Need some advice on a balance transfer please
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dannygn123
Posts: 56 Forumite
in Credit cards
I have a few credit cards that I have stupidly built up to about £9,000 over the last few years. I'm looking for a balance transfer as I'm fed up with paying interest. I have a couple of questions. Firstly will I be able to get that amount on one credit card balance transfer or will I have to split it across a few. I'm working full time but on min wage.
I know there are minimum monthly payments but I'm wondering if the combined monthly payment of say 3 credit cards with £3000 would be more than 1 credit card with £9000? I'm not really sure how it works and could do with some advice it's been really starting to worry me lately
I know there are minimum monthly payments but I'm wondering if the combined monthly payment of say 3 credit cards with £3000 would be more than 1 credit card with £9000? I'm not really sure how it works and could do with some advice it's been really starting to worry me lately
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Comments
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Whether you get the limit you need will depend on your circumstances.
Your minimum payments will depend on the card(s) you get. Most are 1% of balance plus fees and interest - some are more.0 -
I doubt you'll get a BT card (or several) that will take £9K of debt given your situation.
If you did manage to get some (or all) of your debt onto such a product there might well be a transfer fee that would increase the debt to begin with.
In addition to that, you would need to investigate the minimum payment calculation used by the BT card issuers and compare that to what your current card providers do. Some may require 2.5% of the balance to be repaid each month, some may require 1%.
The danger is you might end up having to pay more each month on an interest-free deal than you are at the moment. Yes, interest-free borrowing is best but only if you can afford to service it on a monthly basis.
All that said, there is no reason why you shouldn't investigate the possibility of getting at least some debt on a 0% deal.
Good luck.0 -
dannygn123 wrote: »I have a few credit cards that I have stupidly built up to about £9,000 over the last few years. I'm looking for a balance transfer as I'm fed up with paying interest. I have a couple of questions. Firstly will I be able to get that amount on one credit card balance transfer or will I have to split it across a few. I'm working full time but on min wage.
I know there are minimum monthly payments but I'm wondering if the combined monthly payment of say 3 credit cards with £3000 would be more than 1 credit card with £9000? I'm not really sure how it works and could do with some advice it's been really starting to worry me lately
I would try either Halifax, BoS and Lloyds. Their eligibility checker gives you an indication of what your credit limit will be. I recently applied for a Lloyds BT card and they came back with a limit of £10k, Same with Halifax. At least then you will get an idea if you will get the limit on one card or if you will need several .:)0
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