Which Santander card?

Stitchingtime

I am continually getting emails and letters guaranteeing me acceptance for a variety of Santander cards (I bank with them). Until fairly recently I had terrible credit after a couple of bad years in 2009-11. Then due to circumstances I wasn’t really able to make much headway in getting my balances down.

I currently have an aqua card with a zero balance and £500 limit, and a Vanquis with a limit of £3,000 which is currently sitting about £2,500 (£500 paid off in the last month).

My new situation will allow me to pay off £300 to the Vanquis card a month, but I'm wondering if I should try and move some of the balance to a new Santander card. The most recent email was that I could have ANY of their cards. I know it's unlikely that I could get a balance transfer for the whole amount, but I'd like to get it cleared as soon as possible.

I'll not be doing anything for a few weeks as I have a mortgage application in, but trying to get everything lined up so that I can be debt free by next summer.

Thanks

thebritishbloke

The smartest thing to do would be to get their 0% Balance Transfer card. You'll pay a 3% fee (£75 on £2,500), but this will cost you a lot less than paying 40%+ interest with Vanquis.

As soon as your mortgage is finalised, apply for their balance transfer card.

YorkshireBoy

Stitchingtime wrote: »

...I'm wondering if I should try and move some of the balance to a new Santander card.

You're wondering if you should move some/all of your £2,500 debt from circa 40% APR to a 0% balance transfer card? Really!?

Get it done.


NB, re the mortgage application, whilst the credit card search will be visible almost immediately, the account itself may take a few weeks to appear. Be warned though, these Santander offers don't hang around for long in my experience of online banking with them

I've just received pretty much the same guaranteed card offer. I took the 1-2-3 card with 18 months 0% on purchases. I applied late afternoon (around this time actually, 5pm) and got the acceptance confirmed e-mail, along with assigned credit limit, by 8pm that same night.

Stitchingtime

thebritishbloke wrote: »

The smartest thing to do would be to get their 0% Balance Transfer card. You'll pay a 3% fee (£75 on £2,500), but this will cost you a lot less than paying 40%+ interest with Vanquis.

As soon as your mortgage is finalised, apply for their balance transfer card.

Brilliant, thanks. Feels great to finally be in a position to do this