Credit card advice

CartoonKing26

Hi there, first time poster.
I have been spending a good bit of time over the past few months on here, and I am seeking some advice on credit card debt. I am not expecting a definite answer to my query more of an idea if I am doing the right thing. 
I have a barclaycard which I am paying interest on at the moment. the balance is around £7000. I have managed over the past few months to pay off other debt such as car and phones. I am looking to deal with this the best I can at the moment. I currently pay minimum £200 sometimes £300 a month into the card, but I am paying about £110 interest so its taking its time going down. I have applied and been successful for an interest free balance transfer card with Fluid (using creditclub) however I have only been offered a £900 limit. I am going to phone and see if they can increase it but highly doubt it.

So my question is, is it worth moving over the say £850 I can from the barclaycard, to reduce the interest? the 0% offer from fluid is only 9 months. My chain of thought is to transfer the 850 over and pay that off within the 9 months, then put as much as possible into my barclaycard at the same time. In a hope that in 9 months time I may qualify for another card with an offer to get the remaining barclaycard balance to interest free?

Just wondered if what I am thinking is completely stupid?

Thanks in advance guys. 

eskbanker

Always makes sense to use 0% if you've already been offered it, even if it's not enough to cover your whole debt, so yes, get the £850 onto that for now - it's highly unlikely that they'd increase the limit immediately after setting it for the first time.  If the Fluid rate after the 0% period is worse than the Barclaycard one then ensure that you have enough in hand to pay it off by then, but as you say throwing as much as possible at the interest-bearing debt is the best approach.

Given economic conditions, don't build up too much hope that you'll get more generous deals in nine months time, but you don't actually need to wait nine months anyway - the desire to find a home for the remaining Barclaycard balance is independent from the £850 you're shifting elsewhere, but don't overdo the applications and make sure you use eligibility checkers to target the most appropriate places to try....

sleepyjones

CartoonKing26 said:
My chain of thought is to transfer the 850 over and pay that off within the 9 months, then put as much as possible into my barclaycard at the same time. I

If your £850 Balance transfer is 0%, then I wouldn't be trying to pay that off, you should concentrate on the remaining Barclaycard Balance and then worry about the £850 closer to the time your deal expires,  7 or 8 months down the line you might find that you'll be in a better position to get a better Balance Transfer deal.
Do check what the Interest rate is on the Balance Transfer after the 9 months though and see how it compares to the Barclaycard rate.

dimitarb23

Hi

I have one credit card with a credit limit which I have increased over the years to ~£15k. I only use upto £3k of this credit monthly and pay off in full every month. I increased my credit limit so much incase I were ever to make a large purchase(a car for example), as there were associated rewards with the credit card.
However I have recently got a new credit card with a credit limit of £3k, which has enhanced awards and I want to start using.

Basically I want to increase my new credit card limit to ~£15k and can then decrease my old credit card limit appropriately(I can't cancel the credit card as I am waiting on Covid-19 refunds etc)

Therefore how am I best doing this? I don't believe it is possible to transfer credit limit between different cards? So for credit rating purposes is it better to decrease the limit on card 1, and then increase the limit on card 2? OR request the increase on card 2, and then decrease the limit on card 1?

Just wondered what the best course of action is to minimise any impact to my credit rating

Thanks!

sleepyjones

Post above duplicated here in it's own thread  : https://forums.moneysavingexpert.com/discussion/6180875/credit-limits