Saving money....

mark_steps

Today i called my Barclay card up and found that my APR was 14.9%. Now i have a balance of £700 on it or so. I know i have 56 days give or take of interest free time in which to clear the amount then it goes to 14.9% interest. I was thinking say a week before the 56 days grace ends i can transfer the outstanding debt to my MBNA card which has would be on 0% until October then at 7.9% thereafter!There would be a 3% handling fee so say £400 by that point so a charge of £12. Not bad i think....Do you think its a good way?

The_Boss

How much do you usually pay off each month? Personally, for such a small amount I'd just leave it be and pay it off. You dont stand to save much at all and the applications might be better used in future.

mark_steps

I am most likely to pay around £75 per month, not much i know, so that is why i thought it would be better my way. I mean having a debt of say even £550 on an apr of 14.9% compared to an apr of 7.9%

roswell

at 14.9% apr 550 will cost you £16 in interest (in 1 year ) at 7.9% it will cost you £8.76 with £12 handeling fee you stand to loose money by shifting.

The_Boss

Thats why I think its best to wait and save an application for when you really need a balance transfer. Or start stoozing. Its up to you.