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Credit card confusion
Lexxi
Posts: 2,162 Forumite
Can someone just read through this, I think it makes sense to me but I don't want to get myself into a bigger mess.
I have 2 credit cards one with MBNA and another with barclaycard I had them both at 0% and thought I was managing ok but I wasn't and haven't been able to clear either card by the time the 0% had run out.
Barclaycard have now extended the credit limit so I would be able to transfer the mbna balance to barclaycard putting it back to 0% then up the minimum payments further to clear the original barclays balance.
I think it would half what I am actually paying interest on and mean that the spare money I did have would just be focused on clearing the one card. Or have I got it totally wrong?
I have 2 credit cards one with MBNA and another with barclaycard I had them both at 0% and thought I was managing ok but I wasn't and haven't been able to clear either card by the time the 0% had run out.
Barclaycard have now extended the credit limit so I would be able to transfer the mbna balance to barclaycard putting it back to 0% then up the minimum payments further to clear the original barclays balance.
I think it would half what I am actually paying interest on and mean that the spare money I did have would just be focused on clearing the one card. Or have I got it totally wrong?
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