Road to Recovery - My Diary

mae

Not sure re changing from Halifax to Egg as remember there will be a BT fee but I hope someone else comes along who can give better advice re interest rates but it does sound like a good idea to me. Maybe if you leave the EGG clear for a couple of months they may send you an offer for a BT??

But if you can transfer some of these balances I would seriously consider it if I were you as it will make such a big difference over the term.

Seriously have a look at your statements and see how much you are paying each month in interest andI am sure this will spare you on to make this your next mission.

mae

Have you looked on the main site at Martins Credit Card page recently? I've just looked and it gives you the best Life of Balance rates and also the best 0% so it may be worth having quick read of that before you apply for any cards.

Hope78

Had a look at the main site regarding CCs. Found a few options that are appealing. Citibank Life of Balance at 5.8%, Barclaycard Platinum at 5.9% and M&S and More at 5.9%. However the thing I'm worried about is - the application will likely ask how much I want to balance transfer but what if the credit limit isn't enough to cover even my lowest outstnading balance? Do you think it'd still worth doing? This is where I get totally lost about these things.

SarahNeedle1872

Hope78 wrote: »

Had a look at the main site regarding CCs. Found a few options that are appealing. Citibank Life of Balance at 5.8%, Barclaycard Platinum at 5.9% and M&S and More at 5.9%. However the thing I'm worried about is - the application will likely ask how much I want to balance transfer but what if the credit limit isn't enough to cover even my lowest outstnading balance? Do you think it'd still worth doing? This is where I get totally lost about these things.

Hi Hope...

They are definately worth looking at, esp if ur APRs are high.... I would guess at 5.9% lob, there's no BT fee.....? Even if there is, it's defo better to be paying 5.9% than 16.9%

HTH

Sarah x

Hope78

Hi SarahNeedle

Thanks for that it's just a bit nervewracking, 2 of those offers have no balance transfer fee. Here's the APRs and outstanding balances, any advice what I should try to trannsfer?

Egg Card £3700.14 (£4000) @ £90dd APR 16.9%
Nationwide Visa £10880.29 (£11750) min £330 APR 17.9%
Halifax Visa £13097.93 (£13300) min £250 APR 23%

lunar

I would ask on the credit card board. i opened a nat west card only to find i cant transfer the balance from my highest interest cc, because of the company thats behind them or something!

i got a really quick answer on there and some really useful advice

SarahNeedle1872

Hope78 wrote: »

Hi SarahNeedle

Thanks for that it's just a bit nervewracking, 2 of those offers have no balance transfer fee. Here's the APRs and outstanding balances, any advice what I should try to trannsfer?

Egg Card £3700.14 (£4000) @ £90dd APR 16.9%
Nationwide Visa £10880.29 (£11750) min £330 APR 17.9%
Halifax Visa £13097.93 (£13300) min £250 APR 23%

I would definately get as much as possible off the Halifax card, as thats the highest APR. You may well get asked how much you want to BT, in which case, if it were me, I'd put the whole £13k down..... U may not get a limit of that much, but it's defo worth a go! Last time I got a new card for a BT, they gave me a limit £2k short of what I wanted to shift, so I just moved as much as poss, the concentrated on paying off the remainder asap.... iyswim!

OR.... find out when ur anniversary date is for Egg.... you may well have a 0% offer that u could use (I do anyways, so assume u should too)... If u did, u could shift the Egg balance onto one of the new cards @ 5.9%, then shift as much from Halifax as poss onto ur 0% Egg (there would be a BT fee, but only 2.5& I think). If u still had space on the new one, u could shift more from Halifax there too.....

My goodness, I hope that all makes sense!?!:eek: It's a lot of shifting, but u would save money in the long run

Something else you could try is calling up Halifax, Egg and Nationwde, and see if they will reduce your APR - there are people on here that have successfully done that, and it wouldn't hurt to ask.

Sarah x

Hope78

Thanks for that I had read about people asking CC comanies for lower % will give that serious thoughts as the worst they can do is say no! Will also ahve a look on egg and find out anniversary date.

Cheers
Hope x

SarahNeedle1872

No probs..... as Lnar said, post on the CC board too, u might get a more experienced person answer u

Sarah x

Hope78

Took the plunge and applied online just now for M&S &More card, it takes 48 hours for them to process application so fingers crossed. If I get one I know the limit will be smallish but as the lovely helpful people on here have said every little helps. So at least some interest would be saved.

Hope x