Credit Card Help

taylor1863

Please help.
I have a Tesco credit card that has a balance of £4500. I was very naive with my spending and now I'm learning the hard way. I don't really understand credit cards and I'm looking to take out another one as I'm currently paying off nearly £50 a month in interest.

Is it possible to get a 0% interest card that'll give me a big enough limit to pay that £4500 off within the 0% period? Im looking to pay off around £400 a month but all the 0% credit cards I've looked say they have a limit of £1200?

I feel sick every time I think about the debt and just want to get it paid off as cheaply as possible, without paying so much in interest every month if at all possible.

Thanks for your help.

[Deleted User]

They don't have a limit of £1,200. They use £1,200 as a representative example.

You may get a smaller or larger limit, depending on your circumstances.

Oakdene

When you apply for a BT card, you will get the chance to enter the amount you wish to transfer so you may find that a lender will give you the required limit.

In reference to the £1200 limit, are you sure thats not the assumed limit?

taylor1863

Yes it's definitely the assumed limit, I'm very much a newbie and struggle with all the jargon. This may sound like a silly question but when it says 0% interest for two years I assume that's exactly what it means. i.e. Providing I pay off the minimum balance every month then there won't be interest added to the balance every month?

Oakdene

taylor1863 wrote: »

Yes it's definitely the assumed limit, I'm very much a newbie and struggle with all the jargon. This may sound like a silly question but when it says 0% interest for two years I assume that's exactly what it means. i.e. Providing I pay off the minimum balance every month then there won't be interest added to the balance every month?

Thats right, however obviously paying the minimum payment won't clear the balance at the end of the period.

taylor1863

Yes as I've said I plan on paying a lot more than that off each month. Having looked at the 0% options on the site, which would people recommend for my circumstances (transfer £4500 to pay off Tesco card and pay off new card £400 a month) or are they all very similar? Thanks again for everyones help.

[Deleted User]

Do an eligibility checker to see what you are best suited for.

taylor1863

My eligibility checker said I should get the MBNA All Round Credit Card 0% for 29 months. Just concerned that if i apply for it the credit they give me won't cover the amount I owe. Does anyone have any experience with this card who would recommend it or not? Thanks again.

Oakdene

taylor1863 wrote: »

My eligibility checker said I should get the MBNA All Round Credit Card 0% for 29 months. Just concerned that if i apply for it the credit they give me won't cover the amount I owe. Does anyone have any experience with this card who would recommend it or not? Thanks again.

I got the MBNA BT card & my history is less than perfect,

taylor1863

I've been approved thanks everyone! £6000 is the limit so comfortably covers me.

The MBNA site now says I can make up to 4 balance transfers but I'm confused as it's asking me for the card details I want to transfer from. I want to transfer £4500 from this new MBNA card to my Tesco card and not the other way round? Do I need to wait for all of my details to come through and do it via online banking?

Oakdene

taylor1863 wrote: »

I've been approved thanks everyone! £6000 is the limit so comfortably covers me.

The MBNA site now says I can make up to 4 balance transfers but I'm confused as it's asking me for the card details I want to transfer from. I want to transfer £4500 from this new MBNA card to my Tesco card and not the other way round? Do I need to wait for all of my details to come through and do it via online banking?

No, you are transferring the debt of £4500 from your existing card to the new MBNA card. Once it goes through, MBNA will send Tesco £4500 & your balance on your MBNA will be £4500 (plus the charge for the BT).