Nooby with Credit cards and transfering money

diz79

Hi I wondered if you could help me, Ive been looking at differnt credit cards to try to transfer debt.

Some credit cards I look at say 0% on balanced transfers with a small fee see below....

https://www.barclaycard.co.uk/personal/credit-cards/platinum-third-balance-transfer

SOme have 0% plus no fee...

http://www.theaa.com/credit-card/balance-transfer-credit-card.jsp?source=AffiliateAffiliateWindow&ito=1758&utm_source=hotukdeals.com&utm_medium=affiliates&awc=3932_1470921503_b730935726b087ee71e4016d262d6a8f&dclid=CInmmc65uc4CFceH2wodaksMXw

Im a bit confused with how it all works regarding fees etc. SO with the AA card would I pay nothing to ttansfer the debt and get no charge with 22 months to clear the debt?

I also currently have an overdraft of £2500 with barclays where I pay a £7 fee at the moment for having the account but im not paying any interest due to it being a graduate account. Im paying £50 a month into the account to bring it down should I stick with this or go down the route of getting a credit card?

Thanks in advance.

MallyGirl

diz79 wrote: »

Hi I wondered if you could help me, Ive been looking at differnt credit cards to try to transfer debt.

Some credit cards I look at say 0% on balanced transfers with a small fee see below....

https://www.barclaycard.co.uk/personal/credit-cards/platinum-third-balance-transfer

SOme have 0% plus no fee...

http://www.theaa.com/credit-card/balance-transfer-credit-card.jsp?source=AffiliateAffiliateWindow&ito=1758&utm_source=hotukdeals.com&utm_medium=affiliates&awc=3932_1470921503_b730935726b087ee71e4016d262d6a8f&dclid=CInmmc65uc4CFceH2wodaksMXw

Im a bit confused with how it all works regarding fees etc. SO with the AA card would I pay nothing to ttansfer the debt and get no charge with 22 months to clear the debt?

With the 2 cards you have listed you have the choice of a very small fee but 32 months to pay it off, or 0 fee but only 22 months to pay it off. You choose whichever is right for your circumstances.
Personally I would go with BC as their minimum payment is lower and the application process is much easier. 0.74% over nearly 3 years is not much.

diz79 wrote: »

I also currently have an overdraft of £2500 with barclays where I pay a £7 fee at the moment for having the account but im not paying any interest due to it being a graduate account. Im paying £50 a month into the account to bring it down should I stick with this or go down the route of getting a credit card?

Thanks in advance.

you would need a money transfer car for this, rather than a balance transfer. There are less of these on the market and there will be a fee. You would need to do the maths to see which is the cheaper way forward. Remember that they can ask you to pay off the overdraft at any point.

millieonaire

Hi Nooby, I realized recently that a 0% deal with MBNA had recently come to an end (they didn't let me know, of course). I wasn't sure how to choose another card to transfer my balance to; but I found the MSE website extremely helpful. I was suspicious of banks which offered 0% interest and no-fee transfer (surely there had to be a catch?); but the website found me a card (Post Office) which did indeed offer these things, and which MSE estimated was 95% likely to approve my application. Well, it did. I guess the catch is that the bank always hopes you will buy something on the credit card, or forget when the interest-free period runs out. I'm going to mark the date in my diary! Good luck with your search.