Which Card To Pay Off

mcyates_2

I have 4 credit cards, yup I know!!

I have two which i'm paying off first, one is a Barclaycard which was 1250 on @ 29% APR the other is Capital one which is at £500. The capital one is 0% for 4 more months. Which is best to pay of first, after the 0% deal is over it goes to 34.9% APR.

Thanks in advance.

Michael

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Depends how much you're paying.

Once the interest kicks in on the Cap One, pay the minimum on the Barclaycard until the Cap One is clear.

If that'll take less than a year, pay the Barclaycard so long as the Cap One is on 0%.

Otherwise, go for the Cap One from the start. Whatever you pay off, you'll pay 5% less interest on it for the duration.

Any chance you can get another 0% card? That would change everything.

redpete

I reckon if you pay more than around £90 a month off the two cards then it's best to pay the minimum on Cap1 & rest on BC for 4 months then the other way round.

If your paying less than this a month then pay min on BC all the way through with the rest against Cap1.

There's only a few pounds in it though over the whole time it takes to pay off both.

The_Boss

mcyates wrote: »

I have 4 credit cards, yup I know!!

l

What does that mean? I have 8 credit cards so is there something I should know?

mcyates_2

The_Boss wrote: »

What does that mean? I have 8 credit cards so is there something I should know?

haha, I though 4 was A LOT!!

Thanks for all your replies, I think ill whack 500 off the barclaycard and when the interest starts on the Capital One i'll then start to pay that off.

Thanks again

The_Boss

mcyates wrote: »

haha, I though 4 was A LOT!!

Thanks for all your replies, I think ill whack 500 off the barclaycard and when the interest starts on the Capital One i'll then start to pay that off.

Thanks again

Many people have more than 4. For example, mine are :

Aqua : for 3% cashback
Halifax : for £5 monthly reward when spending more than £300
Barclaycard : not used since Aqua but had this for 6 years. Keeping for stability.
Capital One : for 5% cashback in first three months, netting me £100. Now not used, will cancel in December.
MBNA : second oldest card, keeping for repeat offers and stability
NatWest : for long 0% balance transfer offer
Santander : has a 0% balance transfer then will be closed (had for 4 years)
Tesco : for 0% on purchases and paying for petrol

So two cards always repaid in full, three not currently used, two with 0% balance transfers and 1 for sporadic use.