Dilema please can you help?

Baldybear

I have 2 credit cards.

NWG - current balance is £4214. I transferred £3.3K on 11 Feb at 0% for 9 months to this card. There was a current balance £2326 at the time. The rest is interest paying 18.9%. Since the balance transfer I have paid of £2163, added £891 and had £109 in interest.

Sains CC - current balance is £1792 - paying 18.9%

Looking at getting a 0% balance transfer card. Worked out fee for Sainsburys CC would be £51 which is equivalent at the moment to 3 months interest on this card.

On the NW card not sure how to work out the fee, how the interest is worked out, so cant see how I can work out if a balance transfer is viable interest wise.

I am confused

grumbler

Baldybear wrote: »

I am confused

So am I.
Do you want to transfer the balance to of from Sainsburys?
If the latter, how did you 'work out' the fee if you still are looking at getting a 0% card? It's the card that you transfer the balance to that charges the fee and it is different for different cards.

Re 'viable' see Balance Transfer Calc
It depends on your plans for paying the debt off.

Baldybear

I was thinking about transferring the balance of the NW card. Worked out the fee is 2.89% of balance transfer but cant work out how much to transfer.

Maybe another tactic needed - Need to ring NW - find out how much is interest bearing and then transfer that to new card. If possible then transfer the balance of the Sains CC to the same card.

Can you do that? Transfer 2 balances of 2 different cards to one new card?

grumbler

Baldybear wrote: »

I was thinking about transferring the balance of the NW card. Worked out the fee is 2.89% of balance transfer but cant work out how much to transfer.

Where to? Do Sainsburys offer you 0%?

Maybe another tactic needed - Need to ring NW - find out how much is interest bearing and then transfer that to new card.

I think you can find all the information you need in the statement.
My guess is that the interest-bearing balance is ~ £2326-£2163+£891+£109

If possible then transfer the balance of the Sains CC to the same card.

If it wasn't to Sainsburys (from NW), then again, how did you work out 2.89% fee?

Can you do that? Transfer 2 balances of 2 different cards to one new card?

Yes, you can, if the new credit limit allows this. However, the fee depends on the new card and you can't work out the fee until you know it.

Baldybear

Little bit straighter with my CC's now after lots of number crunching and brain ache! On my NWCC I have £3310 at 0%, this runs out August 2014. I am currently paying interest on £904.85.

I am paying interest on full amount of Sains CC of £1792.

I am going to wait till end July and then see if I can get a balance transfer of whole amount of NWCC to new 0% card in time for the 0% period ending. If that works then I will throw all my overpayments at my Sains CC and clear that first.

The 2.89% is the offer that is being advertised by the 0% new provider for the balance transfer.

Hope this is clear and that I am doing the right thing to clear them faster.

CLAPTON

Baldybear wrote: »

Little bit straighter with my CC's now after lots of number crunching and brain ache! On my NWCC I have £3310 at 0%, this runs out August 2014. I am currently paying interest on £904.85.

I am paying interest on full amount of Sains CC of £1792.

I am going to wait till end July and then see if I can get a balance transfer of whole amount of NWCC to new 0% card in time for the 0% period ending. If that works then I will throw all my overpayments at my Sains CC and clear that first.

The 2.89% is the offer that is being advertised by the 0% new provider for the balance transfer.

Hope this is clear and that I am doing the right thing to clear them faster.

it makes sense to apply for a 0% BT card now and transfer as much interest charging balance as you can

if the credit limit of the new card is large enough then transfer total balance of both cards.

Baldybear

Hello,

Took your advice and have done the balance transfer, luckily all gone through to one card, total fee is £210 so about 4 months interest so worth it. Now to pay it all off.

One note balance transferred £6k, they have given me a credit limit of £11.7k eek! No wonder people get into trouble. I earn £23k on this so not even a big earner.

Now to pay it off asap. Got 32 months interest free.