0% on existing card?

Dollymix12

i currently have 2 credit cards that I am trying to pay the debt off on the first one is mbna balance £6,800 at 26% :eek: and the second is Lloyds £5,800 at 18.5% I plan to pay 2k off the mbna one on the 28th and see if I can transfer the remainder to a 0% not sure if this will be possible as soft searches are saying I only have 60% chance but I have just paid off the remaining 6k off a loan so with that and the 2k paid off I am hoping this will improve my chances.

I am just wondering if I can move the £4,800 remaining on my mbna card what are my chances of seeing if mbna would offer a new 0% period so I can transfer the Lloyds card over which will leave me free to concentrate on paying the £4,800 off quickly?

[Deleted User]

MBNA are quite generous with BT offers but it will depend on your circumstances.

Dollymix12

Thanks, getting both of these on 0% will only reduce my pay off date by one month with the amounts I'm planning to pay each month but that one month would be better in my pocket than theirs!! :rotfl:

[Deleted User]

Does your calculation include the BT fee?

Dollymix12

I hadn't so thinking about it I would probs pay it off in the same amount of time either way?? I think I would just feel better if I can focus most in to one and then focus on the other when the first is paid off. I'm just confused as to the best way to go about it, what % is a balance transfer fee normally?

[Deleted User]

Normally around 3%. So equivalent to couple of months interest on the Lloyd's card.

Dollymix12

Just checked the calculator again and the interest I'm going to pay over the next year if I leave the balances where they are would be approx £1,035 but 3% of the balances is £318 so would still be better to BT if possible