High balance and high interest card

Cocorocks

I have a credit card which has high interest and a very bug balance, essentially paying 145 per month but it's just covering interest.

I read about balance transfer cards but dont know if it's right for me.

jimbo26

They are very much for you. A balance transfer card lets you shift the debt to a 0% deal for a period of time, so you won't be paying interest. There will be a fee to transfer the det but that will be more that covered by the savings in interest.

eskbanker

While BT cards are very much worth having in order to reduce interest paid, their availability is dependent on credit status (not least because they're effectively additional credit even though you'd plan to consolidate) and even if you get one, the credit limit may not be sufficient to transfer your entire balance.

Check eligibility at https://creditcards.moneysavingexpert.com/?balance-transfer