Help needed please- 0% credit card query

bouncerbloke

Hiya guys, I'm a bit slow where these things are concerned so please be gentle.
I currently have a MBNA platinum credit card with an outstanding balance of £6350 as of this morning. As you can imagine I'm paying quite a lot of interest on this so my wife and I have just been discussing doing a balance transfer and cutting the interest out. What would be the easiest way to do this or will the various companies not transfer a balance of that amount. This is the only thing standing in our way of being debt free and I really want to get rid of it!
Any help would be gratefully appreciated.

CLAPTON

in principle then yes, you or your wife can get a 0% BT CC and transfer the balance

however it depends upon things like

salary
debts
credit records
electoral roll
residential status

bouncerbloke

Thanks for the reply Clapton (my favourite guitarist by the way:o), it's good to know that we can get rid of this quicker than we are doing at the moment. I earn about £25k per year and she who must be obeyed earns about £12k so there should be no problem on that score, we have an excellent credit rating and paid our mortgage off approximately 5 years ago so, as I mentioned before, this is actually our only debt.

sistafromanothermista

Then i can't see why not, on the way to being debt free

thenudeone

You don't need to transfer the whole lot if you can't get a high enough limit on a new card (£6.5k would be unusual on a new card for someone on average earnings)

Even transferring some of it will reduce the monthly interest charge and enable you to chip away at the debt faster.

keeleyjadex

Don't see why not! I recently applied to Barclaycard with a 22month interest free balance transfer offer with a credit limit of £7100 so maybe give them a try!

bouncerbloke

Thanks keeley, that's exactly the one I was looking at :beer:

fozmcfc

Don't forget to let us know how you get on, good or bad, definately do not refuse a 0% card even if say you only get a £2000 limit.

You can always apply for another and as the thenudeone says even a smaller amount at 0% will save you money.

keeleyjadex

No problem They took a little too long to get back to me so I ended up going with Nationwide @ 20 months interest free, so there's another option for you if needed

willsavenotspend

I did it for my sister a couple of months ago, as she couldn't get access to 0% deal. This was on existing barclaycard with £10000 limit and nothing on it.