Credit Card Advice Please...

Stevecb1300

Hello there..

Im Steve and a new member..

I have a credit card with Halifax, Its limit is 6,000 and Im at 5,970.. The interest rate is 25.45%APR.
I always used to pay of in full each month but over the last couple of years I have only been paying the minimum..

Whats the best way to reduce my monthly payments? Next months estimated interest is 108.00 alone, My partnr is currently unemployed and need to cut back and ty to pay o a litle more each month..

Could I transfer it to another card? Are the fees payable immediatly?
We could afford to pay of about 100 per month..

I have never transfered a balance before..

Why would a new credit card company accept it as their not gonna get me to spend?

Thanks....

BugsyBrowne

Stevecb1300 wrote: »

Hello there..

Im Steve and a new member..

I have a credit card with Halifax, Its limit is 6,000 and Im at 5,970.. The interest rate is 25.45%APR.
I always used to pay of in full each month but over the last couple of years I have only been paying the minimum..

Whats the best way to reduce my monthly payments? Next months estimated interest is 108.00 alone, My partnr is currently unemployed and need to cut back and ty to pay o a litle more each month..

Could I transfer it to another card? Are the fees payable immediatly?
We could afford to pay of about 100 per month..

I have never transfered a balance before..

Why would a new credit card company accept it as their not gonna get me to spend?

Thanks....

With a good credit rating it's pretty straightforward applying for balance transfer card and be accepted but how much credit limit they give you is down to other debts and income.

A lender will defiantly see you close to the limit as a negative though.

YorkshireBoy

Stevecb1300 wrote: »

I have a credit card with Halifax, Its limit is 6,000 and Im at 5,970

Any prospective lender will see you as maxed out and struggling. This will affect acceptance or credit limit granted.

The interest rate is 25.45%APR.

You need to be very aware that with your current balance and that interest rate, you could very well be over your limit at your next statement date.

We could afford to pay of about 100 per month..

That's going to limit your choice of card somewhat. Whilst there are some lenders that use the 1% + interest (as Halifax do) calculation method, there are a great many others who will demand 2% (£120), 2.5% (£150), and even 3% (£180)...so choose your next card very carefully.

Best of luck...you'll need it!

Stevecb1300

Thanks for the reply's..

Yes I understand, and should have tried to sort it before it got to this stage..

I've paid hundreds in interest I could have avoided..
On the good side, Im employed and never missed a payment on the credit card or car finance that I have..

Gonna have to try and get some of the credit card debt on to a another card..

Your suggestions on the best one for my situation would be appreciated..

Thanks...

balmk

It would be worth trying the Barclaycard, Fluid, and Nationwide "soft searches" first as these will give you an idea if you are likely to be accepted; they review your information without leaving a "search" footprint.

If the indications are then positive you can then go for the full application.

Stevecb1300

Hi Balmk,
Thanks for the advice..

If I apply and am accepted for a Barclay card do you know when the transfer fees are payable? Ive looked on the site but cant find it in their terms and conditions, or is it put on to the card as a purchase?

Thanks...

Gromitt

Have you tried asking for a loan at your current bank? Whilst it will not be 0%, it will be far less than 25% and you might stand a better chance of getting it.

SCO

Stevecb1300 wrote: »

Hi Balmk,
Thanks for the advice..

If I apply and am accepted for a Barclay card do you know when the transfer fees are payable? Ive looked on the site but cant find it in their terms and conditions, or is it put on to the card as a purchase?

Thanks...

The BT fee is instant and added to the credit card debt. it usually is around 3% of transfered debt.

You would be as well applying for any 0%, if you have a decent history you could try Virgin Money if not so good someone like Creation.