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Balance transfer or loan - what's the best option?
brunette_12
Posts: 2 Newbie
in Credit cards
Hello,
I'd really appreciate some help. I have a credit card in which the 0% interest runs out in February, I owe £6k which I am not going to be able to clear before then. I'm struggling to know whether I could get a balance transfer card for that amount, or whether I should take a loan out to clear it so I'm not paying excess interest. I have an excellent credit score and upon searching on eligibility for a balance transfer card I am guaranteed to be accepted however the deals don't specify the amount of the transfer...
Does anyone know much about this, or can offer any advice?
Thanks so much.
I'd really appreciate some help. I have a credit card in which the 0% interest runs out in February, I owe £6k which I am not going to be able to clear before then. I'm struggling to know whether I could get a balance transfer card for that amount, or whether I should take a loan out to clear it so I'm not paying excess interest. I have an excellent credit score and upon searching on eligibility for a balance transfer card I am guaranteed to be accepted however the deals don't specify the amount of the transfer...
Does anyone know much about this, or can offer any advice?
Thanks so much.
0
Comments
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You'll only find out the limit when you apply. Take whatever you are given though.
If declined, try one more application.1 -
MBNA, Nationwide, Lloyds and Halifax give you “estimated” limits before completing an application2
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Thank you, this is helpful. If I’m accepted for one but it’s not the amount I need, how soon should I apply for another? Just wondering when to try. Thanks again1
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If you get offered a lower amount still take it - some 0% is better than noneI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.2
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