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Pay off existing card or take out new one with 0% interest
cmbrookes
Posts: 180 Forumite
in Credit cards
Hi all
I currently have a credit card with 0% interest which runs out next May. I am paying this off and plan to pay it off by the time the 0% interest ends. NatWest have offered me a credit card on 0% purchases and balance transfers for 23 months. I’m wondering what the best thing would be to do in terms of pay off the current credit card or take out the NatWest one with lesser monthly payments over an extended period.
I currently have a credit card with 0% interest which runs out next May. I am paying this off and plan to pay it off by the time the 0% interest ends. NatWest have offered me a credit card on 0% purchases and balance transfers for 23 months. I’m wondering what the best thing would be to do in terms of pay off the current credit card or take out the NatWest one with lesser monthly payments over an extended period.
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Comments
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Is there a reason to extend the time to pay off the 0% balance currently expiring in May?
Might be better to take advantage of the 0% purchases for 23 months and save the money you spend on it in the highest interest paying accounts available.0 -
WYSPECIAL said:Is there a reason to extend the time to pay off the 0% balance currently expiring in May?
Might be better to take advantage of the 0% purchases for 23 months and save the money you spend on it in the highest interest paying accounts available.0 -
It wouldn't be a negative unless you have a particularly poor credit history. In which case you won't be getting 0% deals.1
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MorningcoffeeIV said:It wouldn't be a negative unless you have a particularly poor credit history. In which case you won't be getting 0% deals.0
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What fee are Nat West charging for the balance transfer?Assuming there is a fee, only you can decide if the lower payment over the longer term outweigh the fee.0
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cmbrookes said:MorningcoffeeIV said:It wouldn't be a negative unless you have a particularly poor credit history. In which case you won't be getting 0% deals.
There is no one size fits all answer. Two accounts in 6 months would not be an issue for anyone with a 'brilliant' credit history.1 -
cmbrookes said:Hi all
I currently have a credit card with 0% interest which runs out next May. I am paying this off and plan to pay it off by the time the 0% interest ends. NatWest have offered me a credit card on 0% purchases and balance transfers for 23 months. I’m wondering what the best thing would be to do in terms of pay off the current credit card or take out the NatWest one with lesser monthly payments over an extended period.
I like another's suggestion of getting the card simply for the 0% on purchases.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving 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.
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