Should I/Can I Balance Transfer my Graduate Loan?

Amberlina

Hi there,

I have a graduate loan of roughly £5000 that I took out to go travelling on. I'm paying off 173 pounds a month at the moment -don't know my APR sorry but I know it is a good rate.

Should I balance transfer it to a 0% card? Would I be able to get a £5000 limit given that I have this debt?

It is the only big debt I have -no mortgage, no overdraft and only £200 on my barclaycard which I am also paying off.

Apologies if this duplicates someone elses query, in that case point me in the right direction!

Thanks, Amberlina X

CLAPTON

Presumably the sole reason you want to BT is to save interest?

So its pretty essential to know your current APR and how much interest you will pay on the current debt before you can compare it with any alternative.

A BT to a 0% CC will usually incur a BT fee (say 3%) but
more importantly the 0% usually only lasts a limited time (say 12 months)... so can you clear the debt in a year?
If not then you may end up paying a very high CC APR.

So the answer's in the detail here.