Credit Card transfer, best way to pay debt, is it worth it an to who?

learnerplates

I've totted up 2,800 on my Visa. Not a chance I'll clear it for at least 6 months I recon.
I'm thinking of transferring my account to a new credit card provider.. MBNA is one of those optiions I think. Will they take on the debt and just charge me a lower APR or are there more benefits? are there any other Credit Card options. I want to keep some type of credit card becuase I find them very useful when abroad.

Would the better option be to take out a loan, maybe from a Credit Union? I don't have an account, will they give me a short term loan straight away?

Cheers,
LP.

BuffyBot

Credit Unions, probably not an immediate option - you need to build up a a little record with them.

There are lots of credit card providers who will do balance transfer options - check out the different banks for different details - somewhere like Bank of Scotland/Halifax might be an idea. 0% balance transfers are ok, but not a long term solution.

A personal loan from your bank is another option as they tend have a lower APR than credit cards.

is_that_so

Card transfer to 0% can be a reasonable option providing that you want to clear the debt and not spend more. CU are also good and get you into a saving habit. As pointed out you need to save for a bit , 6 months AFAIK. If you get a loan they will most likely ask for the card and the bank details to make sure you are not just building up more debt. Might I suggest a longer period for clearing it. 12 months might be a better target.

learnerplates

oh right, I'd hoped the Credit Union could be a closer option, I've heard they're usually cool about small loans.

Has anyone out there actually tried the Credit Card Transfer with MBNA, Halifax of any of those and what have they found with the Credit Card itself is it as usable as Visa?

is_that_so

CU loans are more flexible and loans can be very small. They will let you pay according to your means but they do need a saving record hence the six months. You can borrow at least twice your savings. Credit transfer is usually a matter of signing up to a new card , telling them who you are with and that's it. They should take care of the rest.

branners69

Bank of Scotland have the best credit card option at the minute!!

learnerplates

So Bank Of Scotland allows 6months interest free and 9.5APR thereafter.
Does this mean I have to pay no interest on my current debt for the next 6 months if I transfer?
If this is true then it's a no brainer surely!!!

No interest for 6 months would really give me a chance to pay off.
Also I see the Bank Of Scotland card is actually a Visa, even better, so I lose nothing!!

branners69

learnerplates wrote:

So Bank Of Scotland allows 6months interest free and 9.5APR thereafter.
Does this mean I have to pay no interest on my current debt for the next 6 months if I transfer?
If this is true then it's a no brainer surely!!!

No interest for 6 months would really give me a chance to pay off.
Also I see the Bank Of Scotland card is actually a Visa, even better, so I lose nothing!!

Yep and if you buy anything over the next 6 months its interest free too!!

Unlike MBNA who just have 0% on balance transfer and not on purchses.

Just make sure you cut up ur other card and dont run up the new BoS card.

On 3k you would probs save nearly €300 but you have to pay another €40 to the rip off government!!

Check here for more accurate info:
http://82.195.144.147/forumdisplay.php?f=8

Cheers

Branners

bren2002

I'm pretty sure that BoSI only provide a credit limit of 1,000 for balance xfers. PTSB have the second or third best deal on the market but will take the whole balance for xfer.