Balance Transfer or pay off and get new card?

rkuk

Hello,
I could do with a spot of help. I’m confused with the whole Balance Transfer. Here’s the basics. My 1st credit card is due to expire. It’s 0% with limit of 6k. I’ve just about reached the limit.

I would now like to transfer the debt (or part of it – e.g. half, so transfer 3k, and pay the other half off). I am in a position of savings where I can pay the whole card off, BUT then I will be left with no savings in my ISA and I want to have access to my money at the moment as there are many trades people who I can’t pay with a CC, they like cash or cheques. Hence why I like to keep a ‘reserve’.

I was hoping I would be able to: get a 0% card, transfer my debt (or as I say – part of it), and then use that 0% card in the same way I have used the current one, but I am confused if I can do this? I looked at the calculator on this site, but I’m a bit lost after watching Martin’s video. If I transfer the debt, can I use that new credit card to pay for stuff, or just move the debt onto it? I know many will say just pay off the whole card, and then get a new 0% card, but as I say I’d rather hang onto a lump of my money at the moment.

Currently I’m with Barclaycard, so I am looking for a good card to move to. Does anyone have any advice, or a fresh pair of eyes on what to do with my money? Maybe I’ve got the wrong end of the stick somewhere?

Thanks everyone!!

bengalknights

I would go with pay half down and then the rest BT it to another card if you can get it.

rkuk

bengalknights wrote: »

I would go with pay half down and then the rest BT it to another card if you can get it.

Thanks Bengal. I'm thinking of going for this route also - it seems to make the most sense.

The next question is finding a card with a good 0% interest if I can qualify for one. My credit rating is good (to me) as I pay everything off on time, so to many providers they won't want me, as they won't make that much out of me.

jpwjpw

Best place to start looking is your bank, if you don't already have a card from them. Hopefully they'll have some 0% offers on and they are most likely to give you a card if you've behaved well with your account.

Otherwise, try Virgin or any of the others mentioned in the CC section of this site.

rkuk

jpwjpw wrote: »

Best place to start looking is your bank, if you don't already have a card from them. Hopefully they'll have some 0% offers on and they are most likely to give you a card if you've behaved well with your account.

Otherwise, try Virgin or any of the others mentioned in the CC section of this site.

Thanks - I got my 1st (and current) card from Barclays who I bank with. So think I need to try elsewhere. I heard someone mention Virgin to a friend the other day - supposed to be some great deal wit them. Might be worth a look!!