Balance transfer help

Larazane

Hi

I have a credit limited of £13250 on my barclaycard. I am up to £12000 on it. I have opened an Nuba with 0% on balance transfers for 18 months with a transfer fee of 3.49%. balance transfers after 60 days of the date of opening the card are only 0% for 12 months.

How do I do this??? transfer £1000 or as much as I can from my Barclaycard and pay the minimum payment on my Nuba card and clear as much of my barclaycard off as possible or transfer to Nuba, clear it and then transfer another lot to increase credit limit for balance transfers with a view to most or all of my credit card debt being at the reduced interest rate?

Please would you help to make sure I am working this out properly?

Thanks

Ben8282

Without any knowledge of the credit limit on your new card, the current rate being charged on the original card and details of any existing customer bt/money transfer 0% offers on the original card, it is difficult to advise.

Dobbibill

Yes, pretty much what you said. Min payments on 0% card....don't miss a payment or they may remove the offer.

Pay down as much as possible on the interest bearing card but also address the reason you have £12k of debt. If you don't address the cause then it may well happen again.

Candyapple

I had never heard of Nuba before so Google'd it - it's a new card backed by MBNA. Which is odd, given that they closed down their Fluid cards (for poorer credit users) which is what this card pretty much looks to be identical. Plus I thought they were trying to sell off their credit card arm of their business?

Either way, another point OP - assuming you have a low credit limit with the new card, I highly doubt they would increase your credit 1-2 months after you opening your account so your best bet is to put as much onto the new card as you can and then continue paying off the Barclaycard with whatever you can.

redux

Even if they would consider increasing the credit limit, this is unlikely to occur before 6 months, by which time you'd have lost the opportunity to gain the 18 month balance transfer span. There isn't much point transferring to 18 months, then working hard to clear part of that specially in order to apply to get only 12 months.

Only the same money will be available from your income whichever way you do this. Keep the most benefit of the 18 months, and then put as much as possible directly to the Barclaycard.

Larazane

Thanks for all of your posts. We bought a new house which was pretty much falling down. Having gone over budget we put the kitchen on the credit card. The repayments are manageable but we want to start a family so I'm reluctant to pay high interest and want to get rid of the debt asap to give me more money in the bank to enjoy my maternity leave.

Aliya

I have £4K remaining on a Barclaycard 0% promotion which ends Feb 1st 2017 - I also owe a smaller amount on a Lloyds cc. Barclays have sent me a letter offering Balance Transfer OR cash into a bank account at 0% until Feb 2018. I'm concerned the 0% promotion I currently have will end long before I have cleared the balance. Could I take up the offer mentioned in the letter from Barclaycard for cash into my bank account and 'pay' the £4,000 I presently owe them and also take extra to clear the Lloyds card? I realise this will take the amount I owe Barclaycard back to the original amount I borrowed, but it would consolidate my owings to all being 0% AND allow me more time I.e February 2018. I have tried to ask on the phone when making a payment in less clear terms but didn't get a clear response - they merely told me what amount would be available to me and the handling fee.

[Deleted User]

If you have sufficient limit, yes.

Aliya

Thank You for the quick reply. Sorry to labour the point but my point was there can't be any hidden catches I'm not noticing by doing this?? I know NOT to use the same cc for purchase until balance transfer is cleared etc but I will be actually be increasing my borrowing while still owing (even though I plan to use most of the new borrowing to pay off the existing amount). I will also be doing this, approx 2-3 payment dates before the current promotion expires. In effect taking additional debt before clearing current which mentally to me 'feels' like I'm making a purchase or some other no-no.

Dobbibill

No. You are just paying a MT fee to avoid paying interest monthly.