Year 12s: what will be the first way you research your future options? >>

£500 NatWest Student account credit card maxed out...

Hi.. I pretty much maxed out my £500 credit card with my NatWest Student Account and am now working full-time at minimum wage, so with rent and everything else I don't get that much ££ to put back onto the card bar the minimum DD payment and the interest. Is it possible to get "shift" that credit card to a different bank to get a better deal in terms of interest and stuff? Credit cards always confuse me for some reason!

Thanks x

edit: These are the details of what I have now: http://www.natwest.com/downloads/personal/cc_Student_summary.pdf

(edited 13 years ago)

Scroll to see replies

Reply 1

JacksterD

Yes, look for a card with a good balance transfer deal.

Since you're a student, though, I think you'll find it hard to find any credit card company who will give you a better rate than Natwest do currently.

Reply 2

audacityofhuge

Hah, forgot to mention I've graduated this summer! :smile:

(edited 13 years ago)

Reply 3

Operane

...

(edited 13 years ago)

Reply 4

username310124

Hang on, you "dont understand" credit cards, yet you maxed yours anyway.

:facepalm2:

Reply 5

Blutarsky

Original post by CB91

Hang on, you "dont understand" credit cards, yet you maxed yours anyway.

:facepalm2:

Lol some people eh? No wonder the world is in the financial state it's in - people are always spending money they don't have!

Reply 6

username310124

Original post by Blutarsky

Lol some people eh? No wonder the world is in the financial state it's in - people are always spending money they don't have!

Exactly. Some people. :sigh:

Reply 7

tbm

You can always do a balance transfer to a 0% card but you'll need to pass a credit check first. If you pass then thats fine but if you dont you're stuck with paying this one off. Just make sure that if you do transfer the balance that you close the old account immediately to avoid temptation to spend on the old card.

Reply 8

*River

It'll depend on your credit history - you'll struggle to get a new card with better rates if you don't have much of one (or a bad one). The problem is that you're not actually solving the issue of not being able to pay your debt off by transferring it to another card - even if you get, say 6 months interest free, then you're still going to have to deal with it when that time expires.

Reply 9

audacityofhuge

Original post by *River

Well if I get 12 months 0% - and can pay it off within a year - then transferring my balance will save me the interest of my current NatWest card, no?

Reply 10

Bonbonne

Original post by audacityofhuge

Well if I get 12 months 0% - and can pay it off within a year - then transferring my balance will save me the interest of my current NatWest card, no?

correct - you have to be really disciplined and not spend any more on the new card though... If you manage to get one at all, you might get one with a £1000 limit or higher, don't get all giddy on the "free money!" feeling. I've seen it happen too many times. If you manage to get a 0% card, clear the balance as quickly as you can, then close it down. The 0% cards almost always have some sort of minumum payment as well, and if you miss one you have broken the conditions and they will probably put your interest rate up to something ridiculous like 29%... I have to pay minimum £25 a month on mine, so have to be really careful with the payment dates, allowing enough time for the payment to clear etc... so if you are financially disciplined, and have a relatively secure and stable income for the next 12 months, a 0% card is a decent option.

(edited 13 years ago)

Reply 11

audacityofhuge

Original post by Bonbonne

correct - you have to be really disciplined and not spend any more on the new card though... If you manage to get one at all, you might get one with a £1000 limit or higher, don't get all giddy on the "free money!" feeling. I've seen it happen too many times. If you manage to get a 0% card, clear the balance as quickly as you can, then close it down. The 0% cards almost always have some sort of minumum payment as well, and if you miss one you have broken the conditions and they will probably put your interest rate up to something ridiculous like 29%... I have to pay minimum £25 a month on mine, so have to be really careful with the payment dates, allowing enough time for the payment to clear etc... so if you are financial disciplined, and have a relatively secure and stable income for the next 12 months, a 0% card is a decent option.

Thank you

Although someone told me today that the NatWest £500 student credit card doesn't allow balance transfers?!

Reply 12

Bonbonne

Original post by audacityofhuge

Thank you

Although someone told me today that the NatWest £500 student credit card doesn't allow balance transfers?!

I don't know. It's a long time since I graduated and I was so scared of charges I basically lived on crackers and wore threadbare clothes until my overdraft and credit card debts were cleared! Are you sure that doesn't just mean you can't transfer balances on to that card? I haven't checked the T&Cs but it would be a bit odd if they didn't let you clear your balance that way. I'm not an expert on credit cards but I can't imagine that would be a restriction?

Reply 13

DarkWhite

Original post by Operane

I balance transferred my NatWest credit card to Flybe Credit Card.

Flybe are good because they aren't as harsh on students. I got £1000 credit limit and 0% interest on balance transfer for 9 months (meaning I pay no interest for 9 months if I transfer my NatWest credit card to them).

Just done this; much better interest rate for the months where I don't pay it off in full.

+rep for the tip, cheers! :smile:

Reply 14

audacityofhuge

Original post by DarkWhite

Just done this; much better interest rate for the months where I don't pay it off in full.

+rep for the tip, cheers! :smile:

Can you just do this online then? :smile:

Reply 15

DarkWhite

Original post by audacityofhuge

Can you just do this online then? :smile:

Yeah just visit their website; it's an online application form - it approved me straight away..

Reply 16

Operane

...

(edited 13 years ago)

Reply 17

Jmzie-Coupe

Original post by DarkWhite

Yeah just visit their website; it's an online application form - it approved me straight away..

Hmm, how did you get around the 'employers details' section if you're a student?

Reply 18

*River

Original post by audacityofhuge

Well if I get 12 months 0% - and can pay it off within a year - then transferring my balance will save me the interest of my current NatWest card, no?

Sorry - I should have explained myself better. How do you see yourself being in a position to pay it off within a year if you can't pay it of now, if you get what I mean? Are the rates after the interest free period substantially higher than what you're paying now? I don't mean to sound overboard, but I know a lot of people who have got caught up in credit card debt because they don't get their heads around the terms and nature of the debt that they're paying off :o: