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Paying off credit card

  • 23-02-2006 4:04pm
    #1
    dellas1979
    Closed Accounts Posts: 4,128 ✭✭✭


    Hi,

    I was unemployed until recently. During my time of unemployment I amassed a small amount on my credit card, paying bills mainly. Ok its not that small, but its not too big either.

    Now I am back working I am putting every spare penny into getting rid of the amount. I have gotton it down to a reasonable amount.

    I am not too clued up on interest/purchase charges, late fees etc, but the bank are charging me a small fortune on interest alone.

    My question is, is there a card out there with 0% interest? Just while I manage to pay off the remaining balance, which should take a few months.

    If I change cards, would it affect, say, if I wanted to get a mortgage with my current bank who owns my credit card?

    Thanks for any advice.


Comments

  • #2
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    Most cards have 0% on transfers for the first n number of months, usually 6 months minimum. Bank of Scotland's PLASTIC card seems to be one of the most competitive at the moment, with 0% for 9 months and a pretty attractive (single figures) APR after that.

    EDIT: 0% for 6 months, 9.5% after that.

    http://www.bankofscotland.ie/index.jsp?1nID=93&pID=94&nID=106

    adam


  • #3
    Paddy20
    Closed Accounts Posts: 3,797 ✭✭✭Paddy20


    Or ask for a personal (unsecured) loan from your bank without explaining that you want to clear your credit card balance, then use the loan to pay off your cc ;)

    P.:cool:


  • #4
    is_that_so
    Registered Users, Registered Users 2 Posts: 32,136 ✭✭✭✭is_that_so


    TBH it depends how much it is. If it's less than €1000 then I'd go for a 0% card and clear it off monthly at a rate you can afford. If it's over that then get a loan. As regards credit cards and mortgages , generally banks haven't looked at them to date but they probably will in the future as people have a tendency to "hide" their debt.


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