BoI Cr Card

[Familyof6]

Hi,
First time poster so go easy on me! We have a bit of debt which is fairly manageable. The debt that bothers me is a Bank of Ireland cr card of approx €4500 (limit is €5k). Is there any interest free deals available at the moment that might help to clear it quicker? We are trying not to use it at all but want to keep for emergencies. We can pay around €300 per month comfortably enough. We have a good credit history and have never been turned down for finance or loans etc

 

[Blackrock1]

im not being smart but you can literally google interest free balance transfers and you will see whats available.

 

[RedOnion]

KBC and PTSB both offer 0% for 6 months on balance transfers. AvantCard offer up to 9 months.
AIB offer a reduced rate on transfers for 12 months 3.83%

These are only a good idea if you clear the debt in the timeframe and don't borrow on card again. Banks offer 0% rates because you are likely to borrow long term and they earn interest.

 

[Familyof6]

We dont plan on borrowing on it again, just to have for emergencies. Is it easy to switch to Avant Card?

 

[Andrew Murphy]

An alternative approach is to get a personal loan to pay off your BoI balance and then lock away your credit card. After approximately 18 months @ €300/month you will be debt free.

No matter how strong willed you are, if you do switch to another card the chances are you will continue to use it and your circumstances will not change.