Want to transfer balance, which credit card is best and other queries

Legacy_user

Had some really lovely people advise me in the other forum (thank you!) and so this is a question about my credit card and transferring it to one with no interest which I've been told I can do...

I have £2,300 on an MBNA card.. I have about £40 to spend so its almost maxed out. I make the minimum payment every month by DD which is usually around 50/60, but my balance never seems to go down so its probably costing me a lot in the long term,

I've been using money supermarket to compare deals but there are a few things I dont get so if someone could help with the basics id appreciate it! I know its very basic stuff, sorry

• When it says 'debt repaid in 23 months' - does this mean I cant pay it off earlier? Is there a penalty if i do?
• Can I make more than the minimum monthly payment on the new card?
• When I've paid it all off, does the new card stay open?
• When I have the balance transfered, will my MBNA card stay open?
• Why do some cards have a 'fee' on transferred balances, and some not? Wouldnt everyone just choose a card that didnt have a fee?
• Is it worth transfering the balance if there is a free to pay?

Sorry for all the questions.

[Deleted User]

you can pay it as quickly as you want
yes
yes
yes
not everyone can get one without a fee (or even with a fee)
yes if it's less than your interest

System

Okay, thanks!

System

The virgin card states "fees and interest" is £20... is this a one off payment?

System

and is that in addition to the 0.59% 'fee'?

[Deleted User]

Can you post the exact wording for the £20 and the 0.59% fee? Neither look like BT fees.

System

Sorted by
Lowest cost Interest free period Fees Representative APR (variable) Your chance of approval
Barclaycard
Platinum 32 months Balance Transfer Platinum 32 months Balance Transfer
Fees + interest:
£17
Debt repaid in:
34 months

0%
32 months
balance transfer offer
Then 18.9%
0.72% fee
on transferred balances
18.9% APR
representative

System

thats from money supermarket, thats my 1st result, the 2nd was virgin

MallyGirl

the fee will depend on the amount you transfer and will be a one off addition at the start. This is why you can never transfer all the way up to your given credit limit - 90 or 95% is the max you can transfer

The interest only comes into play if you just make the minimum payments for the length of the 0% offer and by the end you still have a balance.
It is up to you whether you close the MBNA down after it has been paid off - if you have had it a decent length of time then probably keep as this can contribute positively to how your credit history is viewed by future potential lenders.

MallyGirl

I suggest you do the eligibility check on here - it doesn't show as a credit search. There is no point comparing offers if you aren't likely to get the cards

System

Thanks for ur reply I dont understand this though This is why you can never transfer all the way up to your given credit limit - 90 or 95% is the max you can transfer

Does that mean ill still have some left on the MBNA card to pay off?

I did an approval check on money supermarket, is sais 90% chance of being approved? x