Can I just check that I did the right thing with this balance transfer

[NervousNutty]

Ok so I have crap credit history but about 18mths ago I did manage to get a Capital One credit card. The APR on it is 30.4 %.

It is normally more or less up to it's limit (£500), but I always pay off at least the minimum payment and often more.

So, last week I got approved for a Barclaycard with a £1500 limit and an APR of 27.9 %, still high I know but better than Capital One.

So anyway, I just rang to activate new card and was asked if I wanted to do a balance transfer from my other card with a 6.9% apr for the life of that balance.

I agreed, and I think I was right to do that, but just wanted to check as stuff like this does slightly baffle me.

I was right wasn't I ??

It sounds like a good deal, but just be aware that usually any payments you make towards the card will be taken off your old balance first and you will still be paying 27.9% on any new purchases (I think that's how it works anyway)

Yes you were, but you really need to start paying it down now. If you take the min payment you would have paid on the other card and apply at least that to the new one, then this will happen quicker if you stop spending on it...

HTH

Yes, good choice. It would have been better to get a 0% transfer on balances but that may not be available from the deal Barclays offered to you.

My only recommendation would be to pay as much as you can each month. Paying the minimum means that all the purchases you make are actually way more expensive than what the label say.

Oh yes I do normally always try to make more than the minimum payment anyway.

I originally had the Capital One card to build my credit rating back up and it has done that so I am pleased, and now I will be paying less interest aswell that is even better.

Thanks