Balance transfer now, or wait 3 months

longwalks1

I’ve always used 0% BT and 0% purchase cards (only ever used one, and had 2 still live, but not used) and currently have a 0% BT card coming to the end of its interest free period in March 2023.  Approx £10k on it.  I’ve never had a problem transferring from one to a new card in probably 15 years.  

Given the recent rises in interest rates and the general state of the world, might getting a good 0% BT be harder in a couple of months time, than now?

my financial situation hasn’t changed other than remortgaging last month, just to fix for a better rate for 5 years. 

Am I worrying over nothing?

[Deleted User]

Lending may get tighter, it may not. Banks still make money on BTs so no-one can predict the future. They are still offering them at the moment.

What is your plan to pay off the £10k by next March when you don't get a card or don't get a 10k limit? If you have such a plan then wait and apply unless your other cards have offers now - you might want to move some of the money now if there are offers available.

aj9648

I am in a similar position and wondering who would provide a £10k credit limit nowadays?  It was easy to get 12/18 months ago through likes of Virgin Money but its a lot trickier at the moment !!!

[Deleted User]

aj9648 said:

I am in a similar position and wondering who would provide a £10k credit limit nowadays?  It was easy to get 12/18 months ago through likes of Virgin Money but its a lot trickier at the moment !!!

It's a bit hit and miss depends on your other card limits, debt, income etc. I have £11.5k on my Barclays BT but this was built up over time, I got about 5-6k from fresh on M&S, Natwest and last one I got Santander gave me £3k as I had quite a few open. You could apply for one now and one in a few months but don't assume you'll get the prime offers and use your plan to pay off the card if you don't get another BT.

Personally mine are all being paid down to be clear before the 0% offers end but I am contemplating another application in a few months to extend some of them and free up a bit of cash from monthly repayments, but if I don't get the card I will simply continue paying them off as normal

Chrysalis

Given the latest rate rises been accelerated I would move now if its an option.

I am seeing offers slowly go away, including on my tesco card which for month after month for over 5 years gave me constant offers and now nothing, so offers you see today might not be available in 3 months.