Advice Needed Please! - CC Balance Transfer Problems

Elkatraz

Hi All,

Apologies if any of this uses poorly phrased terms, I'm not very savy when it comes to credit cards..

To cut a very long story short, I've ran up some debt on a credit card and the interest free period has now finished. I thought I had a little longer to get something sorted, but it seems that the interest kicked in a couple of weeks ago.

I looked through the advice about transferring a balance, and am quite keen to pay this money off quickly with strict rules. So, ideally, I wanted to transfer the balance for either free, or as little as possible, and focus on getting the debt gotten rid of.

I inquired with Nationwide about their card, as it offered a 0.35% transfer fee, with 15 months (I think) to pay it off. As I have a current account (and mortgage) with them, they offered me a card with a 0.25% fee charge, and said that before it went to credit check they could see what the limit might be, and this would give a good indication of its chances. The limit was more than I needed, so I asked to keep it at just above what the debt was, but as it was going through the check the operator said that some of the information had caused a problem, and they would look into and let me know through the post within the week.

This doesn't sound good, as in it sounds like it's failed. I'm now scared to try another card application (as the Post Office does a similar one) in case it's affecting my credit score badly, but I can't really afford the interest to build up in the meantime. Can anyone offer any advice? Apart from this credit card, I've always paid them off monthly, and have had my limit raised on all 3 that I own.

[Deleted User]

It would be worth waiting for the Nationwide decision before firing off another application, in case they see further applications on their manual check and this impacts their decision.

Elkatraz

Thanks for the advice!

Being a noob, is there any way of working out how much it costs me each day in interest on the debt?

Say it was £2000 and the rate is 21.9%, does that mean that over the year I would have paid around £438, and can that then be divided by 365 for a daily rate?

I'm just looking for some peace of mind that in the meantime the debt isn't getting more of a life of itself...

[Deleted User]

For a very rough guide, yes. But it will cost less than that, as interest is calculated daily, and you will be paying chunks off each month.

So another tip is to pay as much as you can, as early as you can (making sure that you always pay at least the mininum amount required in any given statement period).

Elkatraz

I can't thank you enough for your help! I'll sleep a little easier tonight. Thank you!!