Balance Transfer Advice

silverlaces

Hi there,

Call me stupid here but I think I've managed to confuse myself unnecessarily.

I currently have a 0% balance transfer credit card with £1100 left to pay, for which I'm making the minimum payment each month as required.

I also have a "everyday" credit card (20.9% APR) with £500 on it, making the minimum payment each month as required.

Could I transfer this £500 from my "everyday" card onto the 0% credit card to help reduce the interest I am incurring? Or should I just leave it as is.

Any advice is greatly appreciated

Silver.

Cycrow

That would depend on the offer on the 0% card.

some only give 0% if you do the transfer within a certain time.

how long do you have left on the 0% card ?
you will need to factor in the balance transfer fee, if you only have a short amount left, it could end up costing you more

silverlaces

Thank you for the quick response - This was my understanding also. I've factored in the balance transfer few, but will give them a call to confirm my 0% period.

Cycrow

you will need to confirm both the period of the 0% and the period which you can do a transfer in.

some cards have the same period for both, but others dont

silverlaces

Thanks Cycrow!