What to do-currently paying 14.9% on credit card and at my credit limit

[j_dineen]

HI,
My credit is almost at its maximum and I'm being charged 14.9 interest with MBNA, can anyone please advise what the best move to make is it to enable me to pay this off as resonably as possibly. Going forward, who has the most competitive rates for credit cards at the moment.

 

[CCOVICH]

Re: Credit Card Interest

Hi and welcome to AAM.

Check the Key Posts in the Best Buys forum for the best rates and the Key Posts in this forum for important info on credit cards.

Your best move is to transfer the balance to a credit card with an introductory rate of 0% (UB do it for 9 months) and repay over that period. You should not use the cc over that period, or keep your spending under control so that you do not incur interest.

Note that borrowing on your credit card is bad for your financial health and should be avoided as much as possible. By all means pick a card with a low rate in order to minimise interest costs if you do rack them up, but if you read the Key Posts you will see that there are other things to consider when choosing a credit card.

Also, please make your thread titles more relevant to the question you are asking. I have edited this one.

 

[conor_mc]

HI,
My credit is almost at its maximum and I'm being charged 14.9 interest with MBNA, can anyone please advise what the best move to make is it to enable me to pay this off as resonably as possibly. Going forward, who has the most competitive rates for credit cards at the moment.

Agree with CCOVICH, but getting a UB card can take a month or more. First thing to do is call MBNA today and say you're considering moving to a different provider to avail of an interest-free period and subsequently a lower rate. They'll probably move you to a better rate straightaway (I got 11.9 before my UB card came through) - won't save much, but better in your pocket than theirs. Plus, you may not get sufficient credit limit from another vendor to transfer your entire outstanding balance, so to have the remainder on a lower rate would help also.

They'll also offer you a loan at 6.9% etc etc, best to just politely decline....