Is it possible to balance transfer a high credit card balance?

thetonyshort

Hello, I hope you are all well and wishing you best of luck for 2017.

I'm looking to organise my finances this month and an area of priority is my current credit card which has a balance of £10500. As you can imagine I'm paying monthly of interest on this which costs me approximately £200 per month. I'm looking to transfer the credit card to another supplier to help manage the interest but having never done this before I'm unsure whether I could do a balance transfer for over £10,000.

From other peoples experience do you know if this is possible and could anybody advise what the best approach here is.

Many thanks in advance.

Tony

YorkshireBoy

Your income is?
Your other debts are?


Suggested "best approach" will follow upon answering the above.

bengal-stripe

thetonyshort wrote: »

I'm looking to transfer the credit card to another supplier to help manage the interest but having never done this before I'm unsure whether I could do a balance transfer for over £10,000.

You will have to apply and have to be accepted by a CC that offers "0% Balance Transfers for x months". Whether or not you will be accepted and how high your limit will be, depends on your current financial situation.

If you are drowning in debt, nobody will touch you. Even if you get accepted, the card might not give you a limit as high as you are hoping for (you usually can transfer 90 or 95% of your limit onto the new card).

abi28592

Yes its possible i think but i have never done it

austonic

Chances are that you will need several cards, and in my experience it is best to apply for several at the same time as the searches for the other cards tend not to show up immediately, but a few weeks later they will.

Hopefully you will be able to get 0% rate cards covering a reasonable period. The transfer costs are the killer. Obviously, transfer as much as possible using the lowest rate transfer fee.

Note that your minimum monthly payment might be a bit higher with using two+ cards than just one. You should of course be aiming to pay off as much as possible as quickly as possible. Usually you would pay off highest APR debts first, but with 0% APR cards, that does not apply. Perhaps seek to pay off the shortest 0% term cards first. This is of course assuming you don't have other higher APR debts.