Shifting card balance help please

amorge

Hi,
I have £2200 balance on a Capital One card with 27.9% APR

I have just been approved for an M&S card at 15.9% APR but there are no Balance Transfer offers...I stpuidly should have checked before applying for this card

IS it possible to simply pay off my C.One card using the M&S details, there is 15% interest free on purchases?

Can someone please advise, I don't want to apply for another card if possible

Thanks

smithers1981

Would suggest applying for a proper balance transfer card you must have reasonable credit rating to get M&S, i don't think one more search will hurt (i think people often don't get best cards for them because they are too worried about the number of searches) go for barclaycard 2 year deal.

Only way to make use of M&S is use it for all everyday normal spending then use the money you would have spent to pay of the capital one card.

Sheriffsam

would agree with the above, but if you really dont want to apply for another card, i would recommend at least transfering the balance from you C1 card to M&S as the interest rate is a lot lower and at least your monthly payments will pay off more of the balance. Keep your repayments the same as what you already paying off with C1 at the very least and your balance will reduce quicker. You wont be charged a balance transfer fee as there is no 0% offer. Then maybe in 2-3 months apply for a 0% BT card and transfer the balance again.

Jammi

You could use your M&S card to buy sterling traveller's cheque from M&S, and pay it into your bank account. You will pay a 1% commission and benefit from the interest free period. check with your bank to make sure that they will accept the cheques. If your bank does not accept them, American Express bureau the change will exchange them for a 1% commission. Both fees still work out cheaper that a balance transfer fee.

fozmcfc

Either do what Jammi says, or risk going for another card which has a 0% balance transfer deal on it.

Being accepted for the M&S, suggests you must have a very good/excellent credit rating. Of course just having been accepted may mean the rating has taken a slight knock.

But no harm in trying if you haven't already applied for credit 3 times in the past 3 months or so. As too many in a short space of time can seem desperate.

If you are accepted, happy days, you can balance transfer and then have 0% interest on purchases on the M&S card and on a separate card, 0% on the transferred balance.