Balance transfer Credit Cards

[bigdavy]

I'm looking to move around 3k from my current CC to one with 0% interest. I've had a look on a few sites but other than the transfer fee is there much difference? Basically there seems to be 7 or 8 all much the same transfer rate and length of 0% and i've no idea which to go for.

[dontfollowme]

Natwest Platinum looks very good as it only has a 0.9% fee.

[Kudos]

dontfollowme said:

Natwest Platinum looks very good as it only has a 0.9% fee.

Fee or other onerous terms to get the card?

OP - they are all much of a muchness. Check out moneysavingexpert.com, lots of useful comparison stuff on there

[Chris Type R]

Kudos said:

Fee or other onerous terms to get the card?

OP - they are all much of a muchness. Check out moneysavingexpert.com, lots of useful comparison stuff on there

This one ? It's showing as 2.99% fee.

http://www.natwest.com/personal/credit-cards/g1/pl...

[Chris Type R]

http://www.moneysavingexpert.com/credit-cards/bala...

[dontfollowme]

http://www.natwest.com/personal/credit-cards/g1/pl...

Saw it on Hot UK Deals.

[Chris Type R]

dontfollowme said:

http://www.natwest.com/personal/credit-cards/g1/pl...

Saw it on Hot UK Deals.

Cool, thanks.

[Chris Type R]

dontfollowme said:

http://www.natwest.com/personal/credit-cards/g1/pl...

Saw it on Hot UK Deals.

Nice one. Applied today, fairly painless.

[Odie]

Ive been trying to get a 24 month interest free card but the banks just don't want to give me one with enough credit on for my balance transfer, they keep trying to give me alternative cards with £2000 credit on, I need at least £8000, im trying to pay the card off but am being crippled by the interest.

Does anyone have any advice, or should I just get a loan to pay it off?

[kiethton]

Odie said:

Ive been trying to get a 24 month interest free card but the banks just don't want to give me one with enough credit on for my balance transfer, they keep trying to give me alternative cards with £2000 credit on, I need at least £8000, im trying to pay the card off but am being crippled by the interest.

Does anyone have any advice, or should I just get a loan to pay it off?

My dad had similar for £25k+++ of cc. debt, ended up structuring it to a non-secured personal loan on a decent interest rate (6% IIRC) as he had similar after a new job on a reduced wage - Barclays

[Chris Type R]

Odie said:

Ive been trying to get a 24 month interest free card but the banks just don't want to give me one with enough credit on for my balance transfer, they keep trying to give me alternative cards with £2000 credit on, I need at least £8000, im trying to pay the card off but am being crippled by the interest.

Does anyone have any advice, or should I just get a loan to pay it off?

First I'd look at getting a credit report e.g. through Experian. There may be something there that you can address. e.g. too many refused CC applications look bad.

Then the loan makes sense - but if you go this route, lock the CC away.

[Odie]

My credit score is perfect, I've never been refused credit. I've just taken out a car loan with my bank and the money was in my bank in less than 24hours after applying.

Banks just never want to seem to give me the product they advertise but something inferior. (for example the loan I just took out was advertised at 4.9%, I was given 7.9%)

I can afford to service the dept, im just fed up of paying so much in interest. Ive had this dept for too many years now. The dept is from a foolish youth and tbh im pissed off at myself for not trying harder to clear it.

I think an unsecured loan is probably the direction to go.

[Targarama]

Odie said:

My credit score is perfect, I've never been refused credit. I've just taken out a car loan with my bank and the money was in my bank in less than 24hours after applying.

Banks just never want to seem to give me the product they advertise but something inferior. (for example the loan I just took out was advertised at 4.9%, I was given 7.9%)

I can afford to service the dept, im just fed up of paying so much in interest. Ive had this dept for too many years now. The dept is from a foolish youth and tbh im pissed off at myself for not trying harder to clear it.

I think an unsecured loan is probably the direction to go.

So you owe £8000 + which you'd like to pay off (info from previous post) but you tell us you're buying a newer car. Is this car to get you to a job a long way from home to give you a bigger salary to pay off this debt? If not then surely £1000 buys a perfectly serviceable car for the short term while you pay down the other debt?

[Odie]

Targarama said:

So you owe £8000 + which you'd like to pay off (info from previous post) but you tell us you're buying a newer car. Is this car to get you to a job a long way from home to give you a bigger salary to pay off this debt? If not then surely £1000 buys a perfectly serviceable car for the short term while you pay down the other debt?

Id had my previous car 7 years while I paid down a small portion of this dept but struggled due to not earning enough, and ive just received a 15% pay rise (the pay rises I should have had over the last 5 years) so decide to replace my car that was falling apart.

Like I said I'm trying to get away from the high interest rate of a CC, so I can pay it off faster & without as much waste money.

Please don't judge me, I do enough of that to myself for everyone. Yes Im a fking fool and should know better, but I am were I am.

[kiethton]

Odie said:

Targarama said:

So you owe £8000 + which you'd like to pay off (info from previous post) but you tell us you're buying a newer car. Is this car to get you to a job a long way from home to give you a bigger salary to pay off this debt? If not then surely £1000 buys a perfectly serviceable car for the short term while you pay down the other debt?

Id had my previous car 7 years while I paid down a small portion of this dept but struggled due to not earning enough, and ive just received a 15% pay rise (the pay rises I should have had over the last 5 years) so decide to replace my car that was falling apart.

Like I said I'm trying to get away from the high interest rate of a CC, so I can pay it off faster & without as much waste money.

Please don't judge me, I do enough of that to myself for everyone. Yes Im a fking fool and should know better, but I am were I am.

Is the car financed? - do you have any other loans/draw-able credit facilities?

If so this may explain the £2,000 cap on the credit card and higher interest rates (even with a good rating) as the lender will feel that you are closer to over-extending yourself and will price the risk accordingly to dissuade somebody from taking further credit (although possibly making any problem worse)

[Odie]

kiethton said:

Is the car financed? - do you have any other loans/draw-able credit facilities?

If so this may explain the £2,000 cap on the credit card and higher interest rates (even with a good rating) as the lender will feel that you are closer to over-extending yourself and will price the risk accordingly to dissuade somebody from taking further credit (although possibly making any problem worse)

What do you mean by draw-able? If I have credit cards that I've paid off will they count against me? I have 3 other credit cards but i've cleared them all. Do I need to get them cancelled?

[kiethton]

Odie said:

kiethton said:

Is the car financed? - do you have any other loans/draw-able credit facilities?

If so this may explain the £2,000 cap on the credit card and higher interest rates (even with a good rating) as the lender will feel that you are closer to over-extending yourself and will price the risk accordingly to dissuade somebody from taking further credit (although possibly making any problem worse)

What do you mean by draw-able? If I have credit cards that I've paid off will they count against me? I have 3 other credit cards but i've cleared them all. Do I need to get them cancelled?

It depends on the rigor of their systems extent of checks as technically you could take their loan, draw the full amount of cash on those credit cards and declare bankruptcy.

I personally close all old credit facilities (credit cards etc.) when I'm done with them to avoid any possibility of this.

[Odie]

kiethton said:

It depends on the rigor of their systems extent of checks as technically you could take their loan, draw the full amount of cash on those credit cards and declare bankruptcy.

I personally close all old credit facilities (credit cards etc.) when I'm done with them to avoid any possibility of this.

Id never considered that, I will get them cancelled.

Thank you.

[dontfollowme]

Another 0% deal. Fee is 0.8%

http://www.hotukdeals.com/deals/15-months-0-balanc...