Help with figuring out my balance transfers

newyorkcitybride

Hello All!

As a bit of a novice with numbers I was hoping someone would be able to help me out.

I currently have 3 credit cards

Abbey MBNA card
Intelligent Finance card
Abbey Zero card

Now the MBNA card has £1347.57 outstanding at 2.9% till March 09 (£3,000 limit)
I.F card has £1814.59 outstanding at i think 14.9% (£2650 limit)
Abbey Zero card has £2390 (you guessed it!) is 0% for 6 months on all BT's before august statement (which I got today :mad: ) which was BT from OH's credit card, and has £3,000 limit.

Now obviously the IF card is costing me the most but whats the best way of splitting it as I cant transfer all of it to the Abbey MBNA card as there isnt enough credit on it? But if I want to get the above rate I have tot ransfer before 15th Aug!

I'm not v.good with numbers and dont want to do it and then trip myself up. MBNA charge 3% I think, and so too do Abbey Zero.

Its a bit of a minefield to me at the moment, as OH recently left job and is yet to find another one, I'm trying to get finances in as much order as possible paying as little interest as I can....

Please help?

HamiltonL

newyorkcitybride wrote: »

Hello All!



I'm not v.good with numbers and dont want to do it and then trip myself up. MBNA charge 3% I think, and so too do Abbey Zero.

There is still NO fee after 30 days on Abbey Zero. You should get away with 0% as well on the BT, just it wouldn't be interest free for 6 months.

DestroyingAngel_2

Hi Newyorkcitybride,

Transfer whatever you can to the Abbey MBNA, and the rest to the Zero. You won't be able to transfer much to the Zero, anyway, as you've only got about £610 available credit left on it, and you'll only be able to transfer over 90-95% of the available credit.

Then, either
a) try to reduce the Abbey MBNA balance so you can transfer from the Zero when that promotion's about to expire,
or
b) find a 0% card to whack the Zero balance onto when that promotion's about to expire,
or
c) find a 0% card with over £6500 credit limit on it so you can transfer both the Abbey MBNA and Zero balances onto it.

The important thing is, you need to clear the IF balance quickly.

You could also ask Abbey MBNA or Zero for a credit limit increase - if you can get an increase so your credit limit is £4000 (for the Abbey MBNA) or £5000 (for the Zero), you'll be able to transfer all of the IF balance over to either card. For the Zero, you'll need to ask if they're willing to extend the 0% promotion, otherwise it's going to end in August 08 anyway so what's the point?! At least with the Abbey MBNA card, albeit at 2.9%, you have time til March 09 to find another solution.