thoughts on balance transfer cards

poppett

I don't fully understand the ins and outs of balance transfers but I have been looking into a 0% transfer card and did the eligibility check on here this evening. It came out that the card I had the best chance at getting was Barclaycard Platinum.

Before going ahead with the application I did some calculations based on what I owe. (£2638). I currently pay off £100 per month and thought "great if I get the 24 month 0% it'll mean for approx an extra £10 a month I'll get it paid in 2 years." So I applied. It was turned down but it did say I could get the 12 month 0%. Which means my payments would have to double.

As much as I want to clear this CC debt as soon as I can, I'm not sure I could in afford to double my payment.

Anyone care to give me their thoughts on this please?

BoGoF

What rate is on the card you have a balance on?

You don't have to clear it in the 12 months but the remaining balance will revert to the standard APR. Surely getting 12 months of no interest is better than paying interest on your current card.

In 12 months you can look to transfer again.

Craig1981

I would assume the APR on the barclaycard offer is slower than your other one?
so would you rather pay interest on £2600 on £1400 in 12 months time?

paying £100pcm on £2638 will cost you around £2300 interest on you current card, if the APR is 39.9%

If Barclaycard offer is for 12 months at the same APR 39.9%, an you continued to pay £100 until debt is cleared, when interest starts accruing on month 13, when paid off, you would have only paid £459 interest

just an example if APR is same rate on both cards - you'll save more if Barclaycard lower than your current

so if you can transfer whole balance, then go for it, even if it is only 0% for 12 months, saving over £2k... make sure to close down old card once paid off