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Short Update

July 8th, 2015 at 04:46 pm

I will update better tomorrow when I've got more time - bed time for J is looming. But, for now:

I just opened my mail and Nationwide are offering me a credit card with 0% on balance transfers for 26 months. Loyal readers might remember I applied for a card a while ago, but I was declined. This time they've sent me a special code to quote. I'm thinking I should apply for it. Is there any reason that anyone can think of, why I shouldn't apply? Of course, I might get declined again because that other application was a while ago.

Oh, in case I didn't make it clear, I would transfer as much as possible from Bank of Scotland.

Posted in Uncategorized | 8 Comments »

8 Responses to “Short Update”

  1. ceejay74 Says:
    July 8th, 2015 at 04:56 pm 1436374607
    1436374607

    I'm all for 0% balance transfers, as long as they don't just let you feel empowered to run up all that free credit again. That's what I used to do with balance transfers, and I went deeper and deeper into my debt spiral until I nearly hit rock bottom. On the way up, I used a couple of balance transfers, and this time I was serious about not using the credit I'd freed up, and in that case it was good for me.

    So it all depends on how you think you'll react once the balance is transferred. They can be really beneficial to a debt payoff journey or incredibly ruinous.

  2. scottish girl Says:
    July 8th, 2015 at 04:59 pm 1436374794
    1436374794

    Thanks CJ. If it works out, I have zero available credit on BoS anyway. They were increasing the interest rate yrs ago and you had the option of keeping the current interest rate, but you could no longer use it. I chose to keep the lower rate.

  3. ceejay74 Says:
    July 8th, 2015 at 05:04 pm 1436375050
    1436375050

    That's good! Then you won't even have to deal with the temptation. Smile

  4. creditcardfree Says:
    July 8th, 2015 at 05:17 pm 1436375826
    1436375826

    If approved it would help your debt payoff progress substantially. I would cancel/decline if the rate were any higher than BoS account.

  5. scottish girl Says:
    July 8th, 2015 at 06:31 pm 1436380300
    1436380300

    Thanks. The rate is less than BoS.

  6. snafu Says:
    July 8th, 2015 at 09:41 pm 1436391706
    1436391706

    0 % interest for 26 months has potential to be very helpful in clearing one of your current CCs or Catalogue accounts. What percent do they charging to transfer? What interest rate will it jump to after the 0% promotion rate ends?

    I've no idea what you are currently paying on each of your accounts to keep them current, but I suggest you divide each of your CC balances by 26 and decide which sum you can manage each and every month without missing even one payment, [while keeping up regular payments on other regular bills]. For example, if you can pay 65. you will be done with CC#1 by the time the promotion ends.

    With a higher credit score that results, you would likely be able to easily get another 0% card promotion from some other grantor and pick another account to repeat the process. Catalogue sum 4442 would need payments of 172. Like ceejay explained so well....it is a very dangerous path if you don't stay very disciplined while life throws challenges.

  7. FrugalTexan75 Says:
    July 9th, 2015 at 01:40 am 1436406053
    1436406053

    I think it couldn't hurt to try and see if you'd be approved. 26 months of no interest on the balance you transfer could mean quite a few months less of being in debt!

  8. scottish girl Says:
    July 9th, 2015 at 05:32 am 1436419934
    1436419934

    Thanks. Snafu, cc1 is on a 0% interest card already, I'd love to have that balance cleared before the promotional period ends in two years. The fee is 2.4% for balance transfers. It will jump to 19.9%.

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