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Credit card advice

(8 Posts)
SJ88 Sat 04-Nov-17 14:00:14

I’ve had a credit card since my student days (not a great choice I know) and used it for a few wedding purchases coming up to my wedding 2 years ago - it currently has £2600 left to pay off and I pay over the min about £160 a month could probably pay a little more but I’m 16 weeks pregnant and trying to save for maternity leave all being well - but I’ve been looking at the details of my credit card and the interest is 43.9% confused. I’ve been reading up on balance transfer a little but not really sure on how to make sure I would choose a card with a good deal or how to know which card to apply for. I’m in full time work at the minute (teacher) and think I have a pretty good credit rating - the only other thing I have finance for is my car which is about £106 a month and some sofas £26 a month - not even sure if that’s relevant lol.
Annnnnyyyway just wondering if anyone can give any advice on credit cards a) is it worth trying to get a new card to transfer the debt if my current interest is so high?
B) how to choose a good card/company to go with?

dementedpixie Sat 04-Nov-17 14:06:15

delilahbucket Sat 04-Nov-17 16:34:09

With that interest rate it is well worth trying to balance transfer. It will also give you some breathing space while on maternity leave. Do it sooner rather than later though as many of the best deals have been removed in light of the rate rise.

Fluffycloudland77 Sat 04-Nov-17 16:40:24

I'd go on moneysaving expert, look for the longest 0% deal & transfer to that card.

You can do it all online.

specialsubject Sat 04-Nov-17 17:19:40

Doesn't matter which company, only the rate matters. You will have a good credit rating because they will love you with debts like that.

mummy2boys53 Sat 04-Nov-17 20:46:09

Absolutely swap to a 0% card....!
I have just switched a balance to a Tesco card - 0% fee and then 0% interest for 21 months I think it was. Literally a no brainier if you ask me....! X

ClaireBC Mon 23-Apr-18 10:26:59

So (disclaimer) I'm at an organisation that's working to help ordinary people get a better understanding of their credit file.. All the information on credit that's out there can be really overwhelming. Plus, the current credit scoring system is a nightmare - super confusing!

When it comes to 0% balance transfer cards, they can be an incredibly helpful way to avoid spending loads on interest fees on existing credit card debts. About half of people who take out a balance transfer card manage to repay the whole balance by the end of the 0% promotional period - so if you plan carefully you can save a lot this way.

I also recommend not just relying on your credit score in the future to check what credit you can get accepted for, or how to improve - lenders don't actually look at your credit score!

TokenBritPoshOfCourse Mon 23-Apr-18 10:43:26

Absolutely get a 0% card. Barclaycard usually have a long 0% period, check on Martin Lewis for the best ones.

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