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Consolidating credit cards

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  • 29-03-2012 2:14pm
    #1
    Dodge
    Registered Users Posts: 10,260 ✭✭✭✭


    Myself and my wife are currently looking at an averhaul of the way we bank. She has an account with BOI (and a BOI Visa). I have an AIB a/c (and an AIB mastercard). We got a mortgage with PTSB and opened a joint a/c with them about 8 years ago. We currently owe a bit on both cards and we're looking to have both cards on the one account. We are going to close the BOI and AIB bank accounts

    I talked to PTSB and they suggested it wasn't possible to transfer 2 cards into a new card account. To be precise, he said one person only can apply for a Card but both of us were free to apply (which missed the point).

    So... does anyone know if its possible with any bank/cc company? I know some of them operate interest free balance transfers *(t&c's apply...) and this is part of the appeal.

    I don't think it'd be possible for us to take out a short term loan and pay off one of the cards and close it, so that isn't really an option.

    grateful for any advice basically


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    #2
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    you can apply for a new credit card and do a balance transfer (if the service is available with that particular card), as an individual applicant and if successful then get a second card with the other persons name on it. Then cancel the opld cards and make sure you dont end up paying the 30 euro tax twice. Get a letter form your bank saying you've paid it on a card already this year.

    Look at bonkers.ie to compare creditcards or here: http://compare.nca.ie/CreditCard


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    #3
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    i think i get you more now. You could both apply for credit cards and balance transfers on your existing ones. If you can get one with 0% interest for some time then continue to use one card and dont use the other but just pay off the balance off it and once it's cleared cancel it. Leaving you with one card that can be used by both of you. Make sense?


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    #4
    Dodge
    Registered Users Posts: 10,260 ✭✭✭✭Dodge


    Yeah, had thought of that subsequently.

    Tbh, we're not looking to use them (as such) but rather try and make a dent into what we owe.


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    #5
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    what about a credit union loan to pay them off which you can pay back at more than likely a lower interest rate and a flexible time period?


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    #6
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    If you're continually running a balance on the credit cards on which you're paying interest, consider cutting up the cards themselves but leaving the account open.


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    #7
    Dodge
    Registered Users Posts: 10,260 ✭✭✭✭Dodge


    Liam D Ferguson wrote: »
    If you're continually running a balance on the credit cards on which you're paying interest, consider cutting up the cards themselves but leaving the account open.

    Well, we haven't used them in a while in fairness. Its more historical debt than anything new. The credit card facility isn't important to us now (we have Visa debit). We're just looking at the best way of clearing the debt over a period of time.

    Credit Union loan is being looked at.


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