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Want to transfer balance, which credit card is best and other queries
Comments
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it depends on what limit the new card gives you. Just because you want to pay off £2,300 that does not mean that you will get that much as a limit. It will be down to the new card provider's affordability rules and your salary and commitments.
If they offer you £2,500 you would only be allowed to transfer a balance of 90% of that amount - so £2,250.
The affordability checks will assume that you are going to keep both cards so will base their new card limit on you continuing to have £2300 on the other card.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Really!! I did not reliase that! Hmm not sure if its worth doing then.. Thank you for the info! xThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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it is still worth getting some onto 0% if you are currently paying 20+% interest. You then pay the minimum on the 0% card and chuck everything against any remaining interest incurring balance to get rid of it. Then you close that card down.
why would that not be worth it?
When your 0% is nearing the end of the promo period, if you haven't paid it off, you apply for a new card with a 0% BT offer and move the remaining debt to that. Eventually you will get it paid off at minimal interest.
Note - if you do get a 0% BT card don't also use this for purchases as you can get in a mess with some of the balance at 0% and some at higher interest.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Your monthly statement will tell you how much interest is added to the account each month - that is exactly how much it is costing you.summery1984 wrote: »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,loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Done it thank you! Got barclaycard with 7k limit! :eek::eek:
never had that much in my life. It will save me money from mbna, so thanks for all the advice xThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Just remember that you don't actually have that much money - it's an amount they let you borrow but will one day expect back.summery1984 wrote: »Done it thank you! Got barclaycard with 7k limit! :eek::eek:
never had that much in my life. It will save me money from mbna, so thanks for all the advice xloose does not rhyme with choose but lose does and is the word you meant to write.0
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