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0% Credit Card

  • 16-03-2005 1:07pm
    #1
    Tash
    Closed Accounts Posts: 1 ✭


    Hi,

    I currently have a MBNA credit Card with a balance of €1,300.00 in credit. The last few payments I have made have just basically paid the interest so I can't seem to get the debt lower. :( I have heard that I can transfer my balance to other credit card companies for 0% for 6 months but I don't know who they are. Has anyone got any suggestions?

    Thanks a mil


Comments

  • #2
    MrPudding
    Registered Users, Registered Users 2 Posts: 9,788 ✭✭✭MrPudding


    Most will have a sweetner to get you over. Ulster Bank offer 9 months interest free on their normal card and 6 on the zinc card. I think 6 months is fairly standard.

    MrP


  • #3
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Tesco will give you 6 months free and pay your 40 Euro tax.


  • #4
    Merrion
    Registered Users, Registered Users 2 Posts: 1,423 ✭✭✭Merrion


    If you think you can pay 1,300 off in 6 months get a bank loan and do just that - the intrest will be quite small.
    If you don't think you can pay it off in 6 months then transfering to the interst free thing is going to encourage you to ignore the problem and be no better off in the long run.

    I got to stg. 10,000 before the above became plain to me.


  • #5
    kazzer
    Registered Users, Registered Users 2 Posts: 865 ✭✭✭kazzer


    Be aware that you may have to apply for the credit card first, and then the balance transfer later. The bank may not give you a sufficient credit limit (i.e. €1300 for you) at the end of it all.


  • #6
    is_that_so
    Registered Users, Registered Users 2 Posts: 32,136 ✭✭✭✭is_that_so


    0% is Ok but you will have to give up using the card plain and simple to clear it otherwise you think your bill is low and you'll spend more. Take a year or more to clear it if you need.
    TBH a bank loan would be better in this case, a 12 month loan would be 100 or so a month and very easy to get.
    Alternatively if you are in the CU they will do it but they ask you to surrender the card.


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