Help with Barclaycard offer

SadGirl

I currently have a Platinum barclaycard. I have a balance of £4800, £2969 of which is balance transfers, at 12.9% and £1740 in cash balance, at 27.9%.

I have been offered today to change my card to a 'flexirate card'. If I pay off 10% (I think this would be every month?) I get a rate of 13.9%, if i pay off 5% i get arate of 16.9%. Would i be better changing? thanks

Bokkens

You should be looking to move the whole balance to a 0% credit card where you will pay no interest for the initial period normally 6mths,9mths,or longer with some cards like Nat West and Sainsbury's.
Also try and select your new credit card for a particular purpose,ie. Balance Transfer,purchases and keep the two uses separate.On you present card you have mixed Balance Transfers and the withdrawal of cash hense the high interest rate,remember this is your hard earned money don't give it to the banks in interest payments keep it for yourself and use it to pay off the debts more quickly.
Have a read through Martin's credit card articles and post back here if you get stuck.
Good luck

SadGirl

I can t get another card. Thats the problem

Bokkens

SadGirl wrote: »

I can t get another card. Thats the problem

If you pay off 10% each month you would be paying £950 a month.
and at 5% you would be paying £475.
At 16.9% (if you accept)on your total debt of £9509 you pay £1607 a year in interest at £133 per month.
Currently you are paying,
£7769 at 12.9% =£1002 and £83.51 per month interest.
£1740 at 27.9% = £485 and £40 per month which addes together is £123.51 in interest per month.
A small saving but it is a start,as you cannot get another card I would by these figures stick with the card you already have.
I hope that helps

[Deleted User]

Bokkens wrote: »

If you pay off 10% each month you would be paying £950 a month.
and at 5% you would be paying £475.
At 16.9% (if you accept)on your total debt of £9509 you pay £1607 a year in interest at £133 per month.
Currently you are paying,
£7769 at 12.9% =£1002 and £83.51 per month interest.
£1740 at 27.9% = £485 and £40 per month which addes together is £123.51 in interest per month.
A small saving but it is a start,as you cannot get another card I would by these figures stick with the card you already have.
I hope that helps

Think these figures are wrong as they refer to 7769 which isn't what you owe?

Your average interest rate is 18.4% (weighted by amount owed) currently and rising (as you'll be paying off the 12.9% debt first). Even if you only pay off 5% per month, you'd be better off by switching and even better off if you managed to pay off 10% in a month. Do your own calcs but I'm pretty sure you'd be better off switching (assuming there are no fees or hidden charges). Good luck.

SadGirl

Thanks for your comments. I have now consolidated all my cc's onto a loan and cut up my cards. i think I did the right thing

Bokkens

£4800 @ 12.9%
Sorry if I misled you ,I accidently added on the amount of your BT well pointed out Anactuary.