Rolling over CC debt

John424

Hi,

I have £6.5k of debt with MBNA that is due to expire mid Feb off it's interest free period. I don't have the funds currently to repay so rather borrow to repay and then loading the same card up again, can I just ask them to keep the balance static and charge me 3.5% or whatever for the next interest free period?

John

DevCoder

Whats the rate for when you come off the 0% as thats what youll be charged?

Are you assuming that you could get future credit with them at 0%? If so then they will recredit score you for further credit and your existing debt will be a factor.

chattychappy

They depend on people not being able to repay these balances when the offer expires. I doubt whether they will agree to allow you to go to anything other than standard rates.

Your best chance is to apply for a new card with a promotional deal and transfer to that.

There's alot to be said for "Life of Balance" deals. Whilst you won't get 0%, the 5.9% (or whatever) APR is pretty reasonable and you have the security of knowing that the deal will never run out and you only pay the transfer fee once.

thenudeone

You can ask; but they're unlikely to agree, IMO.

They offer BTs at 0% precisely so that they will earn some interest when the offer expires.

John424

Thanks for replies, I'll just have to pay it off at our joint pay days and take it out again. I just couldn't be bothered with the admin factor