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What should I do?
sammy452
Posts: 84 Forumite
in Credit cards
Hi
Am new to the site and needed some advice.
I have a barclaycard with £3500 on it (limit £5600) and Halifax with £3800 on it (limit £7900). I am paying 26.75% interest on Halifax so really want to get rid of this one due to cash withdrawral on card (very silly I know). Spoke to Barclaycard about tranferring Halifax card at 6.9% life of balance but will only increase limit to £7000. Barclaycard suggested transferring all monies to Halifax and then transferring back to Barclaycard to take advantage of 6.9% for total debt. This sounds to good to be true and wondered whether I will come unstuck down the line if I take this route?
I am a housewife so have no big income, therefore can't apply for other cards as far as I am aware?
Any advice would be gratefully appreciated.
Thank you.
Am new to the site and needed some advice.
I have a barclaycard with £3500 on it (limit £5600) and Halifax with £3800 on it (limit £7900). I am paying 26.75% interest on Halifax so really want to get rid of this one due to cash withdrawral on card (very silly I know). Spoke to Barclaycard about tranferring Halifax card at 6.9% life of balance but will only increase limit to £7000. Barclaycard suggested transferring all monies to Halifax and then transferring back to Barclaycard to take advantage of 6.9% for total debt. This sounds to good to be true and wondered whether I will come unstuck down the line if I take this route?
I am a housewife so have no big income, therefore can't apply for other cards as far as I am aware?
Any advice would be gratefully appreciated.
Thank you.
Nyks Interest Beater £29/£260
0
Comments
-
Hi sammy
Welcome to MSE & the credit card boards!
I've answered your questions on the Best Balance Transfer sticky, where you first posted.
Very best
MPeople who don't know their rights, don't actually have those rights.0 -
Moggles
Thank you so much for taking the time to answer. I had not thought about the balance transfer fees that I could be charged and will now take this into account. Hopefully I will be able to reduce this debt somehow.Nyks Interest Beater £29/£2600 -
Hi Sammy
If you are looking to save a bit of money elsewhere to go towards paying this off, hop over to the Debt-Free Wannabe board and post there as well...they're a really friendly bunch who will help you to make savings elsewhere and have some suggestions for you.
KiKi' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".0 -
Thanks Kiki for the tip, will do.Nyks Interest Beater £29/£2600
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