New to CC 0% Balance Transfers

Dizzie79

Are 0% credit card balance transfers worth considering?

I have a total of around 9,000.00 on two credit cards, consistently pay more than the minimum payment and have a good credit record, and could clear the debt in around 30 months without the interest payments, but am a bit reluctant of the idea of transferring so much debt into one card. I've checked Martin's soft-search score and would likely be accepted for some of the better offers, but am still uncertain of what feels like a massive move :think:

Are they valuable to consider? Has anyone on here had success with them which they'd be willing to share and explain?

Also, can anyone advise if a transfer of approx 9k from two cards onto one is acceptable? It seems unclear if you can transfer balances from more than one card, or if there is a limit on what you can transfer. Sorry for being dense with it, but pretty much new to trying to get a hold of my finances.

grumbler

Dizzie79 wrote: »

Are 0% credit card balance transfers worth considering? ... Are they valuable to consider?

It's personal. Do your maths and make your mind.

Balance Transfer Calc

I have a total of around 9,000.00 on two credit cards, consistently pay more than the minimum payment and have a good credit record, and could clear the debt in around 30 months without the interest payments, but am a bit reluctant of the idea of transferring so much debt into one card.

Why?

I've checked Martin's soft-search score and would likely be accepted for some of the better offers, but am still uncertain of what feels like a massive move :think:

It feels good to most people, but nothing stops you from moving a part.

Has anyone on here had success with them

Plenty

which they'd be willing to share and explain?

I don't see what really needs any explanation.

It seems unclear if you can transfer balances from more than one card,

You can - if the new credit limit is big enough and the new card isn't from the same financial group.

or if there is a limit on what you can transfer.

Typically it's 90% of the new credit limit.

Spuddy27

If I were you i'd get them both onto one card if you can and close the other two accounts. Surely paying one card rather than two is better? I currently have around the same amount on two cards and next January my plan is to get a 0% balance transfer card with a low fee to transfer them both over to.

If you can clear the debts as is in 30 months with interest added then surely if you have a 0% interest card you can clear it quicker? There's some great deals just now with 34 months etc

grumbler

Spuddy27 wrote: »

If you can clear the debts as is in 30 months with interest added then surely if you have a 0% interest card you can clear it quicker?

Dizzie79 wrote: »

I ...could clear the debt in around 30 months without the interest payments,

.........................