balance transfer

carslet

Hi
hoping someone can help me here, it is a question from a friend,
they have
1 credit card with 5k on it and limit of 8k and another with 2k on it and a limit of 3k

they are not in trouble at all and have £500 a month available to pay of the debt, neither are on 0% interest rates although the card with the limit of 8k will do a balance transfer for the 2k 0% for 18 months.

they said their credit rating is ok- good, would doing this balance transfer hurt their credit rating having one card totally clear and the other with all the debt on. ? and paying it off at £500 per month

any advice will be most welcome,

[Deleted User]

It won't harm their credit rating. Depending on what rate they're paying on the 8k limit card, it may even be worth then BTing the balance on there away and then back again.

May help if you identify the two cards. The second card may be one that is likely to give you a BT offer if you no longer have a balance on there.

carslet

Deleted_User wrote: »

It won't harm their credit rating. Depending on what rate they're paying on the 8k limit card, it may even be worth then BTing the balance on there away and then back again.

May help if you identify the two cards. The second card may be one that is likely to give you a BT offer if you no longer have a balance on there.

should have said the rates, the card with the 8k limit is 16% the card with the 3k limit is 30%

but if they BT the 2k from the 30% card it would be rate 0% for i think 18 months they said. but can pay £500 per month

[Deleted User]

Then I'd just BT the £2k across and pay off the one card. The monthly interest on the £5k balance is only about £50 and obviously dropping each month, so probably not worth paying the £300 of BT Fees on that amount.

The whole thing will be clear before the end of the 0% period, assuming they don't see anything new and shiny in the shops that they like the look of.