Credit Card noob

jhill89

I have a Natwest Gold CC with about £800 on which is close to my limit. Is it possible to transfer the balance to another bank that offers 0% interest? I'm 23 and a noob when it comes to all this so not sure if this is possible or how I'd go about it?

Thanks

lippy1923

It is possible depending on your current circumstances. Things like employment status, credit history will be taken into account on a new application.

The bit that worries me is you say you are close to your limit. This may not look very good to other lenders when applying. Could you prehaps pay in a lump some now to reduce the amount a bit?

There are lots of providers out there offering decent 0% offers, so shop around. I would always try my own banks personally as I have a relationship with them and would be more likely to be accepted.

Research online for the best deal to suit your needs and then either apply over the phone, go into a local branch or apply online.

Good luck

jhill89

Thanks, reason I'm close to my limit now is because I've just come back off holiday and about £200 went on it for car hire. I earn under £1000 a month as I only work 20 hours a week so I can only afford to pay off about £100 a month!

Thanks for the advice

lippy1923

How quickly are you looking to balance transfer? Whats your APR on your current card?

If possible can you prehaps borrow a small amount from friends/family? Just so you can reduce the amount for a while before application?

If you are making minimum payments, try paying +£1 more each month. This looks slightly better on your credit file, if its more than minimum.

jhill89

The minimum is about £12 a month so I always pay over that! Not sure on the APR off hand, don't think it's too much but just thought might be worth trying to get one that works out better for me.