Balance Transfer Deals MBNA - too many options!

Sharon87

I have just been given an increase of my MBNA credit card limit and have various promotional offers given to me. I just need a second opinion on how I should proceed.

Currently I have debts which are accruing interest of:
£750 - Tesco Credit card - 17.9%
£500 - Natwest overdraft - 17.9% plus £6 a month - I want this gone.
£1800 Barclaycard - currently 0% will expire in January.

I have been offered either a 0% (3.5% or 4% fee on money transfers) until Dec 16 or a 4.9% (no fee) life of balance transfer for money transfers and balance transfers.

I have been fortunate enough for most cards to get 0% deals at the end of others expiring. I would like to transfer all the above debt onto the MBNA card, but the question is how should I do it? Should I put it all on 0% or life of balance? I think it's worth the life of balance on the money transfer due to the high fee, but if I do that then I would have to put everything on life of balance otherwise the 0% part may not get paid off in time before the 0% expires. But I don't want to pay interest if I can help it...

I have until end of January 2016 to make the transfers. I want to completely get rid of the Natwest overdraft and get rid of the overdraft bar £100 for emergencies - or just in case I accidently go into it. I do have another bank that I occasionally use the overdraft and if I have enough balance left I may do another money transfer and reduce that down a £100 too.

It would be nice to have my balances on less credit cards, even if the balance is huge! I can't apply for any new credit cards either as my credit file isn't looking that happy with the amount of credit/available credit I have and the fact I've just moved house.

Any advice?

Paully232000

Sharon87 wrote: »

I have just been given an increase of my MBNA credit card limit and have various promotional offers given to me. I just need a second opinion on how I should proceed.

Currently I have debts which are accruing interest of:
£750 - Tesco Credit card - 17.9%
£500 - Natwest overdraft - 17.9% plus £6 a month - I want this gone.
£1800 Barclaycard - currently 0% will expire in January.

I have been offered either a 0% (3.5% or 4% fee on money transfers) until Dec 16 or a 4.9% (no fee) life of balance transfer for money transfers and balance transfers.

I have been fortunate enough for most cards to get 0% deals at the end of others expiring. I would like to transfer all the above debt onto the MBNA card, but the question is how should I do it? Should I put it all on 0% or life of balance? I think it's worth the life of balance on the money transfer due to the high fee, but if I do that then I would have to put everything on life of balance otherwise the 0% part may not get paid off in time before the 0% expires. But I don't want to pay interest if I can help it...

I have until end of January 2016 to make the transfers. I want to completely get rid of the Natwest overdraft and get rid of the overdraft bar £100 for emergencies - or just in case I accidently go into it. I do have another bank that I occasionally use the overdraft and if I have enough balance left I may do another money transfer and reduce that down a £100 too.

It would be nice to have my balances on less credit cards, even if the balance is huge! I can't apply for any new credit cards either as my credit file isn't looking that happy with the amount of credit/available credit I have and the fact I've just moved house.

Any advice?

I guess it depends on how long you are going to take to pay it off, and how long the first BT deal is for, as to which one is the better deal.

Sharon87

The BT deal is about a year - I probably won't pay it all off in a year, but I do get offered 0% deals often on my credit cards, and if I keep my Barclaycard open I'm sure in a year they will offer me a 0% or life of balance deal.

[Deleted User]

Sharon87 wrote: »

I'm sure in a year they will offer me a 0% or life of balance deal.

In that case, you take the 0% that's on offer from MBNA now.

If you weren't so sure, you may have wanted to think about taking the life of balance offer.

Sharon87

I think I've decided on life of balance to be safe. As I need to do a money transfer and if that expires after a year it's 20.9% interest! And having a mix of 0% deals and low balance deals doesn't work as the 0% portion never gets paid off until the low balance deal is paid off.

Unless I only transfer a small amount on 0% - which I know I can balance transfer in a year - I don't want to risk it with large amounts.

I've done the money transfer now - that was a no brainer because it was a 4% fee anyway for 0% for a year or 4.9% life of balance!