could use some friendly advice on credit cards...

cheetah007

I have a natwest credit card debt of about £xxxx... which i'm paying off the minimum payment every month.

I want to balance transfer this so that i pay 0%, however i have a slight issue.

I'm going abroad soon...and i'll need to use a credit card.

I think the solution is to balance transfer my current natwest credit card debt as well as taking out another new credit card just for payments....

however i'm worried that by opening up another one it's just going to complicate things for me...

anyone got any suggestions?? and if so...which cards should go to?

jinkssick

yeah two seperate cards.

BT card with the 1800 at 0%, leave enough money to cover minimum payments for the time gone.

purchases card essentially which will allow you to pay the amount off slowly and of course at the same time as the BT when you get back.

theres information provided at the top on the best of the bunch for either.

cheetah007

ok thanks.

so if i do the balance transfer onto a new card, then get another new card for my purchases....will any of this affect my credit rating?

can i do all the new card applications at the same time? (i've heard it is bad for your rating to apply for more than one card at a time).

and what's the best way to avoid getting into a muddle (as having more than one card might get confusing).

CLAPTON

Why not BT your balance from the natwest card the use the natwest as a spending card? Then you only need one new card.

However, do be aware that most CCs charge a foreign currency conversion fee of 2-3% ... exceptions are Nationwide and Post Office so if you are expecting to spend a lot abroad it may be best to get one of those for your spending.

Also I'm a bit concerned that you are only paying the minimum each month. Unless its a 0% card this must be costing you a lot in interest each month and also means you will take years to pay it off. And if you can only afford to pay the minimum how are you going to pay off the new card with the overseas spending.
And obviously don't withdraw cash abroad on the CC as you will pay a foreign conversion fee as above plus the usual cash fee and interest at a high rate from the time of withdrawal.

cheetah007

thanks clapton...

hadn't actually thought of using the natwest one...

two issues tho - i've just ordered a barclaycard but didn't tick the "i will be using this card for a balance transfer" box (as i hadn't thought of using the natwest one for spending). is it too late to use this one for a balance transfer?

plus i'm still concerned about the credit rating? will doing a balance transfer affect my rating in any way?

CLAPTON

Which barcalycard did you apply for; does it offer 0% BTs?... what do the T&Cs say about BTs... usually you have a specific time frame to make the BT i.e. a month or so.
If in doubt wait until the card arrives and pick up the phone and they will probably do it there and then.

Doing a BT doesn't afect your credit ratings as you are simply shifting debt around.

Applying for too many CCs in a short time can temporally adversely affect your credit rating. But a couple of application shouldn't be a problem.