Ramifications of balance transfer to c/card

bullinn1

Hi chaps ... idiot here.

I had several credit cards, transferred them to a Tesco card and am about to transfer another £1000 to it leaving me - hopefully - with one card with a -£5K balance, I'll cut all the others up, is it really interest free for the specified time (2018) ? and what happens then ? I'm paying off £100/month and am trying hard to stop throwing money away so I can pay off a little more.

Any comments about how I should be managing this debt and the ramifications of me screwing up are very welcome.

I'm a pensioner with £1k/month income.

[Deleted User]

Aim to clear it before the end of the promo period. After that, you will be charged interest at your standard rate.

If there is still a balance remaining, evaluate your options at that point.

bullinn1

Thank you so much zx81 - I doubt I'll be able to clear it so I guess I'll just have to suck up the interest payments, I suppose won't be able to shift it to another card ...

BoGoF

What are the other cards you are cutting up?

Peter700

Can anyone tell me how to post, please?

[Deleted User]

Peter700 wrote: »

Can anyone tell me how to post, please?

You've done it...

bullinn1

Co-op (my bank c/card) Halifax, Virgin and, I think, I have an old Nationwide account ...

BoGoF

Well if you trust yourself not to use it I would suggest keeping one of them (probably virgin) as once your balance is cleared you are likely to get promotional offers in the future that you could transfer your Tesco balance to when the time comes.

bullinn1

Excellent thanks BoGoF ... I'll hang on to them (I think I can be good) !

Chrysalis

I wouldnt cancel all other cards, maybe keep one spare (with the highest limit), there is benefits to dothis, one obvious one it lowers your credit utilisation.

Also dont wait till the offer expires before you reassess as it takes time to process and send out any new 0% cards you get so I would leave a 2 month cushion, if you know there will be remaining balance then apply for a new 0% card to transfer the balance again.

bullinn1

Thanks Chrysalis ... I couldn't remember what the free period was on the Tesco card so searched my account on-line and couldn't find it so I called the help line and a really nice girl couldn't find it either, but called me back and said that it's March 2019 - so a bit of time left, I might have a chance of getting rid of it !