About to apply but which one?

Rosylee

Hi All


Assuming my credit report on Noddle has reflected my improved debt situation tomorrow I intend To apply for a 0% CC. I currently have a £12000 CC debt with Halifax. The account is closed as I refused to accept more interest hikes about a year or so ago. I have been paying a flat amount which is around £50 more than the minimum payment but of course not making much inroads hence the application. I have visited the eligibility checker several times and can report the following. I have been given a 95% chance of acceptance for the following:

1. Mbna 32 months, 1.49 % transfer fee, 20.9% after that

2. Mbna 36 months, 2.48 % fee, 20.9 after

3. Fluid 36 months, 2.79% fee, 18.9 % apr

4. Fluid 32 months, 1.56% fee, 18.9

All the above interest rates are slightly less than I am paying now.

As I have a large balance to transfer, assuming I get a sufficient limit, which one should I apply for. While I don't want to pay a high fee, I think it more important to get the longest possible timescale as the debt is so large.

So for those who have a little more experience than I do,please help me to decide which one to go for. I only have one shot at this. If I get rejected I will go on painfully as I am and try again in 6 to 12 months. Thanks

bigadaj

The balance transfer fee seems to be 1 to 2 months of your current payment so definitely worth the move.

Unless you earn a large amount then it's unlikely you'll get to transfer the whole amount in one go, though whatever you get then take advantage of it to transfer what you can. Pay the minimum amount on this new card and then concentrate on clearing the debt on the interest bearing option. If successful then there's nothing to stop you applying for another card in a couple of months when you might be able to move some more.

I'm not an expert but would think that fluid would be easier to get than mbna, and the time for the transfers isn't that different so the fee doesn't far off balance the saving for the extended time.