Two money transfer credit cards?

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PositivityArchie
PositivityArchie Posts: 3 Newbie
in Credit cards
Hi there I currently have a loan to repay on my Halifax debit card off £3577 I'm paying that off monthly at £137 plus interest which is £29 a month.

I've applied and currently just got the Tesco Clubcard 0% 36month on money and balance transfers but my limit on that card is set at £3300 the max I can withdraw is £3100, which would leave me with £477 plus the interest to pay off on the Halifax loan.

My question is do I try and get a second money transfer card say the MBNA all round credit card with 0% 12month and pay the remaining loan off on that or do I just stick with the one money transfer card and pay off the remaining Halifax amount Monthly (4months).

Hope I explained this properly :rotfl:

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  • Westminster
    Westminster Posts: 1,004 Forumite
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    You can try.

    I had 2 at the same time.

    Use an eligibility calculator first though.

    Virgin and MBNA were generous with my initial limits.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    I would just carry on with the loan as normal, no point in getting another card to save a few percent interest on £477+. It will only be for a few months then its done.

    Once your a few months away from the end of the deal with Tesco apply for another BT card.
  • PositivityArchie
    PositivityArchie Posts: 3 Newbie
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    Why would I need to apply for a BT card before the Tesco 0% runs out? Just curious?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Because you may want somewhere to transfer any remaining balance to.
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
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    PositivityArchie wrote: »
    Hi there I currently have a loan to repay on my Halifax debit card off £3577 I'm paying that off monthly at £137 plus interest which is £29 a month.

    I've applied and currently just got the Tesco Clubcard 0% 36month on money and balance transfers but my limit on that card is set at £3300 the max I can withdraw is £3100, which would leave me with £477 plus the interest to pay off on the Halifax loan.


    They do this to allow room to add the MT fee to your balance without exceeding the credit limit.
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  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Dobbibill wrote: »
    They do this to allow room to add the MT fee to your balance without exceeding the credit limit.

    Fee will be less than £100 so should be ok.
  • shiny76
    shiny76 Posts: 548 Forumite
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    PositivityArchie wrote: »
    My question is do I try and get a second money transfer card say the MBNA all round credit card with 0% 12month and pay the remaining loan off on that or do I just stick with the one money transfer card and pay off the remaining Halifax amount Monthly (4months).
    Whatever you decide, you should factor in any 'early redemption fees' for the Halifax loan as well.
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