Can someone tell me which of the following options I would be best taking.

I have an outstanding balance of £6,000 on my Halifax credit card, with an APR of 16.9%.

I believe the monthly minimum payments would be around £125 - not sure how much of that would be interest.

Would I be better off transferring the balance to a 0% interest free credit card, but incurring the 3% balance transfer fee of £180? (with the balance transfer interest free period lasting 12-15 months) or should I just stick with the Halifax card?

thanks

If it were me I'd do the swop! If you continue making the minimum pymt of £125pm, you could be paying it for a while! The APR on the current card is 16.9% - does that not mean you'll be paying approx £1014 interest per annum? I'm not sure but that's my rough calculation. Look at it this way - the £180 is roughly 1.5mths min pymt, with (probably) very little of that reducing the bill. Compare that to 12-15mths 0% interest wherein all your pymts would be reducing your debt, not just paying the interest. The only thing I'd be wary of is the interest rate after the 0% interest period ends - that's where they get you. Their intention is that you'll forget to move the remainder of your balance (that is, if you still have one) and you'll therefore start paying interest perhaps at a higher rate than what you're already paying!

Thanks for the advice

Does anybody have any advice on which card issuer would be most likely to accept an application to transfer this balance?

Capital One?

Virgin?

Barclaycard?

(All have 0% for 15 months & 3% balance transfer fee)

thanks

Matt87:

Thanks for the advice

Does anybody have any advice on which card issuer would be most likely to accept an application to transfer this balance?

Capital One?

Virgin?

Barclaycard?

(All have 0% for 15 months & 3% balance transfer fee)

thanks

any word on this? anyone have any prior experience?

plus, is it an issue bringing across a balance from someone else's card? (ie, if I wanted to clear my brother's balance on his cc but transferring the balance to my new card - is there any issue in doing this?)

thanks

Hi,

I have been successful in applying for cards with Capital one and virgin for the purpose of quite large balance transfers. And to answer your other question, I have transferred both my partner and his brothers balances on to mine, no problem.

I can't post the link I think - but there is a good calculator for working out if there is a benefit in moving a card balance here

http://www.makesenseofcards.co.uk/btcalc.html

which if it gets blanked out is the makesenseofcards website