Need a bit of advice please

essex-girl_4

Hi

I wonder if anyone has any advice they could give me that i could pass over to my better half tonight.

Situation is, he has a credit card with the Halifax, his limit is £6,800 and his current balance is £6,674. Having received his statement this morning (hasnt spent anything on it for a while now as was upto his limit and has been trying to pay it off) i noticed that the interest being charged is as follows:

Cash: at 0.073% per day (29.95% p.a) which totals £40.10
Purchases: at 0.058% per day (23.53% p.a) which totals £89.34

He paid £310 off of it last month and it seems ridiculous that £129.44 has been added on for interest.

What are his options, can he transfer this balance to another CC with less interest or no interest if so which one would you suggest?

I havent a clue how this all works as have never owned a credit card myself before which is why im asking you guys for some advice.

Thanks so much
Sammie

exel1966

I suggest before doing anything else you read this :-

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

It will tell you all about how Balance transfers to other cards work. It's not worth me suggesting any one card as it will depend on your OH's credit history. There are literally hundreds of cards available offering O% limited time deals which are there to be taken advantage of, BUT one VERY CRUCIAL thing you must do is to NEVER EVER use the card you have transferred a balance on to.

Read the link and then if you're still not sure come back and ask more questions. There are lots of people here who will be able to advise and help.

PS. the interest he's currently paying is high because he has comitted a cardinal credit card sin and that was to withdraw cash from an ATM using his card. It's a BIG NO NO !!!......and he's obviously only paying a near minimal amount back each month so he's paying interest on the interest he's being charged.

essex-girl_4

Thanks so much for replying, i shall go and take a look at the thread now, oh and he has a very good credit rating so i dont think it would be a problem him getting another card to transfer the balance onto.

Thanks again.