A question about Balance Transfers

SteveZ_3

Hi,
I've got four cards ar the moment

Egg... Outstanding balance 11,993 12k limit
Lloyds... Outstanding balance 9800 16k limit
Marbles... Outstanding balance 5300
MNBA... Outstanding balance 7200

I will shortly be in a position to almost clear both the Marbles and MNBA, They will both end up with about 1000 on them.

Is there any benefit, once the Egg and MNBA are down to that level of trying to shift the balances on the Egg and Lloyds into LOB transfers?

If so, should I move the 9800 from Llyods to the two nearly cleared ones on a LOB and then move the Egg across to the Lloyds?

Have I understood this at all?

S

skintchick

CAn you tell us the APRs on all of these? It makes sense to pay off the highest APR first with this money you'll be getting, but we can't advise without knowing APRs.

SteveZ_3

Thanks SK...
That's where my problem is though...
I'll still need to pay the minimum on some of the cards, but I'm wondering about snowballing them.
If I paid off the highest rate (Egg@14.9) that would only release £236.
If I paid off the MNBA and Marbles that would release £282
So, If I understand snowballing correctly and can get a low LOB on the others my theory says that they would get paid off quicker...

Or am I completely wrong, which is possible...

S

skintchick

TBH, I'm not that good at this type of thing!

Have you tried the snowball calcualtor?

https://www.whatsthecost.com/snowball.aspx

I see what you mean, but will you end up paying more in the long run?