Here’s a thing. You’ve got a huge credit card statement and you’re not sure you’re going to be able to make the interest as well as the monthly payment. It could be a bad patch, bad time of the year (like now!), hell it could be anything couldn’t it. Here’s what you do. You compare credit cards…
What you have to do is do a simple credit card comparison. Many sites these days have databases and various different menus etc to allow you to compare your credit cards in a particular way. So what you need to do is compare balance transfers.
You need to transfer the balance of the credit card you are going to struggle with, to one that allows you a lower rate of interest, or if at all possible, no interest at all for a limited time. This should buy you a little time, and if you’re really shrewd you can compare credit cards again when this limited time runs out, just to see if you can do it again. I know it’s time consuming, but it’s certainly worthwhile doing, and you can save yourself pounds and pounds.
MBNA offer a balance transfer rate of 0% at the moment until September 2010. This is perfect, but i must confess to not having read the small print, and besides there isn’t room here for me to write it all out for you. Be sure to always do this when you compare credit cards.
Halifax also offer 0% interest on balance transfers, but this is just for nine months, so not as good as MBNA. However, what you must consider when comparing credit cards like these two is that both of them then have a typical APR of 15.0% which is quite high. Unless you are able to transfer balance again it may not be worth it in the long run.
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