Credit Card - A quick question

[LiamD]

I currently have two credits cards, one is a natwest which I rarely use, and another is a 0% until Jul 16, I have around £3000 to pay off of this card before the 0% runs out, my question is, if possible and without affecting my credit score can I balance transfer the remaining 0% to a new card with a decent length of time for 0%?

Plus, say if I got a card with 0% on balance transfers and 0% on purchases for say 12 months, does that mean if I put the £3000 from this current card onto the new one I'll have 12 months to pay it back without accruing any interest penalties?

I hope that makes sense?

Thanks

[Nickbrapp]

LiamD said:

I currently have two credits cards, one is a natwest which I rarely use, and another is a 0% until Jul 16, I have around £3000 to pay off of this card before the 0% runs out, my question is, if possible and without affecting my credit score can I balance transfer the remaining 0% to a new card with a decent length of time for 0%?

Plus, say if I got a card with 0% on balance transfers and 0% on purchases for say 12 months, does that mean if I put the £3000 from this current card onto the new one I'll have 12 months to pay it back without accruing any interest penalties?

I hope that makes sense?

Thanks

Yes, you can balance transfer the 3000 to anther card, as long as they give you a high enough credit limit. Have a look on money supermarket, some are as long as 40 months. I recently got 25 months interest free, with no balance transfer fee.

Be aware you may have to pay a balance transfer fee of around 3%

If you got a card with 12 months interest free on purchases, and say 40 months on balance transfer, that means you would have 12 months to pay off any physical spending but still 40 months to pay off the 3000 you had balance transferred

[Ozzie Osmond]

The real question isn't how you are going to transfer the debt but how you are going to pay it down. If you shuffle it over to somewhere else and carry on spending you're just digging a deeper hole.

[anonymous-user]

Every time a new credit file is opened, it is viewable by other potential creditors for 6 months. So yes, it will "affect your score". Best thing to do is sign up to experian for a free look at your file (don't forget to cancel your subscription though)

Don't worry about the number you're given as a score. It's largely irrelevant and each lender has their own criteria for lending.

[LiamD]

I could pay off the remaining £3000 before July, but if I can move the money from one cars to another without any major issue against my credit file then I'd rather that as I'm having to help run my parents house since my dad left my mum etc.

I should be able to get a card with a limit of around 5/6000 based on my current credit limit.

Thanks guys!