balance transfer for the first time.

mum2boys83

hello, any advice please.


I have debt on a credit card and paying huge apr so im not paying it off. :eek: I can only afford the min payments.


so how do I go about a balance transfer? can it done online or do I have to go in the bank?


I have spoken to the bank with the credit card and they offer no help and said they cant do anything cause I have spent on it? so how long do I have to not spend on it to do a balance transfer?


once I do the balance transfer does my credit card close down?
thanks.

CLAPTON

you simply apply to a CC that is offering a 0% BT
if they accept you then you can balance transfer up to the limit they specific

there is usually a 3-4% fee but as long as you pay the minimum there si no interest until the promotional period runs out.

the new CC mustn't be in the banking group as your current card

you existing CC continues as usual


whether you will qualify for a 0% BT will depend upon their lending criteria e.g. you credit record , income, existing debts etc.

eskbanker

For a starter's guide, read through the MSE guide to get more info on how it all works.