Shuffle help needed!

Scoobert

Really need help to do sums for card shuffle! I have 2 available 0% balance transfer deals available but they are on the highest APR cards I have. I'm trying to work out if its worthwhile transferring current balance from these cards first, to then transfer money back. If so, how to do it best? I'm aware there are transfer fees, so unsure if wise.

Current cards:

MBNA 1: 25% APR, Bal £4360, Credit limit £7000. Offer 0% for 12mth
MBNA 2: 25% APR, Bal 810, Limit £1000
N'Wide: 15.9% APR, Bal 3100, Limit 4500
Barclaycard: 6.9% for life. Bal 8970, Limit 12000, Offer 6.9% for life
Mint: 20.83%, Bal 1500, Limit 4900. Offer 0% for 12 months

I think MBNA charge 5% transfer fee, rest charge 3%.

So is it worth for example transferring all Mint balance to nationwide, and then all MBNA 1 to the mint for example? I'm trying to end up with all all money on 0% deal and rest on 6.9%,

Phew! Any advice?

Thanks

grumbler

1500 mint->bc
4360 mbna1->mint
810 mbna2 ->mbna1
3100 nw->mbna1
.... bc->mbna1
.... bc->mint

Make adjustments for BT fees.

addyboy1982

£1000 of Mint to MBNA1, then MBNA2 and Nationwide to Mint.

Delree

I'd advise you visit the Debtfreewannabe forum

redpete

Partly depends on what happens in 12 months' time - if you load up MBNA1 to £7k and only pay off the minimum you will still have a large balance and maybe not have access to any more BT offers.

Delree

@Redpete I love your signature, needed to be said.

lawstudent

grumbler wrote: »

1500 mint->bc
4360 mbna1->mint
810 mbna2 ->mbna1
3100 nw->mbna1
.... bc->mbna1
.... bc->mint

Make adjustments for BT fees.

Haven't looked over this in detail but if you're trying to get the MBNA balance on 0% then the transfer from mbna 2 to mbna 1 presumably wont work because the balance isn't moving from one company to another.

grumbler

Yes, I missed this. It isn't moving regardless of 0%.
It can be done via Barclaycard (at extra cost):

1500 mint->bc
4360 mbna1->mint
810 mbna2 ->bc
3100 nw->mbna1
3200 bc->mbna1

Final balances, ignoring BF fees are
6300
0
0
8080
4360

And I join to the above advice to head to the Debt-Free Wannabe board.

Scoobert

Thanks for everyone's help. U think doing this would be worthwhile? Bal transfer fees would be about £600. I hope to be able to pay off a £10,000 lump sum during the next 12 months so the 12 month 0% deals sound ideal.

Thanks again everyone

grumbler

Scoobert wrote: »

...U think doing this would be worthwhile?

It's not a rocket science really. Just compare the fees (~3-5%) to the interest you would have paid over 12 months (16-25%). As simple as that. You don't even need a calculator for this.