Credit Card Advice Please

princesmd

Hi All

I have several credit cards (6 in total) up to their limit. My Monthly repayments on all these is nearly £750.00! I am paying the max each month on these until there balance transfer period ends. I don't wait to be paying interest after on these.

I have been offered a Barclaycard for a Balance Transfer til February 2018. I have worked out that if i accept this my payment would be £366 per month! I would like some advice please as to whether this is a good deal/offer or not. I cannot get any other BT Credit Card. Thank you in advance.

CLAPTON

princesmd wrote: »

Hi All

I have several credit cards (6 in total) up to their limit. My Monthly repayments on all these is nearly £750.00! I am paying the max each month on these until there balance transfer period ends. I don't wait to be paying interest after on these.

I have been offered a Barclaycard for a Balance Transfer til February 2018. I have worked out that if i accept this my payment would be £366 per month! I would like some advice please as to whether this is a good deal/offer or not. I cannot get any other BT Credit Card. Thank you in advance.

it makes sense to pay your debts off within the 0% period

grumbler

princesmd wrote: »

Hi All

I have several credit cards (6 in total) up to their limit. My Monthly repayments on all these is nearly £750.00! I am paying the max each month on these until there balance transfer period ends. I don't wait to be paying interest after on these.

I have been offered a Barclaycard for a Balance Transfer til February 2018. I have worked out that if i accept this my payment would be £366 per month! I would like some advice please as to whether this is a good deal/offer or not. I cannot get any other BT Credit Card. ...

Why do you try to get any other BT card if you have Barclaycard's offer?

If you can pay the balances off before 0% ends, is it really worth paying for a BT to reduce monthly payments and extend 0% period? You know this better than anybody here.

princesmd

hi

Have tried to get other longer offer bt credit cards - but as i have the top 6 already (mbna,bos,halifax,virgin,fluid,lloyds) there is no other card available to me only barclaycard. I want to reduce my monthly outgoing payments on these credit cards as i am finding it difficult.

DAZWXM

Hi
I have two cards with approx. £8K debt that I want to move to a 0% long period to clear.
Free searches show there are several options for me, but the details/examples only show what I would pay if I transfer £1200.
Without doing a full application is there anyway of finding out who would take on the full £8K, as I cant make 7 card applications without damaging my credit score.
How do I ask for a larger credit limit on the application?

[Deleted User]

You don't ask for a credit limit, but you will sometimes be asked how much you want to transfer.

MBNA anecdotally give generous limits, but you won't find out the limit until you are accepted.

princesmd

Hi

Any advice on what I should decide to do or other way would be great asap please.

[Deleted User]

You haven't given us enough information.

What are your limits and balances?
When do the promo rates end?
What are the go to rates?
What limit have Barclaycard offered you?
What is the go to rate on the Barclaycard?
How long will it take you to clear the balances at 0%?

princesmd

As I stated in my original post have reached limits on all my credit cards. Total Balance owing £9,100, BT ends july/nov 2016.
interest rate will then jump to 21.9 on all credit cards, if i do not pay them off.

Barclaycard credit limit is £10,000, BT Til February 2018. 3.9% transfer fee.

[Deleted User]

If you continue paying £750 a month, you'll clear around £7k by November. So no point in paying a transfer fee on the whole 9k if you'll only have a couple of thousand being charged interest.

grumbler

If your balances are £9100 and there are only few months left until 0% ends, is £750 just as much as you can pay?
If so, I think it's worth to transfer the balances to Barclaycard, but not to relax and keep paying more than £366.

EDIT: I missed that some 0% ends in Nov, not Jul. If so, it's possibly better to transfer ~£3K, and keep paying as much as poosible to other cards to clear the balances before Nov.