Best way to transfer credit card balance?

Rachel27

Hi,

I have an interest free BarclayCard which is coming to the end of its interest free period next month. I also have a couple of other cards and I would ideally like to consolidate the debt into one interest free credit card or low interest loan.

My main issue is likeliness to get approved.

Credit Club says I have a 90% chance of being accepted for a top balance transfer card with BarclayCard, but it states you cannot transfer in from another BarclayCard.

After that it only gives me a 10% chance of being accepted for a Sainsbury’s interest free credit card.

On the loans side, it says I have a 20% chance of being accepted for a Sainsbury’s loan.

My credit cards I want to consolidate are as follows:
BarclayCard £3158
Marbles £925
Capital One £538

What would be best? Attempt a card/loan with a low acceptance chance? Go for a new BarclayCard to transfer my Marbles and Capital One card and just deal with the interest on my current BarclayCard? Look somewhere else?

I have never had a loan before and never done a balance transfer before. 

Thanks for any help!! 

[Deleted User]

Try the eligibility checkers on some of the providers' own websites to see what results you get.

But with your existing debt, and little eligibility for other cards, bear in mind you may not be able to get anything, including the Barclaycard or a loan.

In the meantime, make sure you're hitting the highest rate card as hard as you can.

Rachel27

Thank you. I’ve looked at MBNA and they have pre-approved me for £2500 on balance transfer card which is 14 months at 0% but not the full amount I was looking for. Will keep looking. 

anna42hmr

Rachel27 said:

Thank you. I’ve looked at MBNA and they have pre-approved me for £2500 on balance transfer card which is 14 months at 0% but not the full amount I was looking for. Will keep looking. 

it may be worth you still taking that one in case as at least that way you can transfer the two lower balance cards and amalgamate those, leaving just the one card to transfer (or pay interest on if you cannot get a card or loan for the full amounts).

If you cannot get a card elsewhere, you may also be able to transfer a portion of the Barclaycard as well, as often you can BT 90% of the limit, so that means you can BT the (£925, £538 and a portion (£337) from the barclaycard)