Confused - Help Needed

Megaroo89

OK so I currently have a credit card with Barclays with the balance currently standing at just under £4,000. The APR is slowly creeping up as 0% is ending which is making it increasingly hard to pay off. I cut up the card when I first got the card to prevent me spending on it and pay off £200 each month. I tried to transfer the balance to a 0% MBNA credit card but despite my stating in the application that I wished to transfer the balance from my Barclays credit card to this new one, it set my limit as £1,600 so I am unable to transfer the balance so pointless having this new card. Any suggestions on what to do? I am starting to stress myself out.

Tixy

It would be sensible to transfer what you can to the new MBNA card, some of the debt at 0% is better than none.

What APR will the debt be once the 0% deal finishes? (It won't 'creep' up. It will be 0% until the end of the promo deal, and then whatever the standard APR on the card is).

You could try applying for another 0% card in the hope you could then transfer the rest of the balance, but as MBNA are usually relatively generous with limits you may find you struggle to get accepted for another card.

Is £200 the maximum you can afford a month? If you cannot get another card all you can do is try to pay off as quick as you can to minimise the amount of interest you will pay.

thebritishbloke

Ok so you've got another 0% card, so stick the £1,600 straight over to that.

Find another 0% card to apply to, there's a list you can view here. Remember, you can't get another BarclayCard to transfer it over to. Also don't try for Fluid or Virgin Money, they're both underwritten by MBNA.

Post Office/Sainsburys/Halifax are probably your best options. Don't be too confident about being accepted, it's best to go for one that has a slightly higher fee, than be overly optimistic and get rejected.