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
delmar39
Posts: 1,447 Forumite
in Credit cards
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
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
0
Comments
-
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 debt0 -
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.0 -
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.asp0 -
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.
Cheers0
This discussion has been closed.
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