Help NEEDED-R.E. BALANCE TRANSFER ADVICE..

fizzy89

Hi guys
I'm just wondering if anyone can give advice as to what i am best off doing..
I have a barclaycard platinum visa credit card, with just under 4k on it which has come to the end of it's interest free period.
I am not able to obtain any other 0% balance transfer cards, as i am currently on maternity leave..
I do however have a credit card with nothing on, no balance at all, with my bank Halifax.
I can balance transfer some money to that on a 0% interest basis..
However the credit limit on that card is much smaller than the amount i need to repay off the barclay card one..
Should i transfer say £1000 from the barclaycard to the halifax to atleast make a grand interest free? or do i just stick with paying off the barclaycard?
If i do transfer some to the halifax one, i would focus on paying off the barclaycard one first, right?

Sorry for the confusion, I'm in a bit of a pickle. I know 4k isn't a lot of debt compared to some people, but as I'm coming to the end of my maternity it does seem a lot!
Please help if you can
x

The_Boss

What about asking Halifax whether they can increase your limit first? Then transfer the most you can to the Halifax card (remembering to take the fee into account).

How long is the 0% for?

fizzy89

Halifax will give me 9 months at 0%...i have noticed that they are doing something like 28 months 0% on balance transfers, but as i am already a halifax credit card customer i can't apply. TBH i thought i had cancelled the halifax card when i paid it off, but obviously not, and they owe me 2p. Wonder if i'll get interest on that?!(jk).
That;s a good idea, didn't think about asking them if could increase my limit slightly.
Wasn't sure about taking out a loan to pay it off...

thenudeone

If you are paying standard CC interest rates then getting whatever you can on to 0% will help.

Yes - you should then concentrate on paying off the Barclaycard balance on which you are still being charged interest.

Kate21

Hi Fizzy89

There are lots of low rate interest personal loans available - e.g. Sainsbury's personal loan - these should be a lot cheaper than paying 18% or more interest on a credit card .... Or perhaps talk to Barclaycard about transferring the balance to a lower cost life of balance deal? I think Martin was quoting 6.9% for life of balance recently?

I know from experience that once you start paying interest on an outstanding balance it can take months to pay everything off.... and don't make any purchases using that card until you've cleared the balance otherwise you can end up paying interest on the interest !
Good luck !

longtermplanner

So ask Halifax if they can increase the limit then transfer as much as possible from Barclaycard to it.

After that, pay the minimum amounts to the Halifax and overpay the Barclaycard by as much as possible. Money must be tight , but even £20 a month will help as it will all come off the capital.

If you are going to be back at work soon, I would postpone applying for any loans or other cards until you are. Also use MSE's pre-eligibility checker: https://creditcards.moneysavingexpert.com/