Advice please

The_Rizler

Hi there
I've had a letter from the black horse bank offering me a chance for 9 months interest free rate if I take money from my credit card. I have a 9K limit with £104 on it.
Now I have a loan with the same bank with 5730 remaining if I balance transfer the loan amount I save the interest on the money I would pay into the loan.
Loan repayment =237/month
Overpayments currently making = 80/month to pay it as quickly as I can
APR = 9.7%

Should I make the balance transfer pay as much as I can in the 9 months and hope that I can get a 0% balance transfer next year?

or keep paying the same and stick with plan.

Am I confident in getting a balance transfer next year? I don't know, I've only got the cc in cases of emergency, they offered the limit I took it so that I while I'm paying down the loan, I can get things in emergencies.

let me know what you think.

Thanks
Riz

Westminster

Are they saying they will allow you to transfer money from your credit card into your current account at 0%?

If not - it would be odd for them to allow you to do anything other than transfer a balance from a non-lloyds credit card (they don't allow you to transfer from lloyds to lloyds)

Tixy

APR on existing loan?

I wouldn't do it if you have to rely on getting a second card. I'd only do it if it would out cheaper even if the remainder gets stuck on that credit card at the standard APR - and obviously that depends on what the standard APR is and what balance you expect to have left in 9months.

Have they mentioned if there is a fee to do the transfer to your current account? if there is then factor that into your calcs.
Usually money transfers/super balance transfers have a fee, although I''ve not read that black horse offers them before so don't know if they generally charge a fee.

The_Rizler

Thank you for the replies;

Hi Westminster - the letter said I could do what I wanted with the funds, but I'm sure the devil is in the detail.

Hi Tixy
APR on existing loan is 9.7%
Balance transfer fee is 3%
I'll have to look to see what the APR is after the following 9 months.

I was in two minds and was swaying with you as the plan becomes dependent upon getting a second 0% after the 9 months.

Thank you both
Riz