Credit Card Shuffle?

Cuddlybearman

Hi guys - advice from anyone please?

I have three credit cards as stated below which all have their 0% rate running out various times. Want to shuffle but a little unsure of how to manage this and not get stung. Most I can afford in repayments is about £300 a month for a few months - then £800 a month after that.

Problem is I !!!!!!ed my credit score the other day applying for a few different cards and settled for just one (i know - stupid) However I think based on limits that I'm at the point where I would get any more credit anyway (£60K a year)

See below - any help appriciated:

MBNA - Balance £5255 (charging interest now at 17%) - Limit £9000 - 0% offer until Sept 2015
RBS - Balance £9300 (no interest atm) - Limit £9600 - until Jan 2015
Nationwide - Balance £7200 (in interest atm) - Limit £8000 - until April 2016
Tesco - Balance 0 - Limit £1800 - offer is 0% on purchases until Sept 2016


My mortgage is due up in April next year and I own about 33% of it - would it be worth asking if I can borrow some extra money on it. Dont really want to TBH cos I want to do some work on the house in 2016 and take money out for that)

Cheers!

grumbler

What's "Nationwide - ...(in interest atm) - ...- until April 2016"? 0% offer on BTs?

The same for RBS. Is "until Jan 2015" the current "no interest" or a new offer?

Cuddlybearman

Hi yes sorry - the rate at the end was their balance transfer offer originally. The (no interest atm) means that the balance on that card is part of the offer and I am not paying interest on it.

grumbler

Assuming 90% limits on BTs and ignoring the fees:

BT from Nationwide to MBNA, then back:

£2850
£2850
£1500

This will cost two BT fees on £7200.

As a result you have:
£7200 at Nationwide at 0% until Apr 2016
£5255 at MBNA at 0% until Sep 2015

If you don't want to increase your debt, you can slowly 'BT' to Tesco by spending on it and using the saved money to pay other CCs off. However, my understanding was that you wanted to borrow more. If so, you can also spend more than £1800 on Tesco by transferring the balance to MBNA.