Balance Transfer/ Credit Cards

10
Found 27th Feb
Hi,
Sorry if you are bored reading topics like this but after i quick search i was unable to locate an answer for my situation.
Basically looking for help and what my next steps should.
I currently have a balance of £650.00 on a credit card and which to transfer this over to a new CC.

Can this happen?
If i move this over, will i be charged a BT fee?
Also, once i have moved the balance, can i use this as a normal credit card (pay at least minimum payment each month)

Thank you very much in advance,
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10 Comments
All of these depend on the terms and conditions of the card you are transferring to. As for using the card again, don't even consider it. Cut it up and close it. I assume you are transferring the balance because you cannot afford to pay of the debt in one. You are then proposing to reuse the card and, if not paying it off in full, racking up yet more debt. Ok the debt is not big at the moment but if you are going to use the card again and not pay off the full balance, the debt is only going to increase. I worked in banking for many many years and believe me, this will only end in tears. I've seen people end up in hundreds of thousands of pounds in debt doing this. It can spiral out of control very easily
psychobitchfromhell20 m ago

All of these depend on the terms and conditions of the card you are …All of these depend on the terms and conditions of the card you are transferring to. As for using the card again, don't even consider it. Cut it up and close it. I assume you are transferring the balance because you cannot afford to pay of the debt in one. You are then proposing to reuse the card and, if not paying it off in full, racking up yet more debt. Ok the debt is not big at the moment but if you are going to use the card again and not pay off the full balance, the debt is only going to increase. I worked in banking for many many years and believe me, this will only end in tears. I've seen people end up in hundreds of thousands of pounds in debt doing this. It can spiral out of control very easily


Thank you very much for your reply.
So do you think a good idea would be to,
1) Transfer £650.00 debt from current CC to new CC account
2) Close account in which debt was transferred from
3) Arrange monthly payment plan to pay off £650.00 on new card
4) Can i then open another credit card account with a separate lender ( i would use this for all online purchases)

Hope this makes sense.
ps. £650.00 fee was from buying an engagement right, i have currently and never have had any other debt.
GlasgowPTFC16 m ago

Thank you very much for your reply.So do you think a good idea would be …Thank you very much for your reply.So do you think a good idea would be to, 1) Transfer £650.00 debt from current CC to new CC account2) Close account in which debt was transferred from3) Arrange monthly payment plan to pay off £650.00 on new card4) Can i then open another credit card account with a separate lender ( i would use this for all online purchases)Hope this makes sense. ps. £650.00 fee was from buying an engagement right, i have currently and never have had any other debt.


Sounds like a plan. The best thing would be to put your new card (or your existing one if you keep that) on a full repayment direct debit so you know you aren't going to build up debt. Congratulations on the engagement by the way
Edited by: "psychobitchfromhell" 27th Feb
psychobitchfromhell54 m ago

Sounds like a plan. The best thing would be to put your new card (or your …Sounds like a plan. The best thing would be to put your new card (or your existing one if you keep that) on a full repayment direct debit so you know you aren't going to build up debt. Congratulations on the engagement by the way


Thanks very much for your help.
It really is appreciated.
This deal might be of interest to you as a benchmark HUKD LLOYDS
psychobitchfromhell2 h, 43 m ago

Sounds like a plan. The best thing would be to put your new card (or your …Sounds like a plan. The best thing would be to put your new card (or your existing one if you keep that) on a full repayment direct debit so you know you aren't going to build up debt. Congratulations on the engagement by the way


Would it help if the OP had a look at the following articles?

What are your thoughts?

moneysavingexpert.com/credit-cards/minimum-repayments-credit-card

moneysavingexpert.com/credit-cards/balance-transfer-credit-cards

OP, if you think you need further assistance, further to the above advice, moneysavingexpert.com also has a dedicated credit card forums section on their website. Most people on there are very helpful though you may not need it from what's already been mentioned here.
Edited by: "LemonHead" 27th Feb
Toptrumpet53 m ago

This deal might be of interest to you as a benchmark HUKD LLOYDS



LemonHead52 m ago

Would it help if the OP had a look at the following articles?What are your …Would it help if the OP had a look at the following articles?What are your thoughts?moneysavingexpert.com/credit-cards/minimum-repayments-credit-cardmoneysavingexpert.com/credit-cards/balance-transfer-credit-cardsOP, if you think you need further assistance, further to the above advice, moneysavingexpert.com also has a dedicated credit card forums section on their website. Most people on there are very helpful though you may not need it from what's already been mentioned here.


Thank you both!!
LemonHead1 h, 23 m ago

Would it help if the OP had a look at the following articles?What are your …Would it help if the OP had a look at the following articles?What are your thoughts?moneysavingexpert.com/credit-cards/minimum-repayments-credit-cardmoneysavingexpert.com/credit-cards/balance-transfer-credit-cardsOP, if you think you need further assistance, further to the above advice, moneysavingexpert.com also has a dedicated credit card forums section on their website. Most people on there are very helpful though you may not need it from what's already been mentioned here.


OP really sounds like they are being responsible about money which is very refreshing these days.
psychobitchfromhell16 h, 34 m ago

OP really sounds like they are being responsible about money which is very …OP really sounds like they are being responsible about money which is very refreshing these days.


Thanks,
Lot of big changes recently which is very confusing excepially being 24.
Balancing getting engaged and being 11 months into my first mortage.
I am getting there though - again thank you!
GlasgowPTFC59 m ago

Thanks, Lot of big changes recently which is very confusing excepially …Thanks, Lot of big changes recently which is very confusing excepially being 24.Balancing getting engaged and being 11 months into my first mortage.I am getting there though - again thank you!


Exciting times ahead
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