Credit card balance transfer. Help needed

cashcred

Hi there

I currently have a barclaycard credit card with a 6500 limit and I'm currently 6250 into it. I'm trying to get my debt sorted this year. I'm currently getting interest fees of around £100 with min payment of £150.

Im looking at the virgin balance transfer with 29 months 0% interest. I plan on getting this credit paid off in this period with no spend on the card.

I need advice if this is the right thing to be doing

[Deleted User]

It's the right thing to do if you can get It and want to pay less interest.

Retired_Mortgage_Adviser

Absolutely. No sense in paying sky-high interest if you could transfer it to a 0% BT card.

Do make sure you use the MSE eligibility checker and the Virgin Money card eligibility checker (no impact on credit report) to assess your chances before making a full application https://uk.virginmoney.com/cards/cardchecker/input .

goobledygook

I want to do this to, but the credit card companies are only quoting a balance transfer of £1200. I need to transfer £5800. I'm trying to reduce the amount of charges I'm paying .Currently if I pay off £230/month, they take £74, so I only pay off £156. If I transfer to a new ) % card and spend nothing on this new card does that mean I pay no interest for the term ie 29 months? I find all this a bit hard to make sense of. Do I have to pay a set amount back each month? How much would this be? I've just tried Virgin and they don't give you this info on the application so its hard to make a decision. I know I sound dim but really, its a clear as mud.

[Deleted User]

You won't know what limit you'll be given until you're accepted with the vast majority of cards. It may be the amount you need, it may be more or less.

You'll need to pay at least the minimum each month, which is typically 1% plus fees and interest, but may be more.  

All the info is in the key facts document for each lender.

maxximus75

The £1200 shown is just as an example/representative credit limit.

Mr87

It's worth using an eligibility checker (like MSE) and specific eligibility checkers for the providers themselves  to see whether you're likely to be accepted. Go for one with the best chance. During your application it might ask if you want to transfer a balance and the amount, the bank might reject your application, only allow some of the limit needed, or the approve the full lot and then some. Whatever you achieve, better to pay 0% on some, than 20-40% on all of it...

@Gobbledygook yup you would have 0% interest on your balance as long as you paid the minimum each month. As zx81 says it's usually 1% of balance. You could choose to pay the minimum each month and pay it all off at the end of the BT period, pay different amounts each month (above the minimum)... Or not clear the balance by the end of the 0% period in which case the balance reverts back to the standard interest rate. Basically the same as your current credit card... 

CRISPIANNE3

I have improved offers from BC this month but since March I notice my money transfers have now disappeared completely.

AJK4

Hi

I am hoping someone can help me. I have two credit cards, I am currently only paying off interest and cannot afford the minimum payments. I was hoping to transfer the balance of both cards to a low interest card. BUT I cannot transfer the debt onto one card, and I suspect I won't be able to make the minimum payments as the debt is so big... but I can make payments.

I really want to start paying more of the debt off and not just the interest but I seem to be stuck.

Can anyone advise?

Thank you

[Deleted User]

You just transfer what you can, and apply for another card if the limit isn't enough.

Throw all overpayments at the remaining highest rate debt.  

If you can't afford the payments, head to the DFW board.

Emmia

Deleted_User said:

You won't know what limit you'll be given until you're accepted with the vast majority of cards. It may be the amount you need, it may be more or less.

You'll need to pay at least the minimum each month, which is typically 1% plus fees and interest, but may be more.  

All the info is in the key facts document for each lender.

I'd check this carefully, if you're on a 0% the rate for minimum payments may be more like 2.5% due to persistent debt regulations - its normally the "highest of..." with a few different categories.