machsmum Debt-Free Diary

mae

Can you not just do a balance transfer straight away to the Barclaycard?

machsmum

Hi mae
If i do the bal trans whiles there is still an outstanding bal on the card, then that balance will still be charged at 16.10% and only the transfer amount will be at 6.9%. Then any payments that are made are only put toward the transfer balance, leaving the previous £1k incurring interest at the higher rate until the transfer bal is cleared.
Sorry, does that make sense????! My OH was confused when I explained it to him!!

Seaxwyn

Definitely clear the balance before transferring any more onto it. I think your plan outlined above makes sense - clear the existing Barclaycard balance and then transfer the Abbey balance onto it.

But meanwhile, you could try phoning Abbey, say you are thinking of transferring the balance away and they may suddenly offer to reduce your rate to keep your custom. They did that to me. It's got to be worth a try.

Good luck