What's my best option?

evilpikachu2000

I have three credit cards:

Virgin - Balance: £4116 Credit Limit: £6000
Barclaycard - Balance: £710 Credit Limit: £4200
Egg card - Balance: £0 Credit Limit: £3000

The Virgin card had a 0% deal which runs out this month and I have applied and been accepted for a Halifax credit card. I choose this because it has a low monthly payment rate of 1% of the balance during its 0% period. I have one problem though, Halifax only gave me a limit of £2700, when obviously i need closer to £4200.

can anyone give me any advice on the best method of paying so I pay the least minimum payments every month on this virgin balance?

I welcome your advice in advance!

evilpikachu2000

can anyone offer any advice?

CLAPTON

How can anyone advise about minimum payments when you haven't said what the minimum monthly amount is for each card?

In any case, its also wise to think about paying the minimum amount of interest ..again you haven't told us what the APRs are either.

Obviously a limit of 2,700 at 0% is a lot better than zero at 0%

evilpikachu2000

I was wondering if it was worth applying for another 0% card on the £1400 (approx) which would be left on the virgin card after BT £2700 over to the Halifax?

Do you think MBNA virgin would extend the offer of 0%, or am i completely barking up the wrong tree?

CLAPTON

debt management is all about detail

list each debt, it's minimum monthly payment, and the APR

of course it's worth applying for another 0% card but transfer the highest APR debt to it

why do you need a small monthly payment?

YorkshireBoy

evilpikachu2000 wrote: »

I was wondering if it was worth applying for another 0% card on the £1400 (approx) which would be left on the virgin card after BT £2700 over to the Halifax?

Of course it is!

BTW, I think the max BT to Halifax is 90% of your credit limit, so only £2,430 can be transferred.

Do you think MBNA virgin would extend the offer of 0%...

Not whilst you have a balance on there.

As a general point, Halifax probably gave you less than you wanted/needed because they saw (from a credit search) that you had almost £7,000 of available credit on the Egg and Barclaycard products. Why not reduce these limits?