100% balance transfer

dolphicorn

Is it at all possible to transfer 100% of a card to another one. At the moment I am struggling enough with £5k on one card which is not going down despite me paying off around £400-500 a month. The interest is not helping. I don't relish the idea of just a part transfer and end up with 2 large mill stones round my neck.

I chopped my card up about 8 months ago and not used it since.

guesswho2000

Yes, if the new card gives you a high enough limit.

Ebe_Scrooge

In theory Yes, it's perfectly OK. The sticking point will be whether a new card issuer will give you enough of a credit limit to enable you to do this. It'll be based on all sorts of criteria, such as your credit rating, previous history, any missed payments, etc. etc. etc. And just having a "perfect" rating on Experian or whatever is no guarantee - most lenders will use the rating agencies as a guide, but will also have their own criteria to decide on what initial limit to give you.

But in theory yes, there is no problem with transferring all the debt from one card to another.

platterfish

Be careful of rules surrounding the amount of balance transfer you can have on your new card in comparison to your limit

You may want to look at Nationwide's soft search. This will give you an indication of a limit prior to a full search being made on your file. Then you could choose to go ahead based on that info.

In this case they will let you transfer of 90% of the credit limit. So you would need a limit in excess of 5k to move the full balance. Potentially around the 5600 mark.

If the limit doesn't suit. You may consider opening two 0% cards to get the balance fully away from your interest bearing card, but all of this will depend on your credit status.

dresdendave

dolphicorn wrote: »

Is it at all possible to transfer 100% of a card to another one. At the moment I am struggling enough with £5k on one card which is not going down despite me paying off around £400-500 a month. The interest is not helping. I don't relish the idea of just a part transfer and end up with 2 large mill stones round my neck.

I chopped my card up about 8 months ago and not used it since.

What is the APR on the card? If you are paying about £500 each month towards a £5000 debt surely the outstanding balance must be decreasing by a considerable amount each month?