Help with choosing which credit card!!?? 19 May 2016 at 9:48PM in Stoozing: free cash from credit cards 3 replies 1.5K views

saver00

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

zx81

Neither. Sounds like you need a money transfer option.

MallyGirl

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.

saver00

ahh I see thank you for the reply!