Credit Card Confusion

Peter1988

Hello,

I'm extremely confused as to what to do about my existing credit card.

I initially got a credit card some years ago for the purpose of work expenses. Unfortunately due to circumstances such as moving house and other situations where i required the use of the credit card, I've got a debt of about £2500 on my credit card.

I'm paying quite a bit of interest on this each month, but still require money for work expenses, which arent paid until the 9th working day of the following month.

Ideally I would like to reduce the overall monthly interest, whilst also needing to spend money for expenses and subseuently pay it back at the end of the month.

Can anyone offer some advice as to the best credit card to go for?

Thanks in advance
Peter

Peter1988

any suggestions please?

[Deleted User]

You need a BT card, so you can transfer the existing balance to hopefully 0%.

Then keep your expenses on a separate card that you clear in full each month.

SuzieSue

Deleted_User wrote: »

You need a BT card, so you can transfer the existing balance to hopefully 0%.

Then keep your expenses on a separate card that you clear in full each month.

Agreed. Try to get one with no balance transfer fee if possible but if you need a long 0% period then you will need to pay a fee.

Remember to set up a direct debit to pay the monthly minimum amount each month and make a note in your diary when the 0% ends so that you can either pay it off in full or you can do another balance transfer to another 0% BT card if you are able to get another one.

http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#nofees

Make sure you get one which is not run by the same financial institution as your current credit card.

For example, Post Office and AA credit cards are both run by Bank of Ireland. Therefore, if you had a balance on a Post Office credit card, you would not be able to do a balance transfer to the 0% BT card from AA.

Peter1988

Thanks very much. Do you know if this would be the same conflict between Natwest and Halifax?

[Deleted User]

Natwest and Halifax are separate stables, so no issues there.

bigadaj

Peter1988 wrote: »

Thanks very much. Do you know if this would be the same conflict between Natwest and Halifax?

No, they are totally separate.

SuzieSue

Peter1988 wrote: »

Thanks very much. Do you know if this would be the same conflict between Natwest and Halifax?

No, they are not part of the same group.