Balance Transfers

amberalert

Hi, just wondered if anyone could help.

I currently have 1 Barclaycard which has a part 0% till Sept 2013 & Part Life of Balance = £3077

1 MBNA card with 0% balance till Apr 2013 = £4099

1 Barclaycard = £1239 which is 18.9%

My question is I am thinking of juggling the cards around and doing balance transfers between the cards but is it worth the balance transfer fees to be paid or would I be better off then looking for a consolidation loan.

Many thanks
Amber

Prycop

Sorry to hijack Amber but I have a similar sort of question that may help you as well:

I have a balance of £2,000 @ 17% with card A but with an offer 0% to move another balance into it.

If I move a £4,000 balance from Card B to Card A (making total Card A £6,000 made up of: £2,000 on 17% and £4,000 on 0%)

If I then transefer £2000 from A back to B in a month, will that clear the high intrest £2,000 balance of card A or pay off half the £4,000 0% part?

Thanks for any help.

grumbler

Prycop wrote: »

Sorry to hijack Amber but I have a similar sort of question that may help you as well:

I have a balance of £2,000 @ 17% with card A but with an offer 0% to move another balance into it.

If I move a £4,000 balance from Card B to Card A (making total Card A £6,000 made up of: £2,000 on 17% and £4,000 on 0%)

If I then transefer £2000 from A back to B in a month, will that clear the high intrest £2,000 balance of card A or pay off half the £4,000 0% part?

Yes, it will. And I don't think that you have to wait for a month.

grumbler

amberalert wrote: »

Hi, just wondered if anyone could help.

I currently have 1 Barclaycard witch has a part 0% till Sept 2013 & Part Life of Balance = £3077

1 MBNA card with 0% balance till Apr 2013 = £4099

1 Barclaycard = £1239 which is 18.9%

My question is I am thinking of juggling the cards around and doing balance transfers between the cards but is it worth the balance transfer fees to be paid or would I be better off then looking for a consolidation loan.

Paying 3% BT fee for 0% till Sept is about 5.2% APR. However, IMO it makes no sense to pay 3% for transferring to a card which 0% expires in 2 months, that is equivalent to 19% APR.

amberalert

Thanks Grumbler, I can see your right in what your saying, I'm just thinking of ways to keep things simple and not have to apply for too many balance transfer cards as eventually I want all the balance on one card or loan. Probably better to wait till September when all 0% have expired and see whats available then.