0% Expiring, best options?

Sharon87

I have a Virgin credit card about to expire it's 0% deal in September. I currently have 4 credit cards, all but 1 on 0%. I have just had a 0% offer from my Halifax credit card for 12 months with a 3% fee. The thing is I already have over 2 grand on this credit card (15.9%) with a £3900 limit. I am wondering whether to transfer most of the Virgin card's money to this credit card and just focus on paying off the rest in the next few months, or apply for a new card.

I did apply for a new card from Lloyds a few months back, but got rejected.

Here's my credit cards with debt and limits

Halifax £2200/£3900 (15.9%)
Virgin £2050/£3000 (16.9% after 0%)
Natwest £1120/£1800 (0%, 17.9% after)
Tesco Clubcard £800/£1000 (0% for another year)

I'm not sure whether another 0% deal with be good, or transfer it on the Halifax offer, or even get a life of balance deal with a new credit card. I'm keeping up with all the payments, I never default, I just want to know the most cost effective way to dealing with the cards!

Edit: My income is also not that much about £18k, so can't apply for the Barclaycard 0% deal

planteria

apply for a Barclaycard to move the Virgin balance to

Herbalus

The best cards by far are the Lloyds and Bank of Scotland offers. 1.5% fee for 24 months 0%.

Though that's roughly £6000. If your payments are low, the MBNA do a rate for life at 5.9% with a 1.5% fee. If you got that and put every debt on there (apart from Tesco), you'd save a lot in interest.

Have a look here: http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#tool

Sharon87

I don't think I'll be accept for a credit card with £6000 on it! And if I get the barclaycard I'll have to lie about my income. Although my current rate at my contract job (finishes next month) is £22k so I could still technically say that's my income, but I usually end up with 16-18k a year depending on jobs. I can't transfer the virgin card to MBNA for life of balance, unless its a money transfer as Virgin is run by MBNA.

I might apply for Barcalycard see if I'm accepted, if not I'll go with the back up plan of my current Halifax offer.

planteria

i was saying Barclaycard because your Virgin card is MBNA and Sharon already has an HBOS card.

im not sure whether Lloyds are regarded as 'same stable' as Halifax yet. are they?

Sharon87

I think Lloyds are the same group as Halifax, so wont be able to balance transfer the Halifax debt. I'll try and apply for Barclaycard.

Actually I might apply for both at the same time, the MBNA and the Barclaycard, as if I do them together I have more a chance of one of them getting approved as the first application won't show on my credit file immediately...

Sharon87

I got approved for Barclaycard! With a £3700 limit!! Whereas MBNA declined me...

I'm going to balance transfer the Halifax balance onto it and most of the Virgin credit card and use the 0% deal with halifax to transfer the rest of virgin... if that makes sense lol

planteria

Sharon87 wrote: »

I think Lloyds are the same group as Halifax, so wont be able to balance transfer the Halifax debt.

LloydsTST and Halifax and Bank of Scotland are all part of Lloyds Banking Group. however, i'm not sure whether BTs can be completed between the different parts of the group...the are not entirely integrated, and Halifax will pay incentives for taking a Lloyds C/A customer, for example.

planteria

Sharon87 wrote: »

Actually I might apply for both at the same time, the MBNA and the Barclaycard, as if I do them together I have more a chance of one of them getting approved as the first application won't show on my credit file immediately...

and it worked, at least with Barclaycard:T

yes, strategy sounds good. in your circumstances i would take Halifax's offer on your existing card rather than close and reapply.

planteria

and i would keep the Virgin card. they might offer you a repeat deal that is useful at some point. not sure whether your Virgin card is to become MBNA or be taken under Virgin's own wing. but either way, i would keep it for now.

so your Tesco card has a balance on which is 0% for another year?

and does your NatWest card have a 0% balance on it?

YorkshireBoy

planteria wrote: »

LloydsTST and Halifax and Bank of Scotland are all part of Lloyds Banking Group. however, i'm not sure whether BTs can be completed between the different parts of the group...

LTSB say, on their website, that they won't accept BTs from other cards provided by LBG (ie Halifax & BoS).

Halifax have no such "LBG" statement on their website (the last time I checked)...but they do exclude BoS cards.