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reducing debt by balance transfer any help?
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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
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