'life of balance' cards- r they worth it?

angelc5

Hi Guys
Newbie here, and desperate for info!

I have 2 credit cards, one for emergency and one to pay off past spending (hsbc). I only use the hsbc card to pay off the debt, not for purchases.

It's time for me to transfer the balance, and the most obvious choice was to opt for a 0% balance transfer (Abbey are doing 0% BT for 12months, then 15.9% after that and 2ish% fee).

But now I have seen 'life of the balance' cards.The lowest rate I have found so far is M&S, 3%, no fee.

So, is it worth opting for the 'life of balance' card if I won't be using the card for purchases? I have searched the site, but haven't quite found the info I need.

Or are there things I need to consider that they don't tell you!

Thanks:p

Phoenix79_2

How log will it take for you to pay off your debt?

If its years then yes....they are great.

p.s M&S is 3.9% not 3% and is the best LOB offer by far.

angelc5

Hmmm..well probably a few years! I plan on still paying the same amount a month, so hopefully it will be much more than the minimum repayment they might ask for.

Any ideas on how to work that out! lol

angelc5

ok..I've just done a quick, basic calculation, and the way I'm going, it might take me roughly 3 years to pay off the hsbc card.:eek:

Phoenix79_2

Whats the balance to transfer and what can you afford per month?

angelc5

transfer is £930, and i've been paying on average £30 a month

Phoenix79_2

It'll take 33 months to clear if you pay £30 pm. You will repay £980 (£50 interest). Definiely better than moving around from 0% card to another and paying fees all the time

angelc5

cool....so I think getting M&S card is a must..although reading a most recent post...it might take a while!

Phoenix79_2

Didn't take that long for me and i applied recently

angelc5

cool..did you apply online?

Phoenix79_2

Yup i sure did.