0% balance transfer credit card to pay debts

Craig1981

Very and Next can be paid off with a credit card. what is the 3rd account you have?


if it is just Next and Very, then you better off looking for a 0% Purchase Card, then make payments to clear the accounts you have online like you would do with a debit card.


if a purchase card is not an option, you will not be able to balance transfer these two accounts. You would need to do a money transfer to your current account, and pay off with a debit card


note though that with any offer, it is representative, so if MBNA offering 26 months, it could mean you only get 14 months (as an example)


make sure you close the accounts off once paid off...

[Deleted User]

Look at the rates you're paying on each, so you can decide the best plan.

You need to be overpaying the one with the highest rate and slightly over the minimum on the other.

It will also then be obvious whether you could move anything to a better rate, given you're unlikely to get promo offers.

Pandaeyes201

It was £60 to H&M but I’m just going to pay that all off with my wages. It’s ready just very and next now.

I will have a look for a 0% purchase credit card. How would I calculate how much they would want as a minimum payment each month. Really I can pay about £50 a month to re pay

Pandaeyes201

Thank you all for being so helpful!

[Deleted User]

Pandaeyes201 wrote: »

I will have a look for a 0% purchase credit card. How would I calculate how much they would want as a minimum payment each month. Really I can pay about £50 a month to re pay

The standard is 1% of balance plus fees and interest.

Check each lender's terms, as it can be more - eg 2.25% of balance.

Pandaeyes201

I’ve slowed down and read everything carefully and am understanding more about everything now!

I will have a look for a 0% purchase credit card. I then want to completely pay off all that on owed using that card. And then make payments back to that card.

I’ve worked out if I paid £50 each month it would take me 12 months to pay off (not including any interest) which confuses me more but I think I know where I need to start now! The accounts will be closed once they are paid for

Craig1981

Pandaeyes201 wrote: »

I’ve slowed down and read everything carefully and am understanding more about everything now!

I will have a look for a 0% purchase credit card. I then want to completely pay off all that on owed using that card. And then make payments back to that card.

I’ve worked out if I paid £50 each month it would take me 12 months to pay off (not including any interest) which confuses me more but I think I know where I need to start now! The accounts will be closed once they are paid for

if you able to get a purchase card, there will be no interest for the introductory period (up to 26 odd months).


Minimum payments - I would bank on 2.25% of balance, so £500 = £12.50.


I would suggest if you successful in application, if it is for 16 months, do your payments over 10, leave yourself some breathing room for unforeseen circumstances


let us know how you get on

Dobbibill

If you get 12 months at 0% then you won't pay any interest if you clear it in line with the promo end date as planned in the post above.

Pandaeyes201

You are the BEST! I’m going to have a little look and see what’s the best card. Would it be ok if I consult here first before actually taking out the card?

Craig1981

Pandaeyes201 wrote: »

You are the BEST! I’m going to have a little look and see what’s the best card. Would it be ok if I consult here first before actually taking out the card?

by all means