Balance transfer worth it?

Sarahcuzz

I have recently found MSE as we've had to look at our finances a bit. Last month I took out a loan to consolidate my husband's credit cards, overdraft and an existing loan. I am left with £795 on my credit card. I've seen the 0% balance transfer barclaycard over 32 months and was wanting advice from someone whether a) doing another credit check so close together will look bad and b) with that amount of the credit card is a balance transfer worth it?

Looking forward to hearing from you
Cuzz

[Deleted User]

Depends how quickly you will pay it off, what rate you're currently paying and how much the BT fee is.

Sarahcuzz

It's currently in a 18.9% account, and the charge is 1.54% on the balance transfer account, so I think unless I'm able to pay it off over the next month or two, it may well be worth it?

[Deleted User]

Yes, worth it if more than a couple of months.

Sarahcuzz

and the credit rating?

b33r

The halifax are doing a BT card for 18 months with 0% fee at the moment. If you can get it that would probably be the best one.

Another alternative would be to open a 0% purchases card, put your usual spending on it and pay off the high interest card with the spare cash you will have that month. Make sure you then pay off the purchases card before it starts charging interest

[Deleted User]

Your credit history simply shows searches and credit held. It's up to each lender as to how they interpret it, when and if you apply for further credit.

I wouldn't apply for a new card every month, but two? Not a long term problem, but don't go applying for a mortgage this week.