How is best to repay my cc amex?

Hi I have an AMEX BA with a credit of 6k and an APR of ~18.5%. My debt to salary ratio is aroun 32% ( mortgage + minimum payments in this card ).

What is best option for me?

1. Transfer that into a 0% credit card?
2. Get a personal loan with APR of 4.2% that was proposed to me?

I prefer option 2 since my salary is good enough and I prefer repaying that in once rather than having my limit transferred. But I tried getting a personal loan last year and got rejected ( but it was a month after my mortgage started ) so wondering should I try and re-apply? If I am rejected again that would look badly on my credit record right?


  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    Only the search is recorded - not the result.

    I would try a BT card.
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320
    Name Dropper First Anniversary Combo Breaker First Post
    Your best option is to transfer to a 0% card ... IF you get accepted, and IF you are offered a high enough credit limit. Why would you want to pay 4.2% interest if you can pay 0% ?

    That aside, debt consolidation loans are generally a bad idea. The temptation is to clear the credit card, then start spending on it again, and ultimately end up with double the debt.

    Another point to consider - if you can transfer to a 0% card, put money aside to pay the remaining balance off once the 0% deal comes to an end. Otherwise you're stuck with paying their standard APR, and no guarantee of being able to shift it to another 0% card.
  • Agree with Ebe Scrooge.
  • MallyGirl
    MallyGirl Posts: 6,513
    Photogenic First Anniversary Name Dropper First Post
    Senior Ambassador
    if trying for a BT card do a bit of research as some cards will not transfer balances from Amex - I think I saw a thread about Sainsburys not working yesterday
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected].
    All views are my own and not the official line of MoneySavingExpert.
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.8K Work, Benefits & Business
  • 606K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards