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0% balance transfers, Idiots guide please!
magic57
Posts: 738 Forumite
in Credit cards
Forgive me I am new to this so these are probably daft questions.
I have a Natwest credit card and now have a debt of about £3000 on it. I pay as much as I can each month and have usually managed to pay it off most of the time but due to unforeseen circumstances have had a big outlay hence the £3000 debt.
It will take a while to pay this £3000 off. My question is would it be better to move this to a 0% card if possible so I don't have to pay loads of interest?
Can I move part of the debt to another card but still keep the Natwest card for emergency spending or would that card have to be closed? I gather I can't spend on a 0% card is that correct?
Sorry to ask but all advice gratefully received.
I have a Natwest credit card and now have a debt of about £3000 on it. I pay as much as I can each month and have usually managed to pay it off most of the time but due to unforeseen circumstances have had a big outlay hence the £3000 debt.
It will take a while to pay this £3000 off. My question is would it be better to move this to a 0% card if possible so I don't have to pay loads of interest?
Can I move part of the debt to another card but still keep the Natwest card for emergency spending or would that card have to be closed? I gather I can't spend on a 0% card is that correct?
Sorry to ask but all advice gratefully received.
0
Comments
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If would make sense to transfer as much as possible to a 0% BT card as then you only pay a 3% (appox) fee and then it's interest free for the promotional period
there is no need to close your existing card; you can continue to use it as normal although I would suggest you pay in full each month.
unless you fully understand the T&Cs of the BT card it is best not to use it until you have cleared the BT.0 -
Thank you so much that is very helpful. I'll look into it right away. :A0
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