0% credit cards

Hi folks i have gone through a few threads and am going cross eyed looking for an answer to this. I have a loa of CC debt 4500. i am only managing to pay 200 or so a month into it but i dont seem to be making any dent into the amount i owe.

I have heard of the 0% interest cards and am wondering what are the best ones, is it hard to get the balace transferred from the bank o i ones to this new one?

I think MBNA still offer 0% for a period as far as I know. I presume (hope) 45,000 is a mis-type!!

no its very easy to transfer from one to the other.. I use to do it all the time.. things to watch for.. 0% to transfer but a 3% transfer fee i.e you pay 3% interest.
You MUST NOT use the credit card you transfer too.. because you cannot pay that off until the transfer dept is paid off so say you move 10k then spend a new 1k on the card that 1k will be charged at there standard rate of say 17%... and lastly set up a direct debt for the minimum payment.. but until its gone through for the first time also pay by CHQ ONTIME... I moved my money to a card 15k paid the following minimum payment and had filled in the DD form on the application I thought it would take it the next month but it didnt and my dept swapped back to 17% !! I rang and they claimed not to have the form! they did the same to my friend. so cover the minimum payment until you see the DD go out.

MBNA and AIB both have 0% for 10 months I believe. I just cleared an MBNA 0% credite card, got my limit upped to €15k and am about to put my car loan onto it, paying €1000 per month.

Must say that the CC companies are gettng tighter on giving out cards, but if you get one, tell them you want to do a balance transfer and they will take either the CC number you want to pay off or the bank details of the account you want to pay into. Most will allow you to transfer only 90% of your available limit as a balance transfer. Bleumac, that 3% handling fee seems to have stopped now - I didn't pay it on my MBNA or AIB transfer

Do what i do though if you get one - cut up the card the day you get it. Stops you being tempted to spend on it.

Thanks everyone you are been very helpful. SO most of you think MBNA is the one i should go for? and to apply for that and to get my balance transfered from BOI what do i need to do? sorry for all the questions but am trying to be smart for once and know what im doing before i actually do it. oh and can i transfer all the balance or does it have to be 1500?

aerobubbles said:

Thanks everyone you are been very helpful. SO most of you think MBNA is the one i should go for? and to apply for that and to get my balance transfered from BOI what do i need to do? sorry for all the questions but am trying to be smart for once and know what im doing before i actually do it. oh and can i transfer all the balance or does it have to be 1500?

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If you are successful in getting the card, you can transfer your balance over the phone or online with MBNA. Just give them you BOI card details and they will pay it off. You can transfer 90% (?) of your credit limit so if they give you a credit limit of €10k, you can transfer €9k onto the MBNA card..

You can transfer all the balance into your current A/C and then pay your CC and use the rest for higher interest debts?

BOI also have a0% as do Tesco (I believe). Remember each application goes through a full credit check. I was turned down by BOI despite good credit history and income.

Please remember to be careful - this 0% is not free money. Once the offer ends it reverts back to full APR on the card and balance. If you're savvy then they are great, but a single missed payment, use on the care, you effectively lose the deal. I have a fixed amount of way over the minimum payment to ensure i clear it off on time. If you only pay the minimum amount you will be in the situation in 10 months time that you have a CC balance to clear off.

Warning: Be very careful with MBNA, do not miss a payment or it will immediately be recorded on your credit record making it more difficult for you to obtain finance in the future.

NorfBank said:

Warning: Be very careful with MBNA, do not miss a payment or it will immediately be recorded on your credit record making it more difficult for you to obtain finance in the future.

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I never knew that. That's very harsh.

thanks flossie, i have never missed a payment on the card i have and i was always very good at paying it off, things changed tho and i really thought i had no option but to pay a debt using the card and i have been paying for it ever since. I havent even used the card in the past 2 years just dont seem to ever get my head above water with it. Wish it was just paid off and in the past not haunting me forever as it is.


Someone above mentioned a 0% card from BOI could i possible get that and transfer the debt from the higher interest BOI card?

I dont' think that's possible Aerobubbles. You normally cannot transfer balanced between same cards with a provider.

Hope it goes OK - they are great when they work well! I'm going to be savig a few €k by putting my car loan onto one

flossie said:

I dont' think that's possible Aerobubbles. You normally cannot transfer balanced between same cards with a provider.

Hope it goes OK - they are great when they work well! I'm going to be savig a few €k by putting my car loan onto one

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Just my curiosity, but could you explain how you are going to save money by putting a car loan onto a credit card.

He will pay off the car loan during the 0% period thus not paying any interest in his car purchase?

fobs said:

He will pay off the car loan during the 0% period thus not paying any interest in his car purchase?

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If a person can afford to pay for a car over the 3 to 6 months interest free period on a new credit card, then this might make sense.

In general to put a car loan on a credit card would be an extremely expensive mistake.