Balance transfer or keep existing card - needing some help

ryan92

Hello guys

I hold a Lloyds TSB student mastercard, and the rate of interest is 19.9%, which seems quite high to a few cards I've seen around. My balance on the card is £647 with a £1200 credit limit

I am not particularly financially minded, and would appreciate any advice on what my options are at this stage - would I benefit from transferring my balance to a card with a lower APR, or should I just stay put, I'm totally unsure

Thank you

YorkshireBoy

ryan92 wrote: »

would I benefit from transferring my balance to a card with a lower APR, or should I just stay put, I'm totally unsure

19.9% APR is just over 1.52% per month.

A typical BT fee is 3%, so if you could get a 0% BT card elsewhere you'd be in pocket after just 2 months.

ryan92

Thanks for that, much appreciated:)
Was looking around and I noticed a certain card which is 6.9% APR, with no fees on balance transfers... I would name the card but I'm unsure if any of the rules of the forum would permit me from mentioning it - seems a lot better than what I'm at just now.

YorkshireBoy

ryan92 wrote: »

Thanks for that, much appreciated:)
Was looking around and I noticed a certain card which is 6.9% APR, with no fees on balance transfers... I would name the card but I'm unsure if any of the rules of the forum would permit me from mentioning it - seems a lot better than what I'm at just now.

Sainsburys Gold? Doesn't that card have a £5 per month fee?

Anyway, why pay 6.9% APR when you can have 0% for 22 months for a 1.45% fee with Barclaycard? Or even a 5.9% APR life of balance card with MBNA for a 1.5% fee?

ryan92

Ah yeah that's true.
I am unable to apply for a Barclaycard since I'm only 20 unfortunately.

The only one which seems reasonable for me ( well, ones I have came across) is the Bank of Scotland Plus Credit card, which is 0% for 18 months on balances transfers (plus 3% fee).

What exactly is the MBNA? Sorry for the amount of questions, a little clueless when it comes to things like this so cheers for your patience

YorkshireBoy

ryan92 wrote: »

I am unable to apply for a Barclaycard since I'm only 20 unfortunately.

Being only 20 (and still a student/unemployed?) won't help with a 'prime' BT card application.

What exactly is the MBNA?

MBNA is a card provider, like Capital One, Bank of Scotland, etc.

ryan92

Ah right, probably just worth staying put then.
Thanks again