We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Help with choosing which credit card!!??

Options
Hi

I have the odd debt floating around and would like to transfer all this onto one card. Debt includes other credit card, small loan, catalogue accounts. I've tried to read through the different cards that are available but I'm a bit confused.

Do I get a standard credit card with a 0% interest rate? Or would I apply for a balance transfer credit card?

Any help would be great!

Thanks

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Neither. Sounds like you need a money transfer option.
  • MallyGirl
    MallyGirl Posts: 7,194 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    or a combination.

    A 0% purchases card could be used to cover normal buying so that you could divert the money you would have spent on those items to paying off debt. Slower but it can address loans and store cards like Argos that can't be settled by Balance Transfer (BT).

    A 0% BT card would allow you to transfer debt from another credit card and from some store cards but not all. It could not be used to pay off a loan. There will usually be a fee - a percentage of the amount transferred.

    A 0% Money Transfer card puts the money straight in your bank account so you can direct it where you like to pay off debt. There will be a fee - a percentage of the amount transferred - and the length of 0% is often shorter than with either purchase or BT.
    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.
  • saver00
    saver00 Posts: 2 Newbie
    ahh I see thank you for the reply!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.6K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.