Help - I'm confused as to which credit card to choose for a balance transfer!

Silverbird

Hi everybody

I want to transfer my LloydsTSB credit card balance to another credit card and get the 0% interest for a while (ideally 12 months+).

But .. despite reading tons of threads and all of Martin's information, I'm still totally puzzled as to which one is the right one for me. I thought Capital One Platinum seemed like a great deal (I checked at moneysupermaket.com), but it seems almost like too good a deal and now I'm confused.

Could anybody offer me any kind of advice/help/suggestions here? I feel a bit out of my depth and don't want to sign up for anything that has hidden charges or consequences.

Thank you very much indeed in advance.

Phantom_Flan_Flinger

The only charges you need to look out for are the balance transfer fees.

Apart from that, make sure you at least make the minimum payment every month.

The Capital One card is only 0% until May 2008, so you won't get your 12 months+, though the 1.7% balance transfer fee is amongst the lowest out there.

Thomas_Crown

Phantom_Flan_Flinger wrote: »

The Capital One card is only 0% until May 2008, so you won't get your 12 months+, though the 1.7% balance transfer fee is amongst the lowest out there.

I've just been accepted for the Capital One card with a 0% BT until May 2008. I am BTing £668.00 with a 1.7% fee (£11.35) so a total of £679.35 to repay over 10 months.

I am hoping that this will be my last balance transfer & that by next May my credit card balance will be £nil. Fingers crossed.

So, the thing is Silverbird how much are you hoping to BT & can you afford to repay that amount over 10 months? If you need 12 months or more then I would suggest you look for a credit card with a longer 0% period.

Silverbird

Thank you both for your answers.

Yes, I meant 12 months as a rough guide - May 2008 would be fab.

I can afford to pay over the current minimum payment (£35) each month and in the long run the lack of interest for about 9 months will make it worth it. However, I could not pay back the full amount of my credit card in 9 months.

I'd be looking to transfer the whole of my credit card, which is £1,478.59. I do not spend on this credit card and will not do so in the future.

Any more suggestions?

Bokkens

I thought Nat West were doing 13months at 0%?
I wouldn't get to hung up on the longest 0% periods as you can always apply for another card at the end of your 0% period and shift the remaining debt on to it.
The main reason we are always trying to get the longest 0% offers is to avoid repeatedly paying the balance transfer fees.
As you said you won't pay off the debt in the 0% period you will have to get another 0% card at the end of this offer.

Thomas_Crown

Bokkens wrote: »

I thought Nat West were doing 13months at 0%?

Nat West are doing 12 or 13 months 0% with a 2% fee. When I BTed to them 5 months ago it was only a 6 month deal. That's why I'm BTing to Capital One at present. The deals on offer are better now than they were a few months ago.

YorkshireBoy

Silverbird wrote: »

May 2008 would be fab.

I can afford to pay over the current minimum payment (£35) each month

That's just as well because, at 3%, the first Capital One minimum payment will be around £44.

Any more suggestions?

The Capital One 1.7% BT card has a very high credit scoring requirement. You'll have to take a look at the criteria and if you feel you may not get accepted, then maybe apply for a Virgin card instead. It's roughly the same 3% BT fee as the 'standard' Capital One Platinum card, but offers 15 months 0% as opposed to 10 months with Capital One.