Credit Card query

Slayerx

I have 3 credit cards

Halifax 1800
Barclays 750
HSBC 750

I dont have fantastic credit so I can't move them to a 0% interest card for now.

So would it make more sense to clear the Halifax card first or try clear the smaller cards first in the hope that by doing so I can balance transfer the Halifax card to a 0% card?

All of the above cards are at a rate of 22.95% up until now i've been paying min payments but i've recently got a new job and i'm going to be able to start paying a little extra each month.

Any suggestions would be appreciated

chris-j

If interest is same on all cards it is academic but a couple of options to consider. Main thing is to at least meet minimum payments.
Determine how much you can afford to pay in total each month then split this proportionately across all cards - roughly 25% to each of the Barclays and HSBC and 50% to Halifax. Your credit report shows last payment made so not a bad thing to be paying more than minimum.
If you want to clear one quicker I would be inclined to go with Barclays as they often offer 0% transfer deals to existing customers so you would ideally want to have this clear.
Remember that if you do get Balance Transfer offers there will be a fee of around 3%.

Anthorn

With respect to chris-j I would do the opposite and pay off the smaller ones first. so 25% to halifax 25% to HSBC and 50% to Barclays assuming that 25% will make the minimum payment plus something off the added interest. My reasoning is that they will be quicker to pay off and then the money which used to be paid to them can be paid to the big one to clear it faster, or if you don't do that you will have more money to spend/save.

sharpy2010

Another thing to note, never pay exactly the minimum payment to your cards, as this gets reported as such tothe credit reference agencies - making it more difficult to get extra credit.

Even paying one penny more than the minimum payment each month will sort this problem out.

Slayerx

Thanks for all the helpful replies.

I will make sure i'm paying more than the minimum payments.

I might look to clear the Barclay card first and then ask them if they can offer me a 0% balance transfer.