Managing transfers from a few cards

AndyPoll

As you got one with HSBC your credit rating must be quite good. You could therefore try Santander as well. They do a BT card with no fee at the moment which will obviously save you a little bit in the transfer process.

PUFC86

Many thanks for the replies and suggestions, I will look into the Santander one soon and also consider using one for everyday spending and clear each month.

Thanks again everyone for all your help, I will update the thread in September/October and let you know how I got on with the rest.

:money:

Ben8282

Do not cancel or lower any limits.

Sharon87

I wouldn't cancel, I would keep them open and see if they offer any 0% deals. Someone said Halifax don't offer good transfers, but they have for me in the past, usually between 12 and 18 months with a 3% fee. Remember you can't transfer balances between same providers.

I am juggling a fair few 0% deals at the minute, I keep a spreadsheet to keep a track of expiry dates, I update it every month with the amounts.

maxximus75

Keep the old cards but set up to be paid in full direct debits.

Keep them in a drawer and rotate their use for something you would usually pay off (for example, a tank of petrol, food shop etc). This will keep the cards active and you pay them off each month.

But...... if you think that you may use them to spend, cut them in half.

Looking at the figures you have given by your current cards, you have only managed to pay off £800 from all of your cards during the 0% period so far?

With the new cards, remember the 0% transfer window is usually for balances transferred in the first 90 days!

chattychappy

You can keep the plates spinning quite some time this way. I regularly get BT offers from my dormant cards - so I don't think it's really necessary to put occasional spend through.

Just one thing, though. All this does have to be paid off one day. If you lose your job or some other crisis hits, the plates could fall down. Ditto if there is some "nanny state" style intervention whereby BT deals become less common.

Firstly, I would always pay £1 more than the minimums, to avoid minimum payment markers. Also, look at your monthly total minimum payment. If possible carry a buffer in savings so that if you did suffer an income loss, you could keep the payments up for at least a few months.