Scared to apply for a balance transfer card

JBR1990

Hi all, just an update that may be of benefit to anyone else in a similar situation - applied with Barclays and got accepted on their 22 months at 0% plus 3 months interest free on spending... good news didnt end there... thought I would only get a proportion of my existing debt transferred and a low limit but I find myself transferring all £4,500 and getting a whopping £12K limit on my new card... MUST NOT SPEND ANY MORE MONEY is now permanent markered on my new card to remind me Thanks again for all the advice!

jonesMUFCforever

JBR1990 wrote: »

Hi all, just an update that may be of benefit to anyone else in a similar situation - applied with Barclays and got accepted on their 22 months at 0% plus 3 months interest free on spending... good news didnt end there... thought I would only get a proportion of my existing debt transferred and a low limit but I find myself transferring all £4,500 and getting a whopping £12K limit on my new card... MUST NOT SPEND ANY MORE MONEY is now permanent markered on my new card to remind me Thanks again for all the advice!

Why not ask them to reduce the limit to say £5000 just in case!

fozmcfc

Congrats on getting the card, similar situation to me. I transferred £3500 to a 16 month 0% card with a £6k limit a few years back.

It really helped me get sorted as I was able to pay the minimum for a while and getting rid of expensive debt, by not having to pay £70 + interest a month.

The best thing you can do, is not to spend at all on the card, not even in the 3 months 0% period. If you have any other debt, start to clear it now, while paying the minimum to the Barclaycard.

Don't forget near the end of the 0% period to apply for another 0% card if you have any balance remaining.

Like me a few years back, you have a golden opportunity to become debt free, so take it.