Balance transfer query

PollyWolly

I posted this initially in the credit card forum, but since checked with clearscore who tell me I'm pre-aporoved for a card.
Anyway.
Barclaycard Credit card is £2900 and always on the limit, to an extent i pay the guts of £350 a month to it but then end up living off it for the rest of the month.
Argos is £1200, won't be buying anything else from them this year, paying guts of £30-50 a month to it.
Very is £770, as above no more buying and paying this off.

I used the 0% balance transfer link on the main page, best offers were Barclaycard but as I'm already with them then they're ruled out. I applied for an M&S card, saying 70% chance of being accepted, but was refused. I then checked on clearscore who said I'm pre-aporoved a capital 1 card, 6 month 0% with limited of £1500.

If I was to take this, would there be a best plan of action as in transfer all from Argos, or am amount from the credit card?


Thanks in advance

angelpye

I think the APRs will be needed for anyone to give you an opinion

Also what the APR will be after 6 months if you are not able to pay it all off.

PollyWolly

Interest on Argos is 29.9%
On Very is 47.9% :eek:
Credit card is 30.06% (34.6% compound equivalent) whatever that means.

Capital One is 0% for 6 month then 34.9% thereafter. The one and only reason for this is to clear debt, so if I have to sell my Granny then whatever is on the new card will be cleared within the 6 months.

binaryuniverse

Capital One are pretty good for poor credit scorers needing some respite. I've took them up twice on their 6 month offer. But you do have to be careful there, and have somewhere to shift the debt to, should you not be able to clear the balance to, after the offer has expired.

However, it may be worth trying Tesco. Although my credit worthiness has improved somewhat, over the last couple of years, I was still getting rejected for decent balance transfer cards.
However Tesco readily gave me a 24 month 0% on transfers card. with an extremely large limit. They even gave me a second card with 28 months 0% on purchases.

Should you get that, then stick it all on that card. keep the Barclaycard account open so that, if you don't manage to clear the debt after the offer, you can try Barclays for a existing customer deal.

PollyWolly

Before trying for the tesco card (the chances of that were 40%), I'm wondering, if I do get the Capital One card, then looking at interest on other outgoings there then would it be best to put all my Very on it and focus just on clearing that? £770 owed at 6 month is £135 a month, so, if going for that then is best bet paying minimum plus a little extra on both credit card and argos?