Consolidating CC Debt

JDC14

Hi

I have amounted balances on 2 credit cards, currently:

£2,909.67 with Barclaycard and £2952.36 with First Direct. Both presently on 0% deals.

My FD 0% deal is going to run out first and I was thinking then I would take advantage of another 0% BC deal (they send me them monthly) and transfer the remaining balance onto the one barclaycard account.

I currently earn £22k, and have a limit of £4700 on the Barclaycard.

Is it worth transferring onto one card with a larger limit, or would you recommend looking elsewhere to get better 0% deals?

Sanctioned_Parts_List

Up to you - pros and cons of each:

If you take a new card, and transfer both balances onto it, then you will pay the transfer fee (say 2%) on your full £5,862.03 of debt, or £117 plus change, and have just the one CC (provided you close the other two).

If you want to transfer FD onto BC, then you will first need to increase your credit limit on that card to about £6,500 (to cover their transfer balance limit after fee). You'll pay £59 plus change in fees. Although you'll only have 1 CC on file (assuming you close FD), you'll still have effectively 2 balances, but with different 0% expiry dates, so you will have to keep a good record of when each expires. (BC relies on people not doing this).

If you transfer FD to a new card, you'll still pay £59 plus change and have 2 cards on file (provided you then close FD), but it's easier to keep the different dates in mind.