New cap1 card advised for aqua transfer.

Dandytf

Think as cap1 are pre approved since I closed luma card last year.
Is it sensible to apply for another cap1 card with 6 mths 0% balance transfer.
I could then shift some aqua card debt across and try and re pay a considerable sum over next 5 mths approx.
Only any cap1 sum left over after 6 mths could then revert to 34.9%-not much difference from current aqua card.
This is only if I were to be accepted for new cap1 card(considering I bought a car last week) It's not guaranteed accept other than eligibility checkers.

[Deleted User]

If it's the best you can get, then yes, it's worth doing.

Once you've shifted some on the 0% deal, focus on the remaining interest bearing debt.

Dandytf

Thanks
Why focus in interest aqua debt when I could try and pay off as much@0%-if it's successful app.

[Deleted User]

Because the 0% debt isn't costing you anything.

The aqua debt grows, so you need to get it down.

If you pay the Cap 1 debt, you're throwing money away.

Dandytf

Deleted_User wrote: »

Because the 0% debt isn't costing you anything.

The aqua debt grows, so you need to get it down.

If you pay the Cap 1 debt, you're throwing money away.

Not necessarily as the new cap1 becomes 34.9 in 6 months, I thought it best to try and clear as much as possible whilst 0% is active.

[Deleted User]

You said the Cap 1 rate was similar to the aqua one.

If that's not true, you need to state the amounts and rates of each card.

But the aqua rate would need to be around 15%, and with no hope of paying off the Cap 1 debt for over a year to make it worthwhile clearing an interest free debt before the aqua card.

Very few aqua cards get repriced that low.

A4445

CapitalOnes quick check is garanteed. Unless there are fraud issues.

Dandytf

Whilst Aqua debt has been growing, haven't re checked rates for years.
Guessing above 30-35% similar to what could become Cap1@34.9%
Aqua debt has been growing due to some home purchases, essential purchases.
If I swap a few hundred from Aqua to new Cap1 if accepted@6 mths 0%
Then I could try and pay off as much Cap1@0% within 6 months whilst maintaining slightly higher than minimum payments on reduced Aqua debt. -e.g. saving potentially 175 pounds approx I think.

Willing2Learn

You need to check your recent statements for the current Aqua APR.

I agree with zx81 though.
If it were me, I would BT as much as possible over to the CapitalOne card and then set up minimum DD payments for that card. I would then pay off as much as is realistically possible toward the Aqua card during the six month CapitalOne promotional period. This method is the most MSE as it saves the most money

Dandytf

Thanks mser's
I guess one more card ap won't do any harm though not convinced of acceptance considering my considerable car finance last week (what I call considerable)
Until tomorrow morning as I'll sleep 1st to consider in the morning.

Terry_Towelling

Also make sure you understand the minimum payment calculation for the 0% BT card just in case they ask for a lot more than you were expecting and can't afford it.