high interest credit card

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gailey

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I have a credit card with very high interest and I have being trying to clear it for months and getting nowhere. Recently my bank advertised a lower interest rate credit card with 0 % interest on balance transfers. I applied but of course was refused due to a late payment on present card. I want to get out of paying these high interest rates. I havent used the card at all this year and still the balance is not going down. Could I ask bank to put credit card into a loan with a cheaper interest rate.
I would prefer not to change over to another card anyway because I am afraid I will end up with 2 credit cards. The only thing I would miss not having a visa is for paying for short trips online ie. ryan air or aerlingus.
Has anyone any views on this. Please help these credit card statements are a nightmare.
 
Consider switching to a card with another bank. If you look at www.itsyourmoney.ie you will see comparisons for most, if not all, of the cards currently available. Many give an introductory rate of 0% interest on balance transfers for 6 months. Most banks will not give this introductory offer to existing customers, so you will have to switch to another bank to get this. Just be sure to close your existing account to avoid having 2 credit cards. By having 0% interest on your balance, you should be able to make some sort of headway with clearing it. I am surprised, by the way, that you were refused a transfer based on a single late payment. It's definitely worth trying another bank if that's the attitude of your existing one!

By the way, if you're not seeing any reduction in your balance, you may need to take a look at your payments. If you are paying just the minimum each month, it will take a long time to clear. I would suggest dividing the average minimum payment by 4, and pay at least this amount every week. Do try to pay more than this amount if at all possible, though. The benefit of paying weekly is that it's easier to pay a smaller amount each week than it is to pay the full minimum once a month.
 
Switching to halifax will provide you with 6 months interest free plus their rates are good. I havent got around to doing it myself but i know others who have taken the few minutes it takes.

You can switch you balance.
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Thanks for replies. I rang bank today and told them that I would not be paying any more payments because I have recently lost my job and I told them that I applied for a lower interest card with the bank and that it was refused. They called me back to tell me that they would issue me with lower rate card. I am trying to sort out our finances and feel much better now that this is sorted.

To think that when I applied for the card 5 years ago I didnt even think to ask about interest rates.
Amazing what banks can do when you give them no other option.
 
gailey said:
Thanks for replies. I rang bank today and told them that I would not be paying any more payments because I have recently lost my job and I told them that I applied for a lower interest card with the bank and that it was refused. They called me back to tell me that they would issue me with lower rate card. I am trying to sort out our finances and feel much better now that this is sorted.

To think that when I applied for the card 5 years ago I didnt even think to ask about interest rates.
Amazing what banks can do when you give them no other option.
Click to expand...

Excellent, have they offered you the lowest rate they are advertising for new customers?
 
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