balance transfer offer

mikemike2

hi, I wondered if someone could advise me.
I currently have 2 cards one is mbna at 34 percent and currently its at 1000 pounds left a. and I am paying about twice the minimum each month and more when i can but being self employed spare money varies month to month. . the other is at 21 percent and has 4000 on it, mbna just offered me 0 percent on balance transfer for 12 months (5 percent fee) my limit is 4500 on that card .
would it make sense to max out my mbna card with balance transfer from the other?
the danger being I would be worse off in a year time stuck with a much higher interest rate? or am i still better off in longer term anyways?

any suggestions and help with the maths would be welcome, cheers

mike

chanz4

you cant balance transfer mbna-mbna

mikemike2

the other card isnt mbna

YorkshireBoy

Who's the other card with?

Where will you realistically be, debt wise, on each card this time next year?

mikemike2

the other one is barclays (was goldfish)

well my concentration has been to get rid of the stupidly high mbna one completly , and not really dealt with the other card. so the thought of putting more with mbna is worrying, but then again the offer is tempting.

thenudeone

You could transfer the £1k balance from mbna to barclays then immediately transfer the balance back to the mbna card where it will then class as a BT eligible for 0%.

but
- there will be two sets of BT fees (3-4% each) but it's worth it to save being charged 34% interest
- once the 0% offer ends the BT MAY be charged at a higher rate than the original purchase

stephane_2

I would transfer the £1000 from mbna back the barclaycard then transfer as much as you can within your credit limit onto the mbna, you might have a couple of fees but at least you'll pay 0% on majority of your overall debt for the next 12 months, then pay as quickly as possible what is remaining on the barclaycard and see in 12 months time if you can apply for another card with a 0% offer or a LOB on low rate. Barclaycard tend to have regular offers

mikemike2

hi, sorry have been out,

would never have thought of transfering like that , but unfortunatly , barclays have been lowering my limit and its only got 480 left on it.

mbna terms say it will revert to my original rate after the 12 months.