Balance Transfer Fees

amberalert

Hi, I'm looking for a bit of advice, I have three credit cards, two currently have 0% deals which are coming to an end the Virgin card in April and Barclaycard in Sept the third is also Barclaycard but is not in use at moment I am regularly offered balance transfers on all three cards but wondered if I am better to keep "tarting" and paying transfer fees to get these deals as the offer's only last up to a year or should I now think of getting a loan to pay the debt down.

My outstanding debt between the two cards is £7138

Thank you in advance.

thenudeone

The debt-free wannabe forum is probably a better place to ask.

£7k isn't a lot of card debt if you earn £50k. Obviously if you're unemployed or on low wages, it's a different story.

StuC75

Compare what the Transfer fees are each year (for the balance that you pay down each year..

Year 0 - Bal = 7,138 , Tfr Fee at 3% = 214.14

Deduct what likely to pay in those 12 months before next tfr, eg. 12x100

Year 1 - Bal = 7,138 + 214.14 - (12 X 100) = 6,152
Tfr Fee on then = 6,152 as 3% = 184.56

And so on to such at time the balance is cleared (maybe higher payments), then tot up what all the tfr fees have been..

Then Compare that to a loan to see how that would work out over the same time..