advice needed on credit card balance transfer, never done it before

mrsbowie

Hi I have a Lloyds tsb credit card with a debt of just over 2K, I pay £50 a month in repayment, the monthly bill is usually about £45. Obviously it's not going down by much and I'm just wasting money. I can't really afford to pay more than £50 a month.
I keep looking on here and seeing that Barclaycard seems the one to transfer my balance to. I easliy get muddled by APRS, can someone explain please in money what I would need to pay to trnasfer the debt.
Also do I do it online or can I go into a Barclays and do it

I earn roughly £400 a month and get £340 a month in tax credits, I know paying £50 a month wouldn't pay it off in the 22 months but hope to have extra cash by then to pay it off,

mrsbowie

any advice? please

CLAPTON

well, the BT fee is usually baout 3%

so on £2000 the fee 2,000 x 3% = £60

after that you pay no interwest for the promotional period

however, whether you will get the 0% barclaycard depends upon your credit history and income.

YorkshireBoy

mrsbowie wrote: »

I can't really afford to pay more than £50 a month.

Then be sure to choose a provider whose monthly minimum payment is less than 2.5%.

mrsbowie

Thanks, just never done this before,
Income is £720 ish a month incl tax credits and my credit score is very good, the limit on my current card is £6k

YorkshireBoy

Your credit score is "very good" in whose opinion? If you say Experian etc then that description means nothing.

Your £6K limit may hinder your application, since it's more than your salary (and almost as much as your total annual income including tax credits). I might be inclined to cut that to £4-4.5K or so, at least 2 months prior to making an application.

mrsbowie

ok ta my annual bank reviewer said my credit score was good, I've just looked at the barclaycard one and annual income required says 20k so that's no good to me, thanks for the help