<< Back to all Blogs
Login or Create your own free blog
Home > Another card?

Another card?

May 28th, 2015 at 03:48 am

I posted this question a while ago when my bank offered me a credit card. They're offering me one again, with the option of:

- 2k credit limit
- 0% for 15 months with a fee of 0.55% (min £5) for the first three months of account opening, after which the fee will revert to 2.4%


0% for 26 months with a 2.4% fee

Now, I'm debating because of the balance transfer option, especially the 26 months one. I could transfer more of Bank of Scotland, which will be at 3k soon thanks to my balance transfer (fingers crossed I've done it properly). But then I would have three cards and I decided the last time that three's too many.

If I did it I think I would really have to focus to get it paid off within the interest-free period.

8 Responses to “Another card?”

  1. creditcardfree Says:

    With debt three cards is a lot, but if your goal is to reduce the amount you owe (and owe in the future) these 0% offers are probably key. Am I correct that you can't transfer the catalouge to a credit card?

    I think I would do it Sarah. The main thing is to be able to handle the minimum payment on three cards.

    I see the money you are putting on 0% cards as protected from growing while you pay off the higher catalogue debt. There will likely be other 0% offers when these expire.

  2. scottish girl Says:

    Yep,you are correct, can't transfer the catalogue.
    That's what I'm worried about but I think I will manage. I would ideally like to get it paid off during the interest-free period.

  3. creditcardfree Says:

    Ideally that would be best to get it paid off during the interest free period. However, you have an equivalent debt on catalogue at a much higher rate that should go first. At least that is how I would work it. Smile

  4. CB in the City Says:

    That's how I got my debt down, with 0% offers. You do have to be vigilant about transferring when the rate is scheduled to go up. But I don't think three cards is too much to handle. It might help to lay it all out on a spreadsheet.

  5. scottish girl Says:

    I never got it Frown

  6. creditcardfree Says:

    All you can do is move forward and do better now. Don't get mad at your past self, just get mad at the debt and knock down!

  7. ceejay74 Says:

    I think it could be a good idea. I think what's even more key to eventual financial success is to make sure you and your husband never buy anything on the catalog again, and don't spend up the credit cards that you transfer balances from. That always got me in the past, I'd see that available balance and not be able to resist using it! And I never had the temptation offered by a catalogue.

    Have you convinced your husband that catalogue buying is no longer an option?

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]