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

[Deleted User]

Puddylove wrote: »

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

So that's £6,174.

What does the APR go to in 18 months?

Puddylove

Bedsit_Bob wrote: »

So that's £6,174.

What does the APR go to in 18 months?

I don't know, tbh. I don't have any written details to look at yet. Why?

NPHammer

OP- In my opinion the people here offering you to go for the Barclaycard existing customer offer are giving you bad advice.

If you are both stable in your job and address history and on the electoral roll with no missed payments or worse on your credit file then with your existing debt, limits and income you should be able to get a much better deal than Barclaycard will offer you as an existing customer.

If you want a longer transfer you should have a good shot at a 24 month+ 0% balance transfer card with a lower fee than Barclaycard would charge you. If you want a shorter balance transfer period you should be able to get a card with an even lower fee.

ricky_v

NPHammer wrote: »

OP- In my opinion the people here offering you to go for the Barclaycard existing customer offer are giving you bad advice.

If you are both stable in your job and address history and on the electoral roll with no missed payments or worse on your credit file then with your existing debt, limits and income you should be able to get a much better deal than Barclaycard will offer you as an existing customer.

If you want a longer transfer you should have a good shot at a 24 month+ 0% balance transfer card with a lower fee than Barclaycard would charge you. If you want a shorter balance transfer period you should be able to get a card with an even lower fee.

My thinking to go with Barclaycard is that the credit limit is £12k, more than enough to cover both debts. There's a chance that by applying for better BT offers that the credit limit will fall short of the total debt, along with a search.

Your post got me thinking, maybe negotiate with Barclays, then once guaranteed a 0% BT offer then apply for one of the better cards. The op will be saving £££ now he/she has BT so much better than paying 26% on the debt.

Puddylove

ricky_v wrote: »

My thinking to go with Barclaycard is that the credit limit is £12k, more than enough to cover both debts. There's a chance that by applying for better BT offers that the credit limit will fall short of the total debt, along with a search.

Your post got me thinking, maybe negotiate with Barclays, then once guaranteed a 0% BT offer then apply for one of the better cards. The op will be saving £££ now he/she has BT so much better than paying 26% on the debt.

I'm the OP and have agreed to a BT of 18 months' 0% for 2.9% fee for £6k of it. They (Barclaycard) suggested I should apply for their 34 month BT offer - but this was on a different card. I don't want to apply for yet more cards until I clear and close the CB and/or the Halifax cards. I have never defaulted/been late but I want to clean up and simplify my financial position with a view to applying for a mortgage next year or 2016.

I'm going to clear the CB one first, then deal with my Student Loan, then the Halifax. Finally, I'll try to pay off the Barclaycard before the BT 0% runs out.

Thanks for the help.

daverave7

Am in a similar position, but my total credit limits exceeds my current salary... This is why I'm keeping my barclaycard (zero balance with 12 K limit) with a plan of moving 8K off another card (offer expires) to it in January.

However, the BT offers I'm currently getting from Barclaycard are rubbish (2.9 % fee for 6 mths 0 %). Should I threaten to cancel?

If I do cancel, when am I eligible to apply for a new Barclaycard?

Also, I am worried if I do cancel, will I get the credit I need (8K) from a new card, either barclaycard or another lender?

p.s. was turned down for a santander credit card last May. Not sure why as I have never missed a payment... I'm guessing it's because of my current credit available.

planteria

i would pay off the Clydesdale balance as soon as you possibly can.
and i would retain the Barclaycard...either getting a 0% deal you are happy with from them, or applying for an MBNA card.