0% balance transfer credit card to pay debts

Pandaeyes201

Ive done a money supermarket search and checked my eligibility.

The cards that I’m getting 10/10 chance of approval are, Marbles, Aqua and capital one.

Marbles and aqua are 0% for 6 months and capital one 0% for 4 months.

All of them have an APR of 34.95% and 3% fee.

My credit limits are actually very high on my accounts so I don’t understand why I have so little choice. But since I’ve heard of Aqua I think it might be my best bet. If I’m paying £50 over the 6 month period that’s £300 paid off.

[Deleted User]

Pandaeyes201 wrote: »

My credit limits are actually very high on my accounts so I don’t understand why I have so little choice.

It's because you already have high limits, a low income and are making minimum payments

Lenders won't throw unlimited credit at you, but aqua and marbles operate in the higher risk market.

How does 34.9% compare to your current rates?

Also bear in mind that you may only get a £250 credit limit from either aqua or marbles.

Dobbibill

Are you looking at purchases cards/offers? There's normally a fee (3%ish) with a BT or MT but not with purchases.

Pandaeyes201

Makes sense.

Well I can’t find my interest rate for next but with very it’s 49.9% APR

Craig1981

the 3% fee is a balance transfer fee, no fees associated with a Purchase card... Sure you did the right check?


all those you mention, I believe are BT cards...


Very is 39.9% and Next is around 22.9%
if you using eligibility checker on MSE, use the "Spending Card" option...

Pandaeyes201

Yes, the BT and MT is 3% with all but 0% on purchases for 6 months

Pandaeyes201

Ahh ok I’ve probably done the wrong one

Pandaeyes201

Perhaps as the interest is lower I’m better just trying to pay more towards each which may take a little longer but the interest is lower anyway?!

Craig1981

if you tackling the debt without a new card, then I would pay minimum on NEXT, and as much as possible on VERY until that is cleared, this will save you the most while clearing them

Pandaeyes201

I think that maybe my best option as in getting myself all confused and I don’t want to make a mistake and end up worse off and potentially apply for a card and not have enough anyway on it to cover it all