Balance Transfer Fees

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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.

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  • thenudeone
    thenudeone Posts: 4,462 Forumite
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    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.
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  • StuC75
    StuC75 Posts: 2,065 Forumite
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    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..
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