Is this worth it - Balance Transfer question

rushal

Hi Peeps,

I have just received an offer from Flybe which will allow me a Balance Transfer to my card at 0% for 9 months.

However, is it really worth it.

At present I have a credit limit of £3250 on the flybe card at 19.9% APR. Im using £3200 of this credit limit so can't balance transfer as it is at them moment.

I also have the following credit cards:

Capitalone Platinum - Credit Limit £3000 - Balance £2900 @ 20.9%
Aqua - Credit Limit £1600 - Balance £200 @ 35.9%
Aqua - Credit Limit £1000 - Balance £149 (my wifes card) @ 35.9%
Capitalone Classic - Credit Limit £1100 - Balance £159 @ 34.9%

At present im paying around £11 per month in cash interest on the Capitalone Platinum and would like to remove this monthly interest, so did think about using Flybe's offer of the balance transfer.

The problem is, will it be worth doing the transfer after the balance transfer fees are taking into account. If it is, how would you go about it bearing in mind how much needs to be moved and the limits on the cards available to me.:undecided

My one aim is to remove the cash interest im paying each month on the Capital One Platinum card so that more goes towards the purchase interest each month, hence my balance comes down quicker in the long run.

Of course there maybe other suggestions, if there are then let me know. So its over to you, what would you do in my position....

Cheers in advance

stephane_2

The problem is that you're going to have to shift the Flybe balance on 3 different cards so that you can transfer the all lot again on the Flybe...and you'll have 6 fees for balance transfer...in my own opinion, not worth it...

rushal

Hi Stephane,

Thats the conclusion I came too, but I wanted to see what other people thought.

Thanks