Best Way? £4k free on Halifax, £5k maxed on Virgin, £1k savings...

j8yba

Hello, i was hoping someone could give me the best advice on my small predicament...
ok, so here goes...

I have;
£4000 limit on Halifax Credit card with £0 (zero) used,
£6000 limit on Virgin with £5000 used,
£5500 limit on Barclaycard with £3000 used,
finally £1500 cash to utilise.

Now the Virgin card is 0% interest free till August this year, so that needs sorting, as usual, ive only been paying off the minimum amount (i know tut tut!)

Ive had a quite usual letter from Barclaycard urging me to do a balance transfer at 0% (2.5% handling charge) for a year.

And I have £1500 to pay off either the Barclaycard or the Virgin Card.

I use the Barclaycard most for frequent(ish) transactions, the halifax i never touch and the virgin i just pay minimum.

My question is what is the best way to save the most money;
I was thinking paying BC with the 1500 and doing some balance transfers?

Any thoughts most welcome...

Jay

Gareth83

Surely you would just balance transfer it all over to the 0% barclaycard depending on your new limit?

Then with the £1500 you could put in an ISA that pays higher than 2.5% for the year?

Pay off the minimum payment each month and try to save money to pay it all/some of it off when the 0% deal runs out??

Close off the other cards and try to get a 0% CC for spending or a cashback card as you should be able to pay it off each month??

clearing_out_my_pockets

With the barclaycard, any balance transfer you do will be paid off first i.e. when you make a payment, it will come off your balance transfer and your existing balance will be 'festering away' at the current APR. Could you call Halifax and ask what offers they can give you?