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I currently have a credit card with one bank which I am so far able to pay off each month. However, I am struggling a bit with

by HBLJ, 9 months ago•Open Question

Personal Finance•Debt & Financial Difficulty•Financial Assistance

this and am thinking of getting a second credit card elsewhere to help pay off the first should I get into any difficulty Has anyone else done this and are the charges high to transfer money over from one to pay off another credit card lender?

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Answers (1)

Hi HBLJ, and welcome to the forum.

If you're paying interest each month on the balance of the card you're struggling to pay off, then it would make sense to transfer the remaining balance to a 0% Balance Transfer card. You can compare these here...

http://www.money.co.uk/credit-cards/balance-transfers-credit-cards.htm

As you can see, you will be charged a 'balance transfer fee' of approximately 2.5% to 3% of the balance. So, if the balance you wish to transfer is, say, £1000, you will be charged a one-off balance transfer fee of between £25 and £30. You will then have the duration of the 0% interest period (which can be up to 2 years depending on which card you get) to pay the remaining balance off with no interest added.

Hope that's of some help.

by fruitcake, 9 months ago

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