0% balance transfer credit card - can anyone advise me?

[Disenchanted]

We have a store card and 3 catalouges we want to pay off.

Should I transfer to one of these?

Anything I should be wary of?
Any specific companies to reccomend?

I know I could easily pay it off within a year if the interest was 0%

Can you just close them after?

yes you can transfer to a 0% interest card and can close it after the debt has been paid. Look out for one that runs into 2009 so as to give you a year to pay it off.

The one thing you'll need to be aware of is that they generally charge a transfer fee, it's usually about 3% on transfer, but that's signifficantly better than the percentage you'll be paying on your store cards.

Thanks wannabe

Do you know if the 3% is payable straight away as a lump fee or do they add it onto the monthly payments?

They add it on usuallly. Go on to Martin Lawrences site and he will tell you which one is best at the moment, TheMoneyDoctor.

They add the 3% to the amount of the transfer.

Have a look at M&S, they offer not interest-free but a fixed low rate for the life of the transfer - 4% or 5% - so you can pay it off over a slightly longer period if necessary.

moneysavingmartin

Oh, forget M&S, it's 7.9% now and only for 2 years.

Martin's best buy is Citibank at 5.8% for life-of-transfer but with any of these - 0% or low-interest - YOU MUST NOT USE THEM TO BUY STUFF WITH!!!! Just do the transfer and then cut the card up