Advice on balance transfer please

charliepup1

Hi, looking for some help with credit situation if anyone has time.
I have 3k owing on an mbna card which is only interest free til june next year and I doubt it will be cleared by then, I have a natwest card with 2800 free (thats the full limit) and they are offering life of balance transfer at 6.9% with no fee, is it worth moving this much over now or waiting til early next year and hoping a similar/ better offer comes up?
I think it probably makes sense but would like a second opinion from someone more knowledgeable.:)
Many thanks

jonesMUFCforever

Nobody knows what offers will be on offer next year but surely you can pay off some of the debt whilst interest free?
Only you know what state your credit files are in - do you think you you will qualify for a new card? 3% balance transfer fee for a 30 month card would to me be a better option.

charliepup1

Just gone self employed so may struggle to get another card now, just worried that whatever is left on mbna after june if I cant move it then will jump to 25.9% so thinking about taking the safer option.
Thanks for your time.

pmartin86

The "safe" option here would be to work out how much you can pay off between now and June next year, say you pay 150 a month thats 10 months of 150 a month will leave 1500 left to pay at 25%, so transfer 1500 now to the 6.9%, pay the rest off interest free and take the hit on the natwest interest while hoping something better comes up to move that to.

charliepup1

Thanks Pmartin, you're right that sound the obvious answer. Not sure why I couldn't come up with it, I blame kids off school frazzling my brain.