£7k balance, 0% ends - what should I do?

Puddylove

Hi
My question is - what's my best plan of action to get a long 0% balance transfer for approx £7000 at the start of 2015. Should I hope Barclaycard comes up with an offer? Or should I close CB or Barclaycard now, to reduce my overall limit and apply for another such as MBNA?

Background info:
I have three credit cards as follows:
1. Halifax - on 0%, ends March 15 - owe £7750, limit £14k
2. Barclaycard - no rate - owe nil, limit £12k
3. Clydesdale Bank - 23% - owe £1200, limit £8000

I bank with Halifax, I owe another £1700 on Student Loans, and I earn between 45 and 50k.

By the end of 2014, I will have paid off the SLC, the CB credit card, and always pay £250 per month on the Halifax one.

Thanks for any advice.
P x

Paully232000

I would keep the Barclaycard one as the one I have appears to always have a BT offer of some sort, between 6 months and 12 months at any one time.
Looking at what you have said, come Feb/March you shouldn't have any issues getting another BT card if barclays don't have any offers.

Puddylove

Do you think I would get another BT card? I'm concerned that my limits add up to nearly £35 k, on a salary of not much more?

Paully232000

I am sure you will get various comments and suggestions on that, all different.

I can only say from my personal experience that i have more than my salary in available credit, but only about 700 utilised and about 2-3 months ago I applied for a BT card with Virgin and was accepted with a 4000 limit. This puts me way over my salary in available credit. Not saying this is a good thing, and I really should close some of them (but I have been saying that for ages:) ), but it is as it is.

ricky_v

Threaten to close the Barclaycard. They'll put you through to retentions. Ask for a 0% interest balance to keep your custom (try to extend the 0% offer as long as possible). IMO Accept whatever BT fee they quote (around 3%), then transfer the lot into it. Close Halifax and Clydesdale. Pay off the balance before that 0% offer ends.

PDF

ricky_v wrote: »

Threaten to close the Barclaycard. They'll put you through to retentions. Ask for a 0% interest balance to keep your custom (try to extend the 0% offer as long as possible). IMO Accept whatever BT fee they quote (around 3%), then transfer the lot into it. Close Halifax and Clydesdale. Pay off the balance before that 0% offer ends.

What he said, I rang to close my Barclaycard sometime ago and they threw offer after offer at me to keep it open.

Penelopa.Pitstop

I'm getting offers from Barclays non stop. I even asked them to stop sending me letters with offers as it's just waste of time to correctly dispose of it.

Puddylove

Thanks all.
I did have offers from the Barclaycard for 0% for 15 months but with a 3.9% fee, but my Halifax 0% doesn't run out until March 15, so too early.

Recent offer is 2.9%, and lifetime interest of 6.9% - not good.

I think I may phone them, tell them I want 0% for 24 months, and a fee no greater than 3% or I'm going to close the account, and apply for a good BT one.

Think I'm going to close either the Halifax or CB one once I pay them off - I only need two cards - one for the big debt, and one for buying stuff (for the legal protection).

P x

thebritishbloke

Sounds like a good course of action. Worst case scenario, you cancel the card and in a months time you can open a new BarclayCard

[Deleted User]

What APR will Halifax go to in March?

Puddylove

Bedsit_Bob wrote: »

What APR will Halifax go to in March?

I think it's 26%. I'm vague because I have no intention of paying any interest.

An update: I phoned Barclaycard to close it, they offered me 18 months at 0% for 2.9% fee, so I transferred £6k.

My current plan is to pay a minimum on the Halifax and Barclaycard while I throw cash at the CB then the Student Loan to clear them by end Dec.

I'm very worried about the Student Loan, because if I don't repay the lot well before April 15, they will take 9% of my salary until Apr 2016. Only then can I ask them nicely to give me the £3k overpayment back, apparently!

P x