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I know we aren't supposed to spend on balance transfer but,

My situation. I have a £3000 overdraft and a £2500 sainsburys credit card bill. I have some shares coming in March which will more than cover the above. I need to continue with building works. I have applied for a Lloyds Duo card, simply for the free flight! I was then thinking of applying for a Barclaycard for 14 months interest free. I was then going to stop all spending on my debit card and spend all i could on my Sainsburys card before transferring all the debt to the Barclaycard. I have noticed however that the Duo offers 6 months interest free. This really would cover the period i need and keep everything simple i.e not anothrt card. I have to spend £100 on the duo however to get the free flight. Now I have phoned Lloyds and asked if I paid back the £100 pounds above the amount i balance transferred would the 0% apply or am i going to end up paying interest on part of the balance transfer? I didn't get a convincing answer. Sorry if this doesn't sound right, but i am basing it Martin's advice of never spending on a balance transfer account. For me I would only spend the £100 to get the flight. Thoughts? Regards vipa.:j

Comments

  • As with all (or most anyway) IMO you would be paying interest on the £100 and this would be paid off last.
    In your situation I would say that the flight option is not the best for you at this time and a 12 month 0% purchase card or balance transfer would be better.

    You can apply for the Duo card once your finances are sorted out later in the year.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You will pay interest on the £100 purchase at £1.24 per month.

    Is the (free) flight worth a fiver?
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