Chained to my Credit card

markbenson

Ok i have 2 credit cards one has no balance on it the other has 3000 on it
i checked the net to see which ones were good for balance tranfers, i chose marbles, i tried to tranfer and was decline over the phone, my credit is good,although only just bought my 1st house 8 months ago.

called lloyds tsb and asked if they could do anything they said they could lower the interest rate but only on new purchases, so they actually want me to spend more !! my minimum payment is 70 pounds and that is the same as the interest on the card, im aiming to pay off around 200-300 a month
but im so angry with my bank i want to do something now about this

any ideas please let me know
thanks mark

Reaper

I'm rather confused by your post. When you say...

markbenson wrote:

i tried to tranfer and was decline over the phone

Are you saying Marbles gave you a card then refused to do a transfer? That doesn't sound right. Or perhaps you meant they wouldn't give you a card in the first place?

Assuming the latter your options are:

1) Get your credit histories to see why you were rejected in case there are any errors on them.

2) Try for another another 0% or low APR card. Having been rejected once I suggest you only try a company you have an existing financial relationship with (eg bank account, savings, mortgage).

3) Look at the other card you have and compare APR. If it's APR is lower then switch your debt to it.

4) See if you can get a cheap loan as an alternative to a credit card. You want a flexible one so you can pay it off when you want without penalty. Cahoot do one for 6.7% APR which is considerably less than your credit card will be charging you.

grumbler

Reaper wrote:

Cahoot do one for 6.7% APR which is considerably less than your credit card will be charging you.

6.7% is 'tipical' APR. And they declare it for loans over £5000. When I applied 1-2 years ago just to get £30 incentive I was given about 15% although I assume my credit history is fine. I think the higher limit you apply for the more chances you have to get lower interest rate.

markbenson

sorry yes i wanted to tranfer my balance to marbles, but in doing this i had to apply for a new crdit card with marbles, they declined it, thought it might be as i only took on my mortgage 8 months ago.
mark

Walletwatch

markbenson wrote:

called lloyds tsb and asked if they could do anything they said they could lower the interest rate but only on new purchases, so they actually want me to spend more !!

And to top it all, any overpayments you make on the card will first go to wipe off the lower interest balance, I presume... not worth it at all.

As posted by others, try getting hold of a credit report, and try a card issued by somebody you've been banking with - chances are they will issue you one.