123 credit card limit too low!!

eastofeden

I would appreciate some advice. I was accepted in May 14 for a 123 credit card. The credit limit was £6800. I have decided to spend on this for everything, whilst saving in my 123 current account, with a view to paying off the whole balance in Dec 15, when it expires. I have a balance on the card of £3500 at present, so obviously my cunning plan will not work! It will be maxed by March?

Do I try to balance transfer, run up the max amount and just let it sit there until Dec? Don't really want to pay further fees as this will eat into my profit?

Thanks!

YorkshireBoy

BT the current debt to Tesco fee free for 12 months 0% and you should then have enough room for 12 months spending on the 1-2-3 card.

eastofeden

Thanks Yorkshire Boy, very good point. Might wait until I have maxed it and then do just that.

YorkshireBoy

eastofeden wrote: »

Thanks Yorkshire Boy, very good point. Might wait until I have maxed it and then do just that.

That would be too much of a gamble for me, since fee-free cards are few and far between. You'll kick yourself if they pull it next week/next month!

My view would be better a bird in the hand...

Vortigern

YorkshireBoy wrote: »

BT the current debt to Tesco fee free for 12 months 0% and you should then have enough room for 12 months spending on the 1-2-3 card.

Tesco's no fee BT card doesn't limit the time that you have to make a BT. It appears that you can make multiple free BTs at any time during the 12 month interest free period. Get one while they're hot!