with no transfer fee at 2% for 6m - so the interest we will pay will be less than the balance transfer fees we would have paid.

So we have transferred £5k to A&L and the remainder to Barclays and have cancelled the Halifax card.

We had been paying £300 off each month but can afford to up it to £500 after Xmas so in 6m we will only have about £2.5k to move

Thanks for your help!