Sunday 25 September 2016

How to switch... Credit Card

Published 10/01/2016 | 02:30

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Step 1

The process involves completing an application form either online, or on paper - you will be asked for:

* your current bank details;

* existing credit card and loans;

* existing mortgage (if this is in arrears you may be refused);

* existing savings accounts.

Step 2

You must be over 18, in receipt of an income (which may be restricted to over a certain level, e.g €16,000 pa) and have a current account.

Step 3

Credit checks will be carried out with a credit bureau to see if you have outstanding loans or have ever missed payments on them.

Clearing €5,000 debt at 22.8pc at €300 per month takes one year, nine months. Switching to 0pc card for six months takes one year, six months. Saving: €900

 

POTENTIAL SAVING €900

TOTAL TIME 24 hours

Irish Independent

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