Opus 32% - Barclaycard 29.95% ?

sjw64

Does this CC transfer make sense?

I have a lot of debt that thankfully is slowly being paid off via ‘snowballing’ the highest APR with everything I have spare left over etc etc.

I have a Barclaycard CC with a horrendous 29.95% APR (£4.5k) and an Opus CC with an even worse 32% (£3.2k) – neither were this high when I took them out years ago.

I can transfer the Opus onto the BC account with the following BC statement “6.9% p.a. until Dec 2014 : 0.00% or min. £0.00 transfer fee.”

Is it worth it?

I should point out that ALL of my debt including these two accounts will be cleared in Nov 2014 when a private pension arrives.

Also I know a lot of people are going to be suggesting I transfer these two onto another CC with 0% but I can’t due to my credit rating being very poor. I did try opening a Nationwide (my bank) but was not surprisingly rejected.

CLAPTON

well, yes, paying only 6.9% rather than 32% is good news.

sjw64

Thanks. Am I right in thinking that I would be paying 6.9% on the transferred 3.2k between now and Dec 14 and 29.95 on the remaining BC balance. After Dec 14 everything would be at 29.95%. Is that how it works?

CLAPTON

sjw64 wrote: »

Thanks. Am I right in thinking that I would be paying 6.9% on the transferred 3.2k between now and Dec 14 and 29.95 on the remaining BC balance. After Dec 14 everything would be at 29.95%. Is that how it works?

yes that's it.

(I'm assuming your credit limit is sufficient for the balance transfer)