Need advice on the cheapest way to transfer debt

chelle

Have a Virgin Credit Card, that charges 1.2408% per month.

Halifax has offered a balance transfer at 4.9% p/a + 3% fee.

Trying to work out if it is cheaper with the fee to transfer some of the Virgin balance to the Halifax card. Cannot transfer it all, as do not have enough limit on the Halifax Card.

Thank you

KonkyWonky

It depends on how long you plan to take to pay off the debt. The longer it takes the more beneficial it would be to transfer.....

chelle

Looking at a approx 4 or 5 years to pay off the debt, so at 4.9% would be a better rate, I believe.

KonkyWonky

Definetly, you may get an even better rate than the 4.9% p/a + 3% fee though. It will depend on your credit rating to a certain extent as to which cards you can get though.

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards