Panicing about payments

dreamer1989

thank you - i am just so worried about this

FatVonD

Yes, but only for a limited amount of time, and then it reverts to the usual high interest rates.

The 0% cards you pay a fee up front (which they add to your balance, you don't have to pay it there and then) which is usually around 3% if you are transferring a balance from another card but that is all you pay as long as you clear the balance within the interest free period.

They are also quite often interest free on purchases for a shorter amount of time but there is this one below which looks like it's interest free for 15 months for both transfers and purchases but I'm no expert so do a good search of the site as there may be better options.

Whichever option you go with you will need to be disciplined and pay off enough each month so that it's repaid by the time the interest free period runs out. You also need to be disciplined enough to cut up your other cards and not to be tempted to take on other debt because once the interest free period runs out it will bite you in the aris!

http://www.moneysavingexpert.com/credit-cards/0-balance-transfers-spending

This page might be useful too:

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

7roland8

Tesco card has a 0% which might be worth checking out.

[Deleted User]

Even if you don't get a 0% card, moving it to the Platinum card will be a lot cheaper.

Assuming you pay £70pm, on both methods, the current deal will take 27 months to pay off, and cost you £478 in interest, whereas on the card, it will take 23 months, and cost you £223 in interest.

On a 0% card, it would take 20 months to clear it.

dreamer1989

barclays wont let me move the bed payment onto the card for 0%, because its "barclays partner finance" who lent me the money

FatVonD

Try the Tesco one then.

FatVonD

If you aren't approved for a 0% card you will need to transfer the bed balance to your Barclaycard by stealth.

Just pay for everything you'd normally pay for during the month (fares/food/council tax/everything!) with the credit card and then use the money from your bank account you'd normally pay those things with to pay down the bed balance by the same amount. Keep doing this until eventually you've moved the whole amount to your Barclaycard.

Once it's on there it might be worth applying again for another 0% stating that you're transferring the balance from there.

dreamer1989

I have my mortgage and current account with Natwest, does it make sense to try and get a creditcard with them, or the tesco one?

Not that it makes a dent or anything, but ive listed about 30 items on ebay today, making the next payment a bit easier anyway.

FatVonD

Best not to have it with the same bank as your current account, try the Tesco one first.

FatVonD

Free listing day today (Thursday) on ebay if you have anything else to sell