Hello,

Not sure if I'm allowed to post about this subject as it may be seen as advertising for respective companies...

After a fairly heavy show season's expenses the old Visa card is sweating in a dark room. I have never looked around or thought about a balance transfer but having seen loads of advertsing jargon, can anyone recommend a good deal? I know we shouldn't have credit cards but sometimes they are needed and I would like to pay for that privilege as little as possible!

Thanks.....

My understanding of these schemes are that they reduce your payments by spreading it longer but you pay much more interest in the long run. It would be far better, if you can, to take out a further loan on your mortgage, the rates are much much better, and pay the lot off. Credit cards are really the worst possible way to borrow money, they are great if you use them as cash, very convenient and giving extra services like insurance but I think if you know you will not be able to pay them off fully each month you are better taking the scissors to them. :)

i did it with tesco for my tiles in my louge/dinner room paid it on my sainburys one then tranfred the amount over to tesco 6 months 0% and pay it off in at time,if not just tranfred it to another 0% for another 6 months a so on.it easy

We tranferred to one (may be Barclaycard but not sure as I don't do 'the money') where you pay 0% on the balance transferred and then a low interest rate on anything you spend each month, we didn't really want to use this card as we prefer another one for monthly use, so we took a tip from "Martin's Money Tips" - great website - and arranged a small charity monthly direct debit - everyone is happy

Good Luck

Barclaycards offer is a good one at the moment, its interest free until the balance is paid off, but beware of a couple of things, every time you pay the money is going towards paying off your balance transfer so if you put extra purchases on they will be sitting their racking up normal interest rate charges AND you HAVE to use your credit card each month to keep it interest free. I think its only something little like £1 but if you dont use it they charge normal interest.

We have been doing that for the last six years ! ;)

The real danger of transferring a 'debt' from one card to another advertising 0% for say 6months,then transferring to yet another one,is that the temptation to use the previous cards once again can be your downfall,one member of our family,not me I hasten to add,did this,she used up her credit limit on one card,transferred to another,then used the 1st to it's limit again so on and so on,she lost her house because of this so pls do be careful.
It sounds like you are just pacing yourself on the one amount but maybe taking a bit of financial advice,most banks or bld.societies offer free advice,you may be clearer on the route to take?
I personally use a money back card for convenience and always pay back the bal.in full each month,then once a year 'they' pay me back for the use of their card! only 1/2p in the £1 spent,but it adds up over a year.

Hi Porkie (can you sign a different name as this is as bad if not worse than Brainless :) )

What is the Money back card ? I received one recently and all I could find on the blurb was that if I tranferred all my dets to it I would get it free for so long. As I pay them off each month I felt it was irrevelant so chopped it in half - after trying all the phone numbers relating to it and getting nothing but another machine recording/choice

Christine

Hi Christine,

I pay them off too, and I have a Goldfish - not cold hard cash, but points add up to vouchers, I got M&S ones through yesterday so will be shopping this weekend! Nice to get free 'treat money' a couple of times a year.

M.

My money back card(s) are cash reward from Nationwide and Alliance and Leic.moneyback (hope I can post this,sorry admin.if I've made a boob here).They started off at 1p in the £1 but with inflation etc.this has dropped to 1/2p but I'm not complaining;)
As other posts have said though "be very careful and keep to a budget".I believe my sister had around 9 cards in the end,lost the house but is still paying off debts and will be doing so for years,we all tried to warn her but she 'knew best?'It is too easy to get into debt and to obtain these cards!

Sorry Christine,my name Porkie derives from my absolute love of pigs! it's been with me for years,but just for you I am Jacqueline :)

Very sensible of you to point out that danger, Porkie. I can imagine it would be very easy to still use the 'old' card as well as the new one, and end up way out of your depth.

It is a danger as quite rightly has been pointed out but if you keep a close eye on your finances and run a tight budget it is a very good way for interest free loans ! :)

I would highly recommend anyone to http://www.moneysavingexpert.com/ Beware tho as that site can become as addictive as this one!