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  • FIRST POST
    • RezUK
    • By RezUK 16th Apr 19, 11:23 AM
    • 7Posts
    • 1Thanks
    RezUK
    Speak to Bank or New CC?
    • #1
    • 16th Apr 19, 11:23 AM
    Speak to Bank or New CC? 16th Apr 19 at 11:23 AM
    Hi all,

    I currently have 2 Credit Cards. One is on 0% interest for 24months and is being paid off regularly.

    The other is my main one and is on standard 16.9% apr (or something like that). I'm at the point where my finances are getting into order, and I am now able to stop using the CC and need to pay it off. However, with it being 16.9% apr, the money I'm paying it off with is getting slightly eaten up by the bank charges.

    I've been considering getting another Credit Card to complete a balance transfer so I can get the debt onto a 0% for 24 months or so.

    I have been with my main credit card provider for years now - Is there any use in me going into the bank and asking about my options, or will I always be better off just going to another bank that has a decent 0% for __ months deal?

    Thanks,
    Rez
Page 1
    • EssexHebridean
    • By EssexHebridean 16th Apr 19, 11:50 AM
    • 9,181 Posts
    • 48,189 Thanks
    EssexHebridean
    • #2
    • 16th Apr 19, 11:50 AM
    • #2
    • 16th Apr 19, 11:50 AM
    Sign up to the MSE credit club (free) and you will then be able to see your best options along with likelihood of actually getting those cards. The problem with going to your own bank is that it's not really in their interests to try to get you onto the absolute best deal, is it - the less you pay in interest, the worse off they are!
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
    • RezUK
    • By RezUK 16th Apr 19, 11:52 AM
    • 7 Posts
    • 1 Thanks
    RezUK
    • #3
    • 16th Apr 19, 11:52 AM
    • #3
    • 16th Apr 19, 11:52 AM
    That's very true - I never thought of it like that :P

    I'll take a look at the CC deals and see what is available for me.

    Can you transfer the balance of multiple accounts on these offers? I quite like the idea of putting both CC debts onto one card.

    Also, will the MSE Credit Club effect my Credit score in any way? According to my last experian check with my Barclays account, I should be 999, and I'd hate for it to take a ding :P
    Last edited by RezUK; 16-04-2019 at 11:54 AM.
    • Willing2Learn
    • By Willing2Learn 16th Apr 19, 11:52 AM
    • 2,768 Posts
    • 2,334 Thanks
    Willing2Learn
    • #4
    • 16th Apr 19, 11:52 AM
    • #4
    • 16th Apr 19, 11:52 AM
    … I have been with my main credit card provider for years now - Is there any use in me going into the bank and asking about my options, or will I always be better off just going to another bank that has a decent 0% for __ months deal?
    Originally posted by RezUK
    It all depends what promotion you are after. You can contact your bank to see what promotion they will offer you. Can they beat up to 22 months 0% APR and no fee from Sainsbury's, as that appears to be the cheapest offering right now?...

    https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/
    Last edited by Willing2Learn; 16-04-2019 at 11:55 AM. Reason: Added link
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • EssexHebridean
    • By EssexHebridean 16th Apr 19, 11:57 AM
    • 9,181 Posts
    • 48,189 Thanks
    EssexHebridean
    • #5
    • 16th Apr 19, 11:57 AM
    • #5
    • 16th Apr 19, 11:57 AM
    I hate to break it to you, but that 999 figure means about as much as you having "unicorn trainer" as a job title would - it means nothing, so don't get hung up on that. But no, signing up to the credit club will not affect your "score" or indeed your history - which is the more important thing to think about.

    Subject to the credit limit offered being high enough you can usually BT from multiple cards - however one of the cards you have is already at 0% you say so there's absolutely zero point in transferring that, especially as you suggest you're on target to pay that off inside the 0% offer period?
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
    • RezUK
    • By RezUK 16th Apr 19, 12:07 PM
    • 7 Posts
    • 1 Thanks
    RezUK
    • #6
    • 16th Apr 19, 12:07 PM
    • #6
    • 16th Apr 19, 12:07 PM
    It all depends what promotion you are after. You can contact your bank to see what promotion they will offer you. Can they beat up to 22 months 0% APR and no fee from Sainsbury's, as that appears to be the cheapest offering right now?...
    Originally posted by Willing2Learn
    Thanks for the link, very helpful

    I hate to break it to you, but that 999 figure means about as much as you having "unicorn trainer" as a job title would - it means nothing, so don't get hung up on that. But no, signing up to the credit club will not affect your "score" or indeed your history - which is the more important thing to think about.

    Subject to the credit limit offered being high enough you can usually BT from multiple cards - however one of the cards you have is already at 0% you say so there's absolutely zero point in transferring that, especially as you suggest you're on target to pay that off inside the 0% offer period?
    Originally posted by EssexHebridean
    Hahaha Yeah I have heard that

    I've just checked and seen that my 0% card has just 12 months left, and I can't see that I will be able to pay it all off in that time unfortunately. However, I know where you're coming from. Maybe I'll be best to transfer my 16.9% apr CC to a 0% card, and then wait until the 12 months is up with the other one and do it all over again?
    • EssexHebridean
    • By EssexHebridean 16th Apr 19, 3:03 PM
    • 9,181 Posts
    • 48,189 Thanks
    EssexHebridean
    • #7
    • 16th Apr 19, 3:03 PM
    • #7
    • 16th Apr 19, 3:03 PM
    Now you're thinking on the right lines!
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
    • RezUK
    • By RezUK 16th Apr 19, 3:37 PM
    • 7 Posts
    • 1 Thanks
    RezUK
    • #8
    • 16th Apr 19, 3:37 PM
    • #8
    • 16th Apr 19, 3:37 PM
    Now you're thinking on the right lines!
    Originally posted by EssexHebridean
    Perfect Thanks for all your help Will get this done ASAP!
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