Credit Card Shuffle??

o2bfree

Hi,

Please could someone give me a little advice?

I have 3 CC with balances of 1. £6000,2. £4200 and 3. £4600.
I have just been offered a CC Limit increase from £5050 to £9050 on my middle CC.

Would it be a good idea to transfer the balance of my third CC to it as it is a lower interest rate?
Or shall I give them a call and see if they have any balance transfer offers?

Thank you for your help.

Tixy

What are the interest rates on all the debts?
How much is the balance transfer fee?
What are the limits on each card?
How much can you pay off the debts in total each month?

o2bfree

Tixy wrote: »

What are the interest rates on all the debts?
How much is the balance transfer fee?
What are the limits on each card?
How much can you pay off the debts in total each month?

1. Credit limit £9500
Balance £6000
Interest rate 34.9%
Trying to pay this off so currently paying £500 per month

2. Credit limit £5050
Balance £4060
Interest rate 19.9%
Paying over the minimum at £110 per month

3. Credit limit £6000
Balance £4600
Interest rate 29.9%
Paying slightly over the minimum at £150 per month

My idea is to accept a credit limit increase on CC2 to £9050. I can get a BT ay 6.9% for life of balance and it's a 2.9% fee.
So transfer the balance from CC3 to CC2 and close CC3 down.

So reducing my overall available credit by £2000 and reducing the interest by 23% on £4600 of the debt.

Any advice appreciated.