Best Balance Transfer right now?.

qjamesfloyd

Hello all.
I am new around here, but it looks to be worthwhile, i have £2,023 on a Halifax One credit card, but i want to transfer it to a new card, because i have just started paying interest, even though the interest is good at 9.95%p.a i would like a 0% transfer, but the thing is, most of the cards i have seen have a worse of p.a. i know i can transfer again after the 0% expires, but i tend to forget to transfer it.So, could someone please tell me the best out there, i have looked at the cards on this site, but i find it hard to compare and come up with the best for myself, i also use my card overseas maybe twice a year, so, that needs taking into consideration, thanks in advance.
James.

Clariman

Hi James

It is difficult for us to tell you what is best, because only you know how likely you are to miss the end of a 0% introductory offer. The annual interest (APR) only matters if you end up paying interest. I think you have two courses of action that are open to you and it depends on you taking a long hard look at how you manage your finances.

Either

1. Go for a 0% balance transfer card so that you move the debt on to an interest free card. The normal APR may be higher but that doesn't matter, provided you move the debt to another 0% card by the end of the intro period.

or

2. You go for a low life of balance transfer rate. This is a card where they offer a low BT rate (say 4.9%) but leave it that low forever i.e. until you pay off the debt. This would mean that you don't have to worry about missing an end of intro period date.

With either option, you must not spend on the card, otherwise you will get hit with more interest payments. If you want to use a card overseas, then also apply for a Nationwide card which does not charge you a foreign txn fee. i.e. have 2 cards - 1 card for purchases (e.g. Nationwide which is good abroad too) and 1 BT card (either 0% or Life of Balance).

Martin Lewis actually has a simple flow chart somewhere on the site which should help you. I'll post the link in a minute.

Clariman

Clariman

Take a look at the flowchart in this article
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107775287,62749,

qjamesfloyd

Thanks very much, that is helpfull.