Need advise on moving credit card debt onto a 0% card

lanceuppercut

I currently have a Natwest Mastercard which roughly has about £4k on it and I'm currently getting hit for about £50-60 worth of interest per month. Spoke to a colleague at work and was suggested to transfer my debt onto another card with 0% interest as the interest is quite large.

If switching to a 0% card, I could afford to pay back approximately £1250 a month but I'd also be putting my daily expenses on there which I would pay back in full each month.

(tying to reign it in to about £150 a month which I would pay with my Natwest Mastercard)

With my example, is it better to put daily expenses on my credit card and pay back £1250 into it each month or take it out of my debit card and pay back less, £1100 for example?

What are my options, as far as 0% cards go?

Nebulous2

Some long 0% deals give you a shorter period for purchases, but some don't give you any at all. So the general advice is not to mix balance transfers and purchases on the same card.

I'd pay the lower amount on my credit card and put purchases on the debit card if I was in your position.

That's a pretty healthy monthly payment, by the way, you'll clear £4k in no time. Mak sure you have budgeted realistically and don't leave yourself short of cash mid-month or you could land up needing to put more on credit.

suicidebob

You're not explaining this very well

Do you have £1250 spare every month to pay your credit card,

lanceuppercut

That's good to know about putting daily spend onto a debit card, will do that from now on and pay less onto the credit card to offset this.

I've been hovering around £2-3k for quite a while (only have recently began to really cut back on my daily spend). My "problem" is that I have one-off expenses each year that seem to put a dent into my plans (car insurance/servicing)

lanceuppercut

suicidebob wrote: »

You're not explaining this very well

Do you have £1250 spare every month to pay your credit card,

Yes, but I put back around £150 to the card on daily spend each month.

CLAPTON

lanceuppercut wrote: »

I currently have a Natwest Mastercard which roughly has about £4k on it and I'm currently getting hit for about £50-60 worth of interest per month. Spoke to a colleague at work and was suggested to transfer my debt onto another card with 0% interest as the interest is quite large.

If switching to a 0% card, I could afford to pay back approximately £1250 a month but I'd also be putting my daily expenses on there which I would pay back in full each month.

(tying to reign it in to about £150 a month which I would pay with my Natwest Mastercard)

With my example, is it better to put daily expenses on my credit card and pay back £1250 into it each month or take it out of my debit card and pay back less, £1100 for example?

What are my options, as far as 0% cards go?

if you can afford to pay back 1250 per month then you will be clear in 3-4 months
you will typically pay about 3% to do a BT so that would be about £120 in fees so it hardly seems worth it.


if you do go ahead and get a BT card, retain the current one for your normal monthly expenses and pay in full so there is no interest charged.

suicidebob

lanceuppercut wrote: »

Yes, but I put back around £150 to the card on daily spend each month.

So where has your spare £1250 been going for the last 6 months?

JKSandy

If you can't get a 0% card get another card and use it for daily expenses and pay in full each month.

At the same time pay as much as possible to clear you Natwest CC.

rehanmalik3030

lanceuppercut wrote: »

I currently have a Natwest Mastercard which roughly has about £4k on it and I'm currently getting hit for about £50-60 worth of interest per month. Spoke to a colleague at work and was suggested to transfer my debt onto another card with 0% interest as the interest is quite large.

If switching to a 0% card, I could afford to pay back approximately £1250 a month but I'd also be putting my daily expenses on there which I would pay back in full each month.

(tying to reign it in to about £150 a month which I would pay with my Natwest Mastercard)

With my example, is it better to put daily expenses on my credit card and pay back £1250 into it each month or take it out of my debit card and pay back less, £1100 for example?

What are my options, as far as 0% cards go?

Does not make any sense??!!! Full of contradictions!!??

lanceuppercut

suicidebob wrote: »

So where has your spare £1250 been going for the last 6 months?

I've been spending too much on things like lunches at work (used to spend near £10 a day, working in central London, it adds up), dinners and occasional night out and then there's the random bills that come every year, like car insurance, car servicing that put my plans into a spin.