Is it worth me balance transferring?

campbell19925

Hi everyone,

I have a credit card limit of 4.5k and I owe about £1800. (Lloyds Credit card)
I can afford to pay £900 off In September and October meaning the balance should be paid by October.

is it worth me doing a 0% balance transfer? How much would I save by doing this + is it worth it?

Any advice appreciated

Thanks

Willing2Learn

You will be saving money on interest charged between now and November. Plus having two cards is good just in case one of them stops working...

[Deleted User]

You'd need a fee free BT to not make a loss, unless you have a massive APR.

campbell19925

Deleted_User wrote: »

You'd need a fee free BT to not make a loss, unless you have a massive APR.

is there anything you'd recommend ? I was thinking of using nationwide as I have an acc with them

Willing2Learn

campbell19925 wrote: »

is there anything you'd recommend ? I was thinking of using nationwide as I have an acc with them

Try this Santander card, 27 months 0% and no fee.

eskbanker

campbell19925 wrote: »

is there anything you'd recommend ? I was thinking of using nationwide as I have an acc with them

I'd recommend using the MSE eligibility checker to see which ones you're most likely to be approved for: https://creditcards.moneysavingexpert.com/?balance-transfer

campbell19925

I just think it might be a bit of a faff on to save about £50/60

I dont really want to negatively impact my credit score as will be going for a sole mortgage soon

[Deleted User]

You don't have a credit score. Just credit history.

If your mortgage application is within the next 6 months, I would leave it.

campbell19925

Deleted_User wrote: »

You don't have a credit score. Just credit history.

If your mortgage application is within the next 6 months, I would leave it.

Looking at least 12 months from now.

fewcloudy

Hi Campbell,


You do know this site is called MoneySavingExpert right? but you think it's a 'bit of a faff' to save 50/60 quid. Hmmm...

Plus it's more than that anyway. Not only do you cease to pay ANY interest to the credit card company, you also (assuming you can resit just !!!!ing it up against a wall), have £1800 that just 5 minutes ago was going to leave your account in Sep/Oct this year. Now it can remain in YOUR account, earning 1.5% - 5% interest, depending on how 'much of a faff' you can be bothered enduring in order to make the best use of your hard earned cash;)

campbell19925

fewcloudy wrote: »

Hi Campbell,


You do know this site is called MoneySavingExpert right? but you think it's a 'bit of a faff' to save 50/60 quid. Hmmm...

Plus it's more than that anyway. Not only do you cease to pay ANY interest to the credit card company, you also (assuming you can resit just !!!!ing it up against a wall), have £1800 that just 5 minutes ago was going to leave your account in Sep/Oct this year. Now it can remain in YOUR account, earning 1.5% - 5% interest, depending on how 'much of a faff' you can be bothered enduring in order to make the best use of your hard earned cash;)

Haha thanks for your reply. Its more of the fact I dont want to affect credit history when looking to soon get a mortgage, still may be worth it though.