Balance transfers

Metermaid

Hi,

I have reciently finished university and I have £200 outstanding on my HSBC credit card, I wanted to know which was the best credit card to apply for and transfer the balance so that I am not paying silly amounts of interest. In a month or so I will be able to pay off the whole amount.

Thanks
Emily

globalds

Go and see h.s.b.c first .....You did type correctly it is £200 and not £2000...
I went to see them yesterday and although I didn't take them up on the offer they could drop interest rate to 7% on my card.
If not go and apply for natwest 0% for 18 months at 2% transfer fee I think ...Cost £4.00 in total

CLAPTON

what APR are you paying... but if you can clear the balance in month or two its hardly worth the effort.

Metermaid

Its 15.9%, I hope to have it payed off in a few months but there is an overdraft to clear first!
em

CLAPTON

If you want good advice then provide full information.

But self evidently 2 months of £200 at 15.9% is £5.3 and that ignores the effect of a decreasing balance (which means it will probably be less).

P.S. As someone who has left university recently 'recieved' is spelt 'received' and 'payed' is spelt 'paid' and I speak as as a 'dyslectic'.

Metermaid

CLAPTON wrote: »

If you want good advice then provide full information.

But self evidently 2 months of £200 at 15.9% is £5.3 and that ignores the effect of a decreasing balance (which means it will probably be less).

P.S. As someone who has left university recently 'recieved' is spelt 'received' and 'payed' is spelt 'paid' and I speak as as a 'dyslectic'.

My daughter asked this question under my username - she is now sitting at the breakfast table in floods of tears at your mean, petty and totally unnecessary comments. I hope you are proud of yourself. She's worked her socks off for 3 years with little financial help from us and as you can see has managed to do this and incur only £200 debt for herself. She's just beaten 64 other candidates to land the first job she applied for as a Radiographer - I hope you feel I have provided you with enough full information.

This site can be very helpful, it's the first place I told her to come for advice - it can also make you feel like a fool for asking a simple question. Thanks guys - I doubt she will be back.

CLAPTON

My comment about full information was that the fact of the overdraft wasn't mentioned.. its impossible to give sensible advice if you would give the full debt details.

So although I dont see that saving less than £5.30 seems worth much trouble, it may be that if the OD is large (you haven't said) and its APR is also large then a 0% card may still be worthwhile.

However, my other remark was uncalled for and so I apologise unreservedly. And congratulations on her landing a job.

Metermaid

CLAPTON wrote: »

My comment about full information was that the fact of the overdraft wasn't mentioned.. its impossible to give sensible advice if you would give the full debt details.

So although I dont see that saving less than £5.30 seems worth much trouble, it may be that if the OD is large (you haven't said) and its APR is also large then a 0% card may still be worthwhile.

However, my other remark was uncalled for and so I apologise unreservedly. And congratulations on her landing a job.

Your apology is gracefully accepted, thank you

R

thesaint

Over reaction?

Metermaid

thesaint wrote: »

Over reaction?

No, over and done with