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Balance transfer - is it worth it?
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caynick
Posts: 44 Forumite
in Credit cards
Hello! I have a card with Capital One that is about 29% and a balance of £719 (limit 800)
My goal was/is to do a 0% balance transfer to be free of this debt in a better way - I was recently offered a Fluid Card for balance transfers - 0% for 9 months. I told them I wanted to transfer the 719 from Capital One and I was accepted.
Just got the card and they say my limit is £300.
So I am confused and would greatly appreciate some wisdom - is it worth transferring 300 over and focus on clearing the £419 with Capital One ASAP?
Thank you in advance
x
My goal was/is to do a 0% balance transfer to be free of this debt in a better way - I was recently offered a Fluid Card for balance transfers - 0% for 9 months. I told them I wanted to transfer the 719 from Capital One and I was accepted.
Just got the card and they say my limit is £300.
So I am confused and would greatly appreciate some wisdom - is it worth transferring 300 over and focus on clearing the £419 with Capital One ASAP?
Thank you in advance
x 0
Comments
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Yes, if you want to pay less interest and clear your debt faster.
If not, then no.0 -
Well, it's certainly something for you to consider.
You will be charged a transfer fee of 4% by Fluid. And you will only be able to transfer £270 (90%) from Capital One, not the whole £300.
See this info from fluid -
https://welcome.fluid.co.uk/terms/additional-information/
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
It's still worth it as it means more of the money you pay on the Cap One card goes to the debt, not interest allowing you to clear it faster, then deal with the Fluid card (as you will be paying minimum for 9 months on a low balance, it'll probably clear a decent chunk anyway)0
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Thank you - after giving it some thought I will go ahead. I appreciate your time, cheers!MalMonroe said:Well, it's certainly something for you to consider.
You will be charged a transfer fee of 4% by Fluid. And you will only be able to transfer £270 (90%) from Capital One, not the whole £300.
See this info from fluid -
https://welcome.fluid.co.uk/terms/additional-information/0 -
Thank you Farfetch you are right - debt over interest everytime - very much appreciated - cheers!Deleted_User said:It's still worth it as it means more of the money you pay on the Cap One card goes to the debt, not interest allowing you to clear it faster, then deal with the Fluid card (as you will be paying minimum for 9 months on a low balance, it'll probably clear a decent chunk anyway)0
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