Help with cc shuffle

magni

Hi everyone, Im looking for a bit of help with this. I want to get it right and thought it best to ask you lot 1st!!

I owe on credit cards

Barclaycard 6454.17 Got them to reduse rate to 9.9
M&S 6812.30 No joy with rate reduction. Stupidly I have a LOB rate of 3.9 but have spent on card also at 15.9. I know how stupid this is so don't shout at me for it. The original 3.9% balance transfer was for 3500.
Morgan Stanley 3775.50 Some of it is LOB 5.9 and some at 7.9 for 6 months

Availble credit I have is

Not much on any of above.
Monument 3500 BT rate of 17.9
Capital one 2000 BT rate 0f 16.9
Egg Money 1500

I have 3500 cash which I want to pay off one of these. Was thinking best to pay it off M&S, then transferring balance to monument leaving M&S clear. Hoping for M&S to offer me another good rate for LOB and transferrign back (or is this too unrealistic?) along with Morgan Stanley.

Any help gratefully received as my head is pickled!!

magentadreamer

How much is your Egg money APR and do you have room on it to do a decent BT of the M&S card? If so I'd suggest you transfered as much as you could to Egg Money, paid off 3.5K and the rest to Cap One. This would get you out of the situation where you're paying the cheap bit of the balance off first then the high rate bit. I've seen some of the fliers for Monument and if 17.9 is their BT rate what's it like once the BT rate is over? Personally I'd close the account as their APR horriffied me in the flier I was sent. Also it would show on your CRA report as one less line of credit should you need to get another card.

magni

Thanks Magentadreamer. I think the apr on egg money is 6.9% if negative balance. I haven't phoned them to find out for sure as I don't really use this account. I didn't even realise it was an egg money account until phoned them today and asked. D'oh. Seemed to be some confusion over egg money and egg cards on other threads so I thought I'd find out. I have a balance owing of 136ish pounds which I pay off in full every month by dd. It's collected on the 11th so after then I will have 0 balance on this card. I could pay the 3.5k off m&s, then transfer as much to egg money. I only have about 200-300 of credit left on Morgan Stanley so don't think that's much of an option as they also charge a fee for BT.

Anyway if I did this, then try to pay off M&S over the next few months to get it clear. I have some overtime coming this month and in March should be due some backpayments from work. That should let me clear M&S in March/June. Does this sound reasonable and then I could maybe shuffle a bit more then?

magentadreamer

It sounds great! I think you can see what APR your egg money is by logging into your account - I've just activated my account this afternoon with them so not up on the workings of the account but if it's at 6.9% then I'd definetly say transfer as much as you can maybe even see if they'd up the limit a wee bit. Then pay off M&S with the 3.5k plus any other spare cash you can get hold off.

Once you've made a few payments on the Egg money and cleared the M&S card you could BT from the other cards -even if it's small amounts it'll save you as Egg Money doesn't charge BT fee's and their interest rates would be alot lower.

magni

Thanks again magentadreamer. You've been a great help. :T I'll be back if I need any more help. Cheers!! :j

ti1980

I phoned up M&S a few times when I had a balance on the card, they wouldn't budge on 9.9% for a balance transfer. I had another card that was completely clear though so I did a BT from my M&S card to my Barclaycard I think it was so that left my M&S card clear. I phoned them up again and they offered me a 0% BT for 6 months which I did straight away. This is the 2nd time they have offered me it too but both times my account was clear.