Clearing my credit cards. Help and advice please?

williamD1964

[FONT=&quot]Hi all, [/FONT]
[FONT=&quot]Here’s the rub. I have three cards, of which two are 0% until October/November 2010. I have a NatWest card with £4000 on it, at £16.9%. Santander have just given me a CC with a limit of £2500, with 15 months 0%. This is not as much as I had hoped for, as I wanted to balance transfer all the NatWest card onto it, but 15 months 0% is 15 months. [/FONT]
[FONT=&quot]Now, do I utilise the card to do a balance transfer to the limit to reduce the interest on the NatWest card or cancel the Santander card? I only have £450 to spend on the reducing the balances, which are broken down as the following:[/FONT]
[FONT=&quot]£175 NatWest Platinum (0% until November, with minimum £154)[/FONT]
[FONT=&quot]£125 MBNA (0% until October with minimum £54)[/FONT]
[FONT=&quot]£150 NatWest MC (16.9% with minimum £90)[/FONT]
[FONT=&quot] My concern is that once I max this card out, I reduce the chances of getting another card to balance transfer. Also, once the other two cards go to normal interest, I would be paying more and reducing less.[/FONT]
[FONT=&quot]Suggestions please? Will alos post on the DFW forum [/FONT]

[Deleted User]

Why on earth are you paying more than the minimum on the two 0% cards? You should be putting any extra to the NatWest card as that's the only one charging you interest.

That way you'd be putting almost £250 to the Natwest debt and pay if off a lot more quickly. And if you move £2,500 of it to the Santander card, then it'll be gone in a few months.

redpete

There's no guarantee that another CC company would offer you as much as £2500 limit, or anything at all. So you could end up cancelling the Santander card and not being able to replace it.

I would live with what you've got now, transfer the £2500 to the CC you are paying interest on now, carry on paying as much as possible off that and hope for a pot of gold at the end of the rainbow come Oct/Nov.