Balance transfer??

Dunree

Hi guys,

I have a bit of an unusual question.

I have had a capital one card for years, at around 30% interest on around a balance of £1400-00.

I also have a John Lewis Partnership card, balance of £3000, at around 17% interest.

Would it be cheaper for me to do a balance transfer from Cap One to JLPC?

I'm no good at the arithmetic on these things

I currently pay around £150 to the Cap one per month, and £200 to JLPC if that helps...

Hope you are all good,

Dunree.

TadleyBaggie

Does the JLPC have a balance transfer offer available?

Dunree

TadleyBaggie wrote: »

Does the JLPC have a balance transfer offer available?

When I check my account online, there is a section for balance transfer, so I assume it does, though I may be wrong

omas

You supposed to have 6 months 0% and 17% after, but the best option is to call them and ask.

Dunree

omas wrote: »

You supposed to have 6 months 0% and 17% after, but the best option is to call them and ask.

Might be best bet, thanks for that

udydudy

Dunree, you have told us the balances on the card but not the limits. unless I understood it wrong. i.e. do you have an outstanding balance of [EMAIL="£3000@17%"]£3000@17%[/EMAIL] on your JL card or you have a JL card with £3000 credit limit and the BT rate is currently 17%

Either way If you are paying 30% on your Capital one card and have enough space on your JL card it would be wise to transfer as the rate is only 17% vis-a-vis 30%. but at the same time I would suggest calling JL and asking for a promotional BT offer. my OH got an offer for 9 months 0% with 3% fee from M&S card which like JL is a HSBC affiliated credit card.

Ask them, never hurts your 30% could come down to just 4%(3% over 9 months BT fee).....

Best of luck,

Dunree

Gave JLPC a quick call, balance transfer agreed at 2%

So if my addition is correct, I'll no longer be paying a near 30% interest, only 2%

Thanks for the advice guys

Dunree

Hi Udy, sorry just noticed your post.

Had a nice conversation with JLPC.

As above, BT sorted with a £36 fee, and 2% on the money from Cap One.

It seems a good deal to me, any thoughts otherwise??

The JLPC has a £4800 limit, the cap one has a £2600 limit.

chris-j

Sounds like fee was around 2.5-3%, how long is transfer over or is it life of balance.

Dunree

£36 Chris, 2% for six months, then reverts to the 17%

chris-j

Fee was just slightly more than a months interest on Cap One then for 6 months the interest on the £1400 is less than £2.50 per month, but all payments should be applied to the dearer JPL money do cutting interest there.
I'd say a good result.