credit card shuffle...blonde hustle

zimchick

have read Martin's CC shuffle but with information presented in such different formats by the financial institutions I am still a bemused, failing tart ...please help

I currently have 4 credit cards:

Lloyds TSB -nothing owing, credit limit £6 150
Virgin - nothing owing, credit limit £6 000
HSBC - £978 (0% ran out Jan 07, interest 1.094 per month, Credit Limit £3 300)
Post Office - £2 142 (0% bt offer ends 3 May, APR14.90% Credit Limit £2 600)

I also have an overdraft of £1000

I have been offered 1.9% on balance tranfers for 6 months by HSBC with a 2% bt fee.

Please guide me through this...I am going round in circles trying to work out how to get rid of this debt the most economical way. I can afford to regularly pay £200 per month on this debt.

humble thanks

poppy_f1

you could see if loyds or virgin are doing any 0% ofers and do a BT over to those cards

zimchick

the plot thickens today...

Lloyds can offer me 0% for 9 months with a 3% fee http://www.lloydstsb.com/credit_cards/platinum_card.asp
but I have to spend £100 in the first 3 months. Why is that?Is this so that they can charge me interst on the £100 purchase till the debt is paid off??

Apparently, they are transferring all existing customers over to PLatinum cards due to a new partnership - they didn't inform me, I just logged on to internet banking and saw a new credit card sitting there!:mad:

In the meantime, I came across an offer yesterday via moneysupermarket for a 0% card - Barclaycard Platinum Special which I applied for. Their fee is 2.9%.

Am I best waiting to see if I get the Barclaycard before I consider Lloyds? Just not sure about this £100 thing? Can anyone explain what the implications are?


failing tart...

mintymoneysaver

I think you're right about the Barclaycard, but if you can spend the £100, pay it off straightaway and THEN balance transfer then that is the way round that problem, I suppose it would be a waste if you didn't need to spend £100 though. Perhaps you could do your food shopping or something on it and then just use your food budget to pay it off.

zimchick

of course! that works.

Thanks for that minty. . . just hoping for a positive response from Barclaycard now.

Hats off for chomping your debt!