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help with changing credit cards to one with six months interest free

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  • 22-01-2009 2:00pm
    #1
    sharondingle
    Registered Users Posts: 25 ✭


    Can you help me?
    I've got a mastercard with bank of Ireland but it's almost always maxed out.
    I'd love to transfer it to another company - one that offers 6 months interest free - to give me a chance to get it paid off for once and for all.
    Do any of you know how to do this? What companies do I approach? How do I do it?


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    #2
    Paulw
    Registered Users Posts: 13,381 ✭✭✭✭Paulw


    Best solution - get a bank loan or credit union loan, and pay off the credit card in full. Then slowly pay off the bank loan. The interest rates would be much lower than any credit card rates.

    But, if you're totally sure you can pay everything off within 6 months, you could look at moving to MBNA or another bank credit card.

    Personally, I'd go for the credit union or bank loan, to be safe.


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    #3
    penexpers
    Closed Accounts Posts: 4,038 ✭✭✭penexpers


    Apply for one of the cards as normal, one section of the application will be about what other cards you have and do you wish to transfer the balance over. Simple really.


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    #4
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,489 Mod ✭✭✭✭Cabaal


    I doiubt the likes of Halifax will want to take you on if you've already maxed a BOI card, best bet is get a loan and pay it off in one go and cut your card


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    #5
    monicafussy
    Registered Users Posts: 58 ✭✭monicafussy


    BOI now a have clear card offering 6 months interest free I transferred my BOI Mastercard last month u can apply on line


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    #6
    keefg
    Registered Users Posts: 3,187 ✭✭✭keefg


    Paulw wrote: »

    Personally, I'd go for the credit union or bank loan, to be safe.

    +1 for the Credit Union option. Anything can happen in six months and at least you can negotiate your repayments with the CU if you get into difficulty.


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    #7
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,489 Mod ✭✭✭✭Cabaal


    monicafussy wrote: »
    BOI now a have clear card offering 6 months interest free I transferred my BOI Mastercard last month u can apply on line

    they only allow you to apply on-line ;)


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    #8
    Del2005
    Registered Users Posts: 18,987 ✭✭✭✭Del2005


    sharondingle wrote: »
    Can you help me?
    I've got a mastercard with bank of Ireland but it's almost always maxed out.
    I'd love to transfer it to another company - one that offers 6 months interest free - to give me a chance to get it paid off for once and for all.
    Do any of you know how to do this? What companies do I approach? How do I do it?

    Most of these 6 months interest free have tough T&Cs. Have a very careful read of the T&Cs and see what way interest on your new purchases is paid off etc.

    If you are already maxed out on a CC you'd be better off cutting it up and getting a loan to clear it off. Once cleared then get another CC.


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    #9
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #10
    telmah
    Registered Users Posts: 16 ✭telmah


    If you transfer your balance at 0% interest for six months what happens when you start making purchases?
    eg you transfer €1000 and spend €200 in your first month.If you pay €200 at the end of the month does this automatically pay for your purchases or does it reduce your opening balance?


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    #11
    CSC
    Closed Accounts Posts: 653 ✭✭✭CSC


    Payment allocation on a credit card is that you pay the balance with the lowest rate off first. Take your example, if you had a balance of 1200, 1000 at 0% and 200 at 15.9%, your payment of 200 would come off the 1000 and interest would accrue daily on the 200 at 15.9% until the rest of the 0% balance is paid off.
    I personally believe we will see the end of the 0% deals very shortly so if you are thinking about transferring I would do so sooner rather than later.


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    #12
    siobhan.murphy
    Registered Users Posts: 1,340 ✭✭✭siobhan.murphy


    they are giving 9mths intrest free and on purchases


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    #13
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    If you go down the loan option route expect to have conditions imposed e.g it may be a drawdown req that you reduce the c/c limit significantly or that you get rid of the c/c. Running up debt on c/c and not paying it off within a reasonable time demonstrates that you have a poor capacity to manage your finances. From an underwriting point of view it would be frowned upon (i.e getting a loan to pay off your credit card) because unless limits are reduced or the card is cut up, the tempation remains to go out and spend again.


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