CC limit reached -what next?

ecogeorge

I have reached £3896 of a £4000 limit with M&S C Card. - 6mths 0% remaining.
This is a slow stooze started in Oct 2011.
Money invested in West Brom cash ISA -3.07% tax free.
Best balance transfers seem to be 2.9% fee ! this will wipe out gained interest will it not ?
Should I get limit raised ? Start another 0% card ? or BT it? New ISA yr almost here with no funds to deposit so 3-3.3% should be available on savings.
Advice please.
No adverse credit history, no debts other than above and 97K mortgage on a house valued at 380k.

rgds George.

YorkshireBoy

ecogeorge wrote: »

Best balance transfers seem to be 2.9% fee !

You're not looking in the right place! See here...

http://www.stoozing.com/0fees.php

...where you'll find both Barclaycard and Virgin offer 16 months 0% on BTs for a fee of 1.6% and 1.99% respectively.

However, you shouldn't move the debt just yet, because you'd be giving up 6 months interest on nearly £4k.

Instead, you should get another 0% on purchases card, build your stooz pot, and look to shift balances later on. In fact, you should have been getting organised with this when it became obvious you were going to hit the limit...maybe a month or two ago?

ecogeorge

Thankyou , yes better deals there ! Have applied to increase limit to £5,500 and been accepted so will stick with them. When this limit is reached in approx. 3mths time will look at the better BT deals.
Now what's the best new tax yr ISA deal ?
Thanks again , George.

Gambler

I have a similar situation. It's been quite a few years since I did BT's as they used to be at 0%.

I have used £6K of a £6750 limit on M&S and I was just going to pay it off when the 0% finishes in a months time as didn't think it was worthwhile transferring due to the fees.

1. Am I too late to apply for the barclaycard 16 months 0% with 1.6% fee?

2. If not too late when I apply do I transfer the £6K balance or can I transfer the whole limit of £6750?

3. How do I pay the 1.6% fee?

Many thanks

edit: Just applied and asked for a £6K transfer as sounds like a pretty quick process. But not been approved immediately so will know within 5 working days.

PParka

Gambler wrote: »

I have used £6K of a £6750 limit on M&S and I was just going to pay it off when the 0% finishes in a months time as didn't think it was worthwhile transferring due to the fees.

With M&S it is always worth giving them a call. My 0% deal was ending last month so I called them to pay it off and close the account.

The lovely lady in customer services extended my 0% deal by 4 months. She also said to call back in 4 months time and ask for it to be extended again