Balance transfers?

m20b27

Hi- looking for some advice,

I currently have a CC with Barclaycard- managing repayments fine, above the minimum level. I'm interested in reducing my debt outgoings, and reducing my debt level overall, with this in mind,

I was Looking at transferring the balance to a 0% balance transfer card- however, it seems that the best deal on the market is with Barclaycard...

would it be possible to apply for another card with them, and swap the balance over- or would I be more likely to be accepted by another provider?

thanks!

InsideInsurance

You can get another card with them and possibly transfer the balance but it will 99.999% likely not qualify for the 0% rate as all card companies exclude transfers from within their brand and many from within their family of brands

m20b27

InsideInsurance wrote: »

You can get another card with them and possibly transfer the balance but it will 99.999% likely not qualify for the 0% rate as all card companies exclude transfers from within their brand and many from within their family of brands

Thanks for that!

even if it were a lower rate than current it'd be an improvement..

although, obviously 0% would be best.

I may investigate the other ones available- there are a few reasonable ones- even if it gets me 12 months at 0%, that'd be a start.


having read some details on this site, could a 0% card that allows overdraft balance transfers be an option? I.e. consolidate all my debt to one 0 or low % credit card?


I've viewed my credit ratings, and am hapy with how it looks

thanks

InsideInsurance

You should view your history rather than rating, the score they assign is used by no one other than you, lenders have their own scoring systems.

Depending on your record you may or may not be able to get a super balance transfer card and thus also move your overdraft onto it.... the trick is then not to go back into your overdraft though

m20b27

History is clear as far as I can see,

agreed re going into the overdraft again!

more investigation required..

Tixy

You could maybe look at the MSE pre eligibility checker for the MBNA card to see whether you are likely to be accepted for that. That would allow you to transfer both your barclaycard and do a money transfer to your overdraft.

Before making a decision work out if you will save money by transferring it all, or if it works out better to just transfer some of the debt. Maybe have a look at the snowball calculator to see how much you will pay in total interest with the existing card and overdraft, and then compare that to the cost of doing transfers. http://www.whatsthecost.com/snowball.aspx

m20b27

Managed to get 0% for 24 months with 2.9% fee

very happy now- saving a fair bit vs the interest on current card