First post - help please

rivendale0506

Hi all

I have two credit cards - Egg @ 15.9% and Nationwide at 14.9%. Egg has £11.998 balance and Nationwide has £6098 balance. I have £11700 to pay off some of this debt. My question is what is the best way to do this, as I would like to keep the remainder of the debt at as low an interest rate as possible. Is it possible to pay off the Egg card (I can find the extra) and then balance transfer the Nationwide to the egg card? Not sure what Egg's balance transfer rate is and for how long? I am currently paying off £240 on the Egg card and £180 on the Nationwide a month, so can use all of this to lump onto the remaining debt.

Any advice would be very gratefully received.

Many thanks

wanna-be-mortgage-free_2

rivendale0506 wrote:

Hi all

I have two credit cards - Egg @ 15.9% and Nationwide at 14.9%. Egg has £11.998 balance and Nationwide has £6098 balance. I have £11700 to pay off some of this debt. My question is what is the best way to do this, as I would like to keep the remainder of the debt at as low an interest rate as possible. Is it possible to pay off the Egg card (I can find the extra) and then balance transfer the Nationwide to the egg card? Not sure what Egg's balance transfer rate is and for how long? I am currently paying off £240 on the Egg card and £180 on the Nationwide a month, so can use all of this to lump onto the remaining debt.

Any advice would be very gratefully received.

Many thanks

Welcome rivendale! Other more experienced people will be along to give advice. My initial reaction would be to pay off the c/c with the highest interest first and then you can balance transfer the Nationwide one to another card which offers 0% for a period of time. Check out the other boards for the best balance transfer cards.

Hope this helps.

wbmf

Coupon-mad

Hi rivendale,

I would echo the above. If you search the articles about best BT credit cards you should find one that suits your needs. I would probably not look to transfer to an existing card that you already have, unless the interest rate is v low (it usually isn't for existing customers in my experience).

So, pay off the one with the highest interest rate and then BT the balance with a brand new card at 0%. I am pleased with my Post Office credit card, found out about it here, applied online and they approved over £5k straight away, all of which could be used for a 0% BT with no fees at all.

I think the PO card has purchases at 0% too but I make it a rule never to mix the two. For purchases I use a cashback card (e.g. GE money) or rewards credit card (AA or Shell are examples I have in my large pile of cards!). Then pay off the balance in full each month (if not, BT from your 0% card if still during the promo period).

P.S. Just to edit and say to go via 'greasy palm' or 'quidco' links to apply for your new card. I use greasy palm for the Post Office card and got a few pounds in cashback too!

rivendale0506

Thank you both for your responses. I am waiting for the £11700 cheque to clear and will then clear the Egg Card. At that point I will apply for another 0% card to Balance transfer to. Just hope a really good, long 0% deal comes up in the next few days! :T