0% for 6 month versas 7.9 for life

Pufzy

I am lost.
I have a Sainsbury CC with £7900.00 balance.
I have done a transfer balance of £2000.00 to an empty MBNA on 0% until Jan 2011.
I did a further transfer balance of £2500.00 to the other MBNA however then (after process complete) realised the offer wasn't on this card aswell.

So. Now the Sainbury CC has the two amounts paid off to it. MBNA said fine return the money by the end of 5 working days and they will refund the transfer fee.

My dilema however is. Sainsburys say fine no probs would you like 0% for 6 months or 7.9% for the life of the amount.
Which one do I choose, I asked what they advise and he said it is my choice.
The balance is likely to take 24 months to pay back.
So I best take the 7.9% offer ???
I am confused because of the variable charges, will they just make the money back else where on the other spends on the card.

The reason the two MBNA cards were empty is because I wanted to reduce the number of CC's I had on the go. So I could manange fewer bills each month.
Also I have an empty BHS cc offering £1500.00 0% for 9 months if I tranfer by the end of June.

Any advise would be much appreciated.
Sorry I did seem to go on a bit, but wanted as much info to give a full picture.

Cheers
Pufzy
x
:-)

sukysue

Just be warned a friend took out a card with 0% interest free for 9 months then run up a further bill on it and now she has to pay the balance she can't and is hit for atrocious interest and can't get another card for love nor money . I think you should take the 7.9 offer just to be sure but it's your decision at the end of the day good luck whayever you go for.

Pufzy

Thanks Sukysue. It's like playing mind games. Out think each other. bank v customer.
:-)

CannyJock

Pufzy wrote: »

I am lost.
I have a Sainsbury CC with £7900.00 balance.
I have done a transfer balance of £2000.00 to an empty MBNA on 0% until Jan 2011.
I did a further transfer balance of £2500.00 to the other MBNA however then (after process complete) realised the offer wasn't on this card aswell.

Sainsburys say fine no probs would you like 0% for 6 months or 7.9% for the life of the amount.

Also I have an empty BHS cc offering £1500.00 0% for 9 months if I tranfer by the end of June.

Is your current position now:
Sainsbury's: £7900, MBNA(1): £2000, MBNA(2): £2500
or
Sainsbury's: £3400, MBNA(1): £2000, MBNA(2): £2500

What I would have done is transferred the credit limit from MBNA(2) to MBNA(1) and then maxed out the BT. You can BT up to 95% of your credit limit.

If it's a choice between 0% for 6 months or 7.9% then it makes no difference as presumably you won't be leaving the balance there anyway? I'd take the 0% for 6 months personally.

So to be clear, I would:
1. Transfer £2500 from MBNA(2) to Sainsbury's @ 0% - get the BT fee refunded and ask MBNA to confirm that you won't be charged any interest.
2. Transfer the credit limit from MBNA(2) to MBNA(1)
3. Transfer from Sainsbury's to MBNA(1) to bring your balance up to 95% of the credit limit .

Worth checking with MBNA that they will let you do another BT at 0% as a "top up" and that it wasn't a one-time only offer.

cali_

I would also take the 7.9% offer. The way weeks are flying by, 6 months will be over sooner then later.