Best card for a 'larger' balance transfer

CaesarHarpoon

I need to transfer approx £6400 from a Barclaycard as the 0% interest period is due to run out soon. I have applied for (and was accepted for) both Halifax and Tesco 28 month interest free balance transfer credit cards but neither could offer me anything over £2350 as a balance transfer limit. Obviously this is not enough and I'm worried now that I am going to be stuck paying interest on this debt for the next 10 years I'm not sure what to do next and i'm also concerned that applying for and turning down credit cards will not look too good on my credit rating? Any advice would be massively appreciated!

YorkshireBoy

So the BTs are already underway and you're around £2K short then?


You've nothing to lose, and everything to gain, by making another application quickly (ie before these two new accounts, and their respective credit limits, appear on your credit file).


Generally speaking, MBNA and your own bank (the one that receives your income and pays your bills) should offer the best chance of decent limits.

forgotmyname

The more applications you make the worse it will look. They will start to wonder if your desperate.

The days of instant larger credit limits have seen their day.

What other debts do you have? What % of debts do you have to income?

Personally i think its time to scrimp and save and transfer what you can to a zero % card and then do what it takes to get rid of the remaining balance.

If you get the 2 x 0% cards at £2000 each. Then your only paying interest on the final 1/3rd. So a target to clear before the others start charging.

grumbler

CaesarHarpoon wrote: »

...I am going to be stuck paying interest on this debt for the next 10 years ...

If you really need 10 years to pay off £6.5K debt, then you are in a serious trouble and have to think about repaying, not transferring.

knightstyle

You could transfer the £2k to a charging credit card for a week then back to Barclaycard at 0%. This would cost 6% on the £2k but would be for more than a year, 16months I think.