Partial balance transfer??

kellookie

Hello, on recently checking my credit rating with noddle, i saw that i was very likely to be accepted for a balance transfer card with barclays. I currently have 1200 credit card debt with santander that i was hoping to transfer as i would have been able to pay it off within the time frame of the 0%. After filling in the application online with the details of the transfer, i received a message saying i hadn't been accepted for the 32 month 0% interest, but had been for 28 month. On looking at the details it seemed that the purchase rate was higher than the original card but as i will not be using it for purchase and just for the 0% transfer i didn't deem it a problem and could still pay within the promotional offer. However after the acceptance i can now see that the credit limit is only for £800 so i would not be able to transfer the entire amount. So basically i was wondering if it would be worth transferring what i can to the 0%card and end up paying both or just cut up the new one and not bother?

InsideInsurance

That depends on what interest you are paying on the Santander card, what the transfer fee on the Barclaycard is and when you can realistically afford to pay off the debt

kellookie

thanks for the reply. The transfer fee is 3.5% reduced to 2.99% by refund. I'm unsure on the interest rate on the santander, i pay about £30 a month interest, i have only been paying minimum payment for an embarrassingly long time but have recently been paying £100 a month off which is why i thought it would be beneficial to get a 0% balance transfer card.

grumbler

kellookie wrote: »

....I'm unsure on the interest rate on the santander,

Is it that hard to have a look at your statement?

i pay about £30 a month interest,

This is ~35% APR - pretty high.

i have only been paying minimum payment for an embarrassingly long time but have recently been paying £100 a month off which is why i thought it would be beneficial to get a 0% balance transfer card.

It is definitely worth transferring. Then keep paying the min payment to the new card and as much as you can to the old one until you clear the remaining balance.

http://www.stoozing.com/calculator/