We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Some balance transfer advice/thoughts

Hi there I've currently got £3600 sitting on a Natwest CC at 0% until December 2013 and am putting £250 a month in a 6% (taxed) Nationwide regular savings account ready to pay the debt off in December. Currently paying the minimum payment on this card each month too.

I am also thinking of doing a balance transfer in November and keeping the savings in the bank aka stoozing, although I will have the money to pay it off if required.

I see there's a good deal at the moment with Barclays 25 months 0% on BTs. Question is would it be appropriate to shift the debt now or wait until my current 0% deal comes to an end in December?

Welcome your thoughts :)

Comments

  • sfax
    sfax Posts: 1,154 Forumite
    Definitely wait until Dec. More time at 0%. Less handling fee as less balance to move in Dec due to min payments.

    However, if it was me, I would be tempted to switch now to Nationwide at 1.5% handling fee for 20 months.

    Depends how long you want to take to pay down the CC debt
  • delmar39
    delmar39 Posts: 1,447 Forumite
    Thanks for the advice - sort of confirmed my thoughts really, just always looking to do something positive!!

    Re Nationwide, I did look at that but currently have one of their 0% purchase cards, so not eligable to apply, which is unfortunate. As a Nationwide Flexaccount customer guess I could give them a ring to see if they will accept a BT from me.

    Thanks again.
  • sfax
    sfax Posts: 1,154 Forumite
    Also consider Lloyds 21 months at 0% with 3% handling fee but you get 1/2 the fee refunded so effectively only 1.5%

    http://www.lloydstsb.co.uk/credit_cards/platinum_card.asp
  • delmar39
    delmar39 Posts: 1,447 Forumite
    sfax wrote: »
    Also consider Lloyds 21 months at 0% with 3% handling fee but you get 1/2 the fee refunded so effectively only 1.5%

    http://www.lloydstsb.co.uk/credit_cards/platinum_card.asp

    Thanks for this. I had a quick look following your first post and did come across this and did a MSE prelim check and stand a 90% chance of securing! Currently considering it and doing the transfer early, it's just that you never know what might be available nearer the time...

    Will have a look.

    Cheers
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 347.2K Banking & Borrowing
  • 251.6K Reduce Debt & Boost Income
  • 451.8K Spending & Discounts
  • 239.5K Work, Benefits & Business
  • 615.3K Mortgages, Homes & Bills
  • 175.1K Life & Family
  • 252.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.