Snowball advice for new 0% CCs

Sadmonkey

Hi
We are just starting out on our DF journey. Have 8 CCs ranging from 24.9% to 7%, all pretty much at max. Have just been accepted for 2 (1 each) MBNA cards with 0% on BT for 20 months, both with fairly small limits.
Would I be best to BT some of the 24.9% card to the MBNA ones, pay mins on the MBNA ones and then concentrate on chucking all spare money at the 24.9 one? In 20months we will clear the remainder of the high interest card.
Or chucking money at the 0% ones to clear them? And pay mins on the 24.9?

Sanctioned_Parts_List

What's the limit on the new cards, and the balance on the old ones?

Sadmonkey

Balance on 24.9 one is 10K, limit on new ones are 3k and 2k.

24.9 ones is Barclays and intermittently sends 0% deals, so would anticipate once the remaining 5k is cleared they will offer 0% BT so could then transfer what's left of the MBNA ones back at 0%.

Sanctioned_Parts_List

OK, so normally you can BT to a limit of 85% of limit, and the BT fee is 3%. So you'd be able to BT £4,250 from the 24.9% card, and owe £4,377.50 across the two cards new cards. (BT fee £127.5-ish).

As the snowball calculator will confirm, you'll save more money in interest by paying minimum payments on the two 0% cards and accelerating the remaining 24.9% card.

You may need to transfer again in 20 months to keep those debts at 0%, but even that's less expensive than leaving the money at 24.9%.

Sadmonkey

Thanks, that's great. Every little helps!