Have spent on 0% card is it worth balance transferring to a new card?

skaps

Have a balance of £5540 on my barclaycard cc all at 0% interest and as I had no other visa card I used this for my Olympic tickets. I have £331 pending payments and wondered whether I should get a new cc with 0% bt. The two cards I am thinking of getting is a Halifax card which is 0% bt for 12 months with a 3% fee or the Virgin card which is 0% bt for 16 months with a 1.5 % fee. The halifax card I am guranteed to get but am not sure about the Virgin one.
I normally pay £160 a month to the barclaycard. I am not good at working these things out so any advice would be greatly appreciated.

horngkai

Try using the BT calculator from MSE.

Fruit_and_Nut_Case

No

The old "rule" about never spending on a 0% card has gone out the window. Any payments you make will go to pay off the higher interest debt.

YorkshireBoy

The £331 purchases will be accruing less than a fiver a month in interest, but only until you've repaid that particular debt (the order of payments means the interest going forwards each month will be next to nothing...or maybe a £1 or whatever their minimum interest charge is?).

To switch all the debt will cost you between £88 and £176 depending on which card you got.

And don't forget, by the time the new card comes, and you've made the BT, you'll have already incurred a months interest on the purchases anyway.

So, short answer, stay with Barclaycard.