Balance Transfer Or Purchase?

JimmyTheWig

Nathan56 wrote: »

i have no cards for any of these accounts so it sounds like a purchase would be the only option

It certainly suggests a Balance Transfer is _not_ an option.
As to whether a Purchases card is an option will depend on whether you can pay the credit accounts using a credit card.

If you are saying in your post above that you can, then yes you can!

Candyapple

Nathan56 wrote: »

Okay last question: i have an Argos card, is that considered a type of credit card? that's where the bulk of my debt is (260) but i'm accruing interest can i use that to balance transfer? (on my Equifax report it shows as a credit card and i do have a physical card)

Found this thread which mentioned about the 15 digits, although it is very old so does your Argos card have 15 or 16 digits?

https://forums.moneysavingexpert.com/discussion/45302

Your Argos card is considered a store card.

Yes you can transfer the balance off of it, but you may run into problems as mentioned above.

Nathan56

JimmyTheWig wrote: »

It certainly suggests a Balance Transfer is _not_ an option.
As to whether a Purchases card is an option will depend on whether you can pay the credit accounts using a credit card.

If you are saying in your post above that you can, then yes you can!

Yeah ive checked all of them allow a payment by credit card option so would this suggest that i can do it this way?

JimmyTheWig

Nathan56 wrote: »

Yeah ive checked all of them allow a payment by credit card option so would this suggest that i can do it this way?

It certainly seems that way.

Fingers crossed for the application...

Nathan56

Yeah, ive been accepted, only problem is i cant transfer Argos card, but im going to use the credit card for everything else, have that paid off in 3 months and then work on the argos card hard! lol thanks guys

JimmyTheWig

Nathan56 wrote: »

Yeah, ive been accepted

Brilliant news!

only problem is i cant transfer Argos card, but im going to use the credit card for everything else, have that paid off in 3 months and then work on the argos card hard!

Slightly confused which you are saying that you will pay off first.
If the new card is on an interest free period it would make sense to pay off the Argos card first.

Nathan56

Argos card will not let me pay by credit card therefore i am going to consolidate my other store cards which are giving me a problem pay them off within 3 months and hopefully i will be in a position to pay off argos in larger sums instead of just minimum each month

*EDIT* its only a 3 month 0% so need to pay off credit card in 3 months, and the argos minimum payments are low enough that its not going to impact me, but after the 3 months instead of paying £10 a month argos i can pay £50 a month off and have it cleared in 6 months

Tixy

Is the new card 0% on purchases? for how long?
what balance will you have on there after paying off the other accounts?

If it is at 0% then you would be financially better off paying just the minimum to the new interest free card, and as much as you can afford each month to the argos debt which you are being charged interest on.

JimmyTheWig

What interest rate will the new credit card revert to once the 0% finishes?
What interest rate are you paying on the Argos card?

How much do you owe on each?

How much can you afford to repay each month in total? [£50, I believe]

Nathan56

The argos card carries the highest debt at 260, monthly interest is £5, the main problem i have is the arrears on the New day account which is currently £100, my plan is to move that, plus the £60 on studio and £90 on littleswoods, so £250 all together.

its 3 months 0% and after that it jumps up to 39.9 APR so it needs to be cleared within 3 months, so that equates to about £85 a month, plus £12 minimum argos payment, so £97 a month, once the three months is up my credit score should be better and i then have £97 a month i can spend on getting rid of the Argos card.

although Argos card has the most money it is causing me the least problems as i have never missed a payment and never defaulted whereas my new day one i have, hope this kind of explains what i am saying.