What should I do?

Munchie

I took out a 0% credit card for balance transfers and purchases for 12 months which finishes end December 2010.

There is £300 outstanding on it which won't be paid before the 0% deal runs out.

Should I leave it and end up paying interest or should I transfer the £300 owing to my other credit card (and pay 3% transfer fee) which is offering 0% on balance transfers for 6 months.

Thanks for any advice.

SKIPPY

It will depend on how much interest you are charged each month and how long it will take you to pay it off.

Munchie

If I leave it with the original credit card the interest rate will revert to 15.9% and it will take 4 months max to clear it.

chattychappy

Not much in it.

On those figures, very roughly anything you can't be sure of paying back within 3 months you should transfer.

Since that could be quite small and the 3% fee could be subject to a minimum, it could make it not worth transferring anything at all.

One of advantage of doing the transfer is that at least your cost would be "capped" at 3%, £9. So if it did take longer than anticipated (up to 6 months) then you'd still only pay £9.

KingElvis

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