0% Interest Purchase / Balance Transfer

Dave1UK

I bank with Barclays and have done so since I was 16. I have their debit and credit card and use it for daily spending and clear any credit balance on a monthly basis without incurring any fees. I didn't have any offers on my Barclays credit card so ended up getting a HSBC credit card with 0% interest on purchases for 18 months. I only got this to buy a car and have been paying it off, the interest free period ends in the next 4 months, current balance is around ~£2,000. I should hopefully be able to pay it off before the period ends, incurring £0 fees which is the goal.

However I now have quite a substantial repair bill of about £1,500. Paying that off on my current HSBC card would mean I most likely wouldn't be able to clear the balance bringing it up to £3,500.

The only options I can think of is getting another 0% interest purchase credit card with a different bank for this payment? Otherwise wait close to the end period and take advantage of a 0% balance transfer offer on my existing Barclays credit card or a new card?

Any advice on which route to take? Does one have a negative impact on my credit history/score or whatnot over the other?

Thanks!

CliveOfIndia

Your credit score is meaningless, so you can safely ignore that.

In terms of your credit file, it's six of one and half a dozen of the other. The main factor that any lender will look at is your total debt. They don't much care where that debt is sitting, just as long as you're making all contractual repayments on time.

If you can get another 0% purchase card - and you'll be able to repay it in full before the promotional offer expires - then that's certainly one sensible option. Otherwise, you could use any credit card. Even if it charges interest, make the purchase on that, then BT to the Barclays - assuming the offer you have in place is still valid, and would cover the amount in question.