Switching Credit Cards

M

mozzer

Registered User
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I have an AIB visa card. I've managed to run up about €7000 on the card over the last few weeks. Up until this I've not had owed a huge amount on it at the end of every month. However, I'm worried now that I'm going to get hit with some heavy interest every month.

I'm thinking of switching over to Ulster Bank credit card and taking advantage of the 9 month interest free option. Does this seem like a good idea? Has anyone done this with Ulster Bank already transferring a debt of €7000 or more? If anyone knows of better deals can they let me know?
 
Note that get the benefit of the interest free balance transfer period you will most likely need to avoid making any further transactions on the card since normally as long as there is any balance outstanding further transactions will immediately incure normal rates of interest. For some generally useful resources relevant to dealing with debt see here.
 

transfer to the interest free

but make sure you cut up the AIB Card when you do....
 
I recently transferred from MBNA (old credit card - not new interest rate) to Ulster Bank. However, UB just gave me a credit limit of €5,000 (the balance I wanted to transfer was €6.5k. That may have been linked to my earnings - they may give higher limits to higher earners.

Thankfully I have now fully paid off MBNA (cut up the card) and intend to have UB cleared by the time the interest is applied again.
 
thanks c1aro, good to know....silly question but did you have 2 credit cards on the go at the same time then...your mbna with 1500 and your ulster bank with 5000?
 
Mozzer
I had two credit card accounts on the go, but only one credit card (I keep the UB cc at home and I cut up the MBNA one and closed the account- I was charged the €40 at the beginning of the year, I'm hoping that's it, but from reading some of the posts here it seems that I might be charged for next year as well - on the closed account that is).

I think the main thing is to cut up the card with the interest immediately. It was a wrench because my credit limit with MBNA was about three times what UB were giving me - I know my nature and it would have been too much of a lure having cleared it and having all that credit available. I have to say that reading the boards here had given me the incentive to start on the road to reducing my debt.

It is hard for the first while because you are paying two payments, and I found that UB's miniumum is far more realistic than MBNA's (sometimes they were looking for so little that it was great, but the interest would keep piling on).

Well that's my experience for what its worth. Good luck!
 
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