Balance Transfers from Barclaycard and MasterCard to MBNA or Virgin

Mischa

Hi!

I have a Barclaycard with a £3000 limit of which I owe £2956 at 14.9% interest and a MastrerCard with a £2000 limit of which I owe £1838 with an interest rate of 12.9%.

I was looking at Martins advice regarding balance transfers but I need some advice about which card would be best - Virgin at 0% for 16 months or MBNA at 5.9% for the life of the balance.

I never miss a payment and used to pay my balance off in full, then I got made redundant and was job seeking for a year and so only ever made the minimum payments. I have been in full time employment since June last year and am starting to get my finances in order but cannot pay more than £300 a month off both credits together in total. Does anyone have any thoughts on which deal might be best?

Many thanks,

Mischa

Wannabedebtfree

The best deal would be the 0%, providing you can clear it within the 16 months.

By my reckoning, on the figures you provided, to BT both across to Virgin would cost you just under £143 in BT fees, giving a total of just under £4937.

Therefore, if they give you a big enough limit to allow you to transfer it all over, it would cost approx £308pm for 16 months to clear it all.

Unfortunately, this is just over your limit but it might be worth trying to find the extra tenner.