I am a student so very poor ( ) and have over £450 on credit card, which I want to clear as soon as possible.

I'm quite sure that a little while ago I heard that some credit card companies will clear your outstanding balance on your current credit card if you join them.

Anyone know anything about this?

Any catches?

Thanks in advance.

Cheers,
Tom

P.S. Any donations would be gratefully accepted

 

Tom,

most will do a transfer

I have a cahoot which transfered and knocked off 5% to get my business, not sure if they still do this.

If you check

 

Egg's (www.egg.com) current deal is 0% for six months on balance transfers. To do the balance transfer, you simply give them the card details of your old account when you sign up. They pay the old card. Very easy....

 

You might also want to try here and see what's best for you -

 

Cahoot were offering 10% cash back on balance transfers, but when I filled in the online credit cheque I failed to pass the test!!!!

 

Not wishing to state the bleedin' obvious but they won't actually <I>clear</I> your balance as such, simply put it onto a lower interest rate for a couple of months. We got an Egg card and did a balance transfer with them at 0% for months. Grrrrrrreat.

 

Tom,

be aware that when they say...

"Transfer your existing debt to our card at only 0.000001% per month (for up to six months)"

...the super-dooper low rate ONLY applies to the transferred amount, and not any new debits. Thus if you use the new card, these purchases will attract the full APR!

Also, any payments will pay off the transferred debt first - thus you reduce the amount outstanding at the low interest rate, whilst potentially increasing the amount at the normal rate!

But if you transferred to a new card, and spent NOTHING more on it, you would be winning - better than the cheapest loan!

mb