Need advice on balance transfer

lewiszulu

Hi there,

I need a bit of advice.

I have a Capital One credit card, current purchase interest rate of 30.34% and i have an £800 balance on it at the moment. £850 limit.

I also have a Barclaycard with a £2500 limit and £1000 balance.27.90% purchase interest rate.

The barclaycard has a balance transfer option of 6.9% until paid in full with a 2.5% fee.

My question is, is it worth transferring the balance from my Capital one card and cutting it up?

thanks,

CLAPTON

it depends upon how long it would take you to pay the cap one CC off as that affects how much interest you would pay

lewiszulu

I'm not in any position to pay off the Capital One card quickly at the moment.

CLAPTON

in that case it would make a lot of sense to BT the balance to the barclaycard as the 2.5% fee (£20) would be quickly recouped in a couple of months of saved interest

lewiszulu

Thanks for the reply, i'll get it done now and destroy the Cap One card.