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Balance Transfer?

Pinkychops
Pinkychops Posts: 2 Newbie
in Credit cards
Hello Everyone

I am currently on maternity leave and struggling at the moment paying off my credit card. My balance is £4200 and im struggling to come up with the minimum payment every month of £90. I am attempting to get a balance transfer card elsewhere but maximum limit I have been offered is £3000. Is there any point ? What should I do?

Please Help

Comments

  • sambuca9
    sambuca9 Posts: 96 Forumite
    Hi Pinky

    Welcome to the forum, I didnt want to read and run. There are really knowledgeable people on here and I am sure one of them will pop by soon and give you some great advice.
    August 2010 debt amount £41596
    August 2015 debt £2598
    Target DFD [STRIKE]October 2015 [/STRIKE] Amended this to May 2016 :j
    Mortgage free date: January 2015 :j
    Savings goal. £3400 / £13372 :T
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Pinkychops wrote: »
    Is there any point ?
    Surely there is - if the resulting two minimum payments in total are smaller than £90 or the same.

    A typical minimum payment for 0% cards is 1%, i.e. £30 for £3K balance, but you have to check it for the one that offered you £3000 limit. How exactly did it "offer" it?
  • TadleyBaggie
    TadleyBaggie Posts: 6,272 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Also be aware you won't be allowed to transfer the whole £3000, probably only 90 to 95% of it.
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