We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
reducing debt by balance transfer any help?
upferret
Posts: 691 Forumite
in Credit cards
Hi, I dont know much about credit cards and balance transfers, I have had a look through the forum and would like somebody to check if this is right-
If one card had a balance on in of say 2k, and I get another credit card with a 0% intrerest on Balance transfers for a year on it,with £1000 limit, I can do a balance transfer of £1000 to the new card to reduce the balance by 1k, will this balance then not gain interest in the year? I have got a new MBNA card with 3 months 0% interest on purchases and 0% interest on Bt til dec 2008. would it be of benefit to do this to put the 1k on hold and give me a chance to pay the rest off? it does say theres a 3% handling fee (which I just read Martain said isnt true). If I have got the grasp of this, how do I go about it? I just got sent some blank cheque things from the card do I use these to transfer the balance or phone up? Sorry I really dont have a clue about credit cards! Its my OH's debt.
Cheers
If one card had a balance on in of say 2k, and I get another credit card with a 0% intrerest on Balance transfers for a year on it,with £1000 limit, I can do a balance transfer of £1000 to the new card to reduce the balance by 1k, will this balance then not gain interest in the year? I have got a new MBNA card with 3 months 0% interest on purchases and 0% interest on Bt til dec 2008. would it be of benefit to do this to put the 1k on hold and give me a chance to pay the rest off? it does say theres a 3% handling fee (which I just read Martain said isnt true). If I have got the grasp of this, how do I go about it? I just got sent some blank cheque things from the card do I use these to transfer the balance or phone up? Sorry I really dont have a clue about credit cards! Its my OH's debt.
Cheers
November £10 a day challenge. Im starting early- 66p so far!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards