0% Balance Transfer to existing card.... is it worth it?

spikeypikey

Hi All,

Wondering if you can help my poor brain which can't compute!!

I currently have:
Egg Balance £3800 APR 16.9% (Limit £5000)
HSBC Balance £2800 APR 0% until 2012 (at limit)
Virgin Balance £1900 APR 18.6% following end of 0% in December 2010 (Limit £7900)
Halifax £4800 APR 8.9% (Limit £5000)

So I pay the minimum on most of these although I do try every month to overpay on the HSBC card..... and I regularly use the Egg Card and then pay off what I use every month but don't get the balance down.

So I've been offered a 0% until May 2012 from Virgin and have about £5900 credit on the card.

I've clarified with them that the existing balance at 18.6 APR will be paid off first but wanted to know if it would still be a better idea to transfer at least my egg balance onto that card? I can't work out the maths.

Any help welcomed!!

Kate

dresdendave

spikeypikey wrote: »

Hi All,

Wondering if you can help my poor brain which can't compute!!

I currently have:
Egg Balance £3800 APR 16.9% (Limit £5000)
HSBC Balance £2800 APR 0% until 2012 (at limit)
Virgin Balance £1900 APR 18.6% following end of 0% in December 2010 (Limit £7900)
Halifax £4800 APR 8.9% (Limit £5000)

So I pay the minimum on most of these although I do try every month to overpay on the HSBC card.....

Surely you should direct any overpayments at the card with the highest APR, unless I've misunderstood something.

spikeypikey

Sorry yes, I meant the Egg Card - I pay the minimum to the rest - only found out today that Virgin is 18.6 apr was surprised!

Every month I pay £400 to Egg which I use for my shopping (around 200-250 per month) and then the rest towards the balance - so on a good month I pay another £75.00 off of the balance but don't always manage this....

Sorry for confusion am driving myself crazy with the numbers :-)