Already have the recommended cards, but need to change

gazraa

Hi

I have several credit cards which I am using to reduce my debt by using the 0% or low rates, however, the cards that are being recommended on this site for balance transfers are the ones I already have and their low rate periods have already ended, as I only discovered today.

I have a barclaycard, mbna and an M&S card. I also have a cancer research card, halifax based I think, with a small balance on it that will be cleared next month. So I seem to have all the good options ruled out. I applied for the Lloyds card but they only offered a low credit limit for 13 months so didn't go for that one.

So I'm a bit stuck for what to do to keep my path to debt freedom on track. I have about £12k spread over the cards overall. I can afford the minimum payments plus an extra £150. I'm also saving for a wedding later this year so in 2014 I'll be able to add a bit more each month. It's all go!

Is a low rate loan an option?
Are there any other cards I should consider?
Are there any options I'm missing?

Any advice would be appreciated.

bengalknights

Try an MBNA derivative card this may force MBNA to give you a deal on existing card to transfer debt to

[Deleted User]

If you can find a loan at a decent rate then it's a viable option, so long as you don't just put all the money back on the cards of course! Going for a loan won't necessarily be the cheapest options but it may be the most hassle free. As an example, Tesco are offering loans for 5.1% so you could borrow £12,000 over 3 years (36 repayments of £360) for around £12950.

Although £950 seems like a lot it might not be much more than you'd be paying on interest and balance transfer fees if you were to keep shifting your debt around for the next three years.

[Deleted User]

Oh, and if your Cancer Research card is underwritten by Halifax, once you've paid that off you could apply for the Halifax BT card that has 0% for up to 25 months. There is a pre-eligibility checker for this card so that might give you an idea if you'd be accepted.

And there's also the Tesco card at 0% for 25 months...

In fact:
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards

Look there!

gazraa

Thanks for the tips. I like the idea of a low interest loan as I'll know what I have to pay each month and, as I proved with my current cards, I won't forget when the rate changes.

I think I can get the term down to 30 months too so that makes it a more attractive option.

Food for thought.

The_Boss

bengalknights wrote: »

Try an MBNA derivative card this may force MBNA to give you a deal on existing card to transfer debt to

Although the OP would not be able to transfer from their current MBNA card to the new one.

OP - check whether NatWest are still offering their long term balance transfers too.

bargainbetty

Clear the balance on the small card, and then call the provider to ask what deal they will give you. A low-life of balance deal might be better than a loan. Work out the balance transfer fees too. If you can, empty one of your other cards onto it.

Repeat as necessary. Utilise the deals you can get from the cards you have first. You might find after a long period of 0%, they are rather happy to get 3 or 4% interest from you.

Good luck

SnowTiger

gazraa wrote: »

I have a barclaycard, mbna and an M&S card. I also have a cancer research card, halifax based I think, with a small balance on it that will be cleared next month.

Natwest Platinum card? They're offering 24 months interest free on balance transfers at the moment, but there is a 2.9% transfer fee.

http://www.natwest.com/personal/credit-cards/g1/balance-transfer-credit-cards.ashx

Although you might struggle to get another credit card, especially one with a useful limit. So, as you suggest, perhaps a loan is something to consider.

The problem you may encounter is that a new card or loan will probably be seen as additional debt.