Should i take this BT deal ?

mumofthetwins

hi guys
I have just checked BC and they are offering a BT offer of 6.9% for the life of the balance .. what do you guys think ?
im currently paying 29% on my last 2 cards needing clearing .. I was hoping to shift to a cheaper rate then hammer these.


I cleared the BC, TSB, MBNA and Halifax card over the last couple of month.
im thinking it would take me about 8 or 9 month to clear the remaining at the 6.9% rate.


thanks again for all your advice yous .. you lot have really helped me change my life
lisa x

ReadingTim

If you get offered the 6.9% rate, or indeed any rate of less than the 29% you're currently on, then yes, mathematically, it makes sense.

However, you need to also make sure you close the accounts of the cards you've just paid off to avoid the temptation of spending again on them, and getting further into debt. Can you do this?

You might also want to check the small print of the new card - with a relatively low rate for the life of the balance, the rate on purchases will probably be pretty high to compensate. So be sure you don't spend on this new card. Will you?

Finally, if you're thinking about BTs, are you not better off trying to find a 0% deal? I'd only go for this one if you can't get a 0% deal...

mumofthetwins

Thanks Tim
I have been putting the cards as they are cleared away and not spent anything else on them .. ive already cleared 4 cards .. yay.
it would just be to pay of this last remaining debt asap so no spends on it.
lisa x

MallyGirl

rather than putting them away you would be better off closing them down completely - maybe just keep the longest held one for dire emergency.

If you still have the accounts open then the limits will show as credit available to you even though you don't intend to use it. This will impact on any future credit offers - and might be why you are not getting 0% offers.

enthusiasticsaver

Close the cards except one as you pay them off then you may be offered 0% deals. What is BT fee?

JamesZxr

While 6.9% is certainly better than 29% have you done a soft search using an eligibility checker such as the MSE one to make sure you aren't potentially eligible for a 0% card with another provider?

mumofthetwins

Thanks guys I was planning on closing the accounts but I wanted to wait to see if I was offered any BT offers.
I did have a look on the checker when I first started paying them off and I didn't get anything really but to be fair I have paid a canny bit back since then so might be worth checking again
fee is 2.9% so not to bad ( I don't think) .. im not very good at this stuff and cant really believe how far ive come over the last few month with your help


lisa x

zenshi

Did you find the 6.9 rate on your online account? I would be inclined to ring them and ask straight out if they can offer you a 0% deal. What's the worst they can say! I've done this before successfully

mumofthetwins

Hi Yes it was online .. I might try giving them a call .. shy bairns and all that lol
thanks

zenshi

Change the 'might' for 'will'.....you can do this!

mumofthetwins

Just tried calling and non available .. so looks like 6.9% is better than 29%
the guy did say he would set me up for email notification if any become available. has anyone has experience of this ?


Thanks
Lisa