Accepted 0% BT But Best Way To Pay Off Current Debt?

JamesNorthEast

Basically decided to apply for a 0% card as my current Barclaycard rate is well just high, after 3 months of bad luck with various unexpected bills the balance has crept up to over £6k (stupid I know)

Applied for a 0% card for a balance transfer tonight and got accepted for £2.5k, obviously will transfer as much as possible off the Barclaycard on to that to save money.

The question ive got though once ive transferred that balance across which of the two cards am I best on concentrating paying the most off, the one that has the interest still being applied or the zero % card?

In my head I would be saving money in the long run paying it off the interest bearing card but would clear the balance quicker on the zero % one or am I thinking wrong!?

Thanks for any help.

newDude

JamesNorthEast wrote: »

The question ive got though once ive transferred that balance across which of the two cards am I best on concentrating paying the most off, the one that has the interest still being applied or the zero % card?

In my head I would be saving money in the long run paying it off the interest bearing card but would clear the balance quicker on the zero % one or am I thinking wrong!?

Best to clear as much off the interest charging card.

izools

Absolutely, concentrate on clearing down the Barclaycard balance. Best bet is to call them and ask them to close the account - make it repayment only.

This way, the account remains the same as it is now but spending is barred. It makes no difference atall to your credit file to do this, the card will still appear as open and active on your credit file but as you won't be able to put extra spending on ths card it is an excellent tool to ensure the balance only goes one way - down.

Then, whatever you have left on each card when the 0% comes to an end you can attempt to transfer elsewhere. With a lower balance on your barclaycard you'll stand a better chance of being approved for a bigger limit elsewhere (theoretically).

Good luck!