What the best thing to do

savingallthetime01

I currently have 2 credit cards- 1 barclaycard19.9apr £2200 and capital one 15.9 apr £2600, i would like to transfer them to 2 seperate cards with alot less apr, i have good credit rating(well i have never been turned down for anything)at the moment i would be paying minimum but after september i plan to throw as much as i can at these to get them down

Bokken_2

Read Martins articles on the credit card shuffle and understand the pitfalls of having a 0% credit card,ie. transfer fees,purchasing on a card after you've BT to it etc.
once you are happy with this select a card that suits what you want ie. 0% on BT for 9mths.
You may want to think about what you are going to do when the 0% offer runs out and the balances that will be left on the card and how you intend to pay that off or where you intend to move those balances to.

Bokken_2

Don't be affraid to post back here if you get stuck or can't understand something.

richgirl

savingallthetime01 wrote:

I currently have 2 credit cards- 1 barclaycard19.9apr £2200 and capital one 15.9 apr £2600, i would like to transfer them to 2 seperate cards with alot less apr, i have good credit rating(well i have never been turned down for anything)at the moment i would be paying minimum but after september i plan to throw as much as i can at these to get them down

Try Egg.com

They should give you a good credit rating and 6 to 9 months at 0% as well as a lower apr then the above.

Bokken_2

richgirl wrote:

Try Egg.com

They should give you a good credit rating and 6 to 9 months at 0% as well as a lower apr then the above.

This may be okay but unless you are fully aware of the 0% offer and the start and finish dates,transfer fees and how the anniversary date 0% offers work I would advise using another card possibly two until you are completely confident with where your money is going and what you want it to do.
With a straight forward 0% for 9mth on Balance transfers that is what you get all you have to do then is pick one that doesn't charge a transfer fee.
Try and keep it simple.

mountainofdebt

savingallthetime01 wrote:

I currently have 2 credit cards- 1 barclaycard19.9apr £2200 and capital one 15.9 apr £2600, i would like to transfer them to 2 seperate cards with alot less apr, i have good credit rating(well i have never been turned down for anything)at the moment i would be paying minimum but after september i plan to throw as much as i can at these to get them down

I can understand why you would want to transfer your debt to a lower APR but why two separate cards?

Also before you apply reduce the limits on these cards as low as practical before you apply as this will reduce your available credit and thus 1) your application is more likely to be accepted and b) your credit limit is higher.

If you do decide to go for only 1 card then I would transfer the Barclaycard debt first and then transfer as much as possible (if not all) the debt from Capital One. Barclaycard tends to run offers such as 6.9% Apr without any transfer fees (usually 2%) until the balance is paid off so once your Barclaycard is clear, and if you haven't been able to transfer all your Capital One card then transfer the remaining debt from Capital One to Barclaycard (but check that this offer is still on though beforehand)

Remember NEVER NEVER spend on the card that you have transferred the balance to nor your Barclaycard if you do do a balance transfer - oh and cancel the cards that you have cleared - don't get yourself into a deeper hole by spending on the now cleared card!