Balance Transfer Offer

Fergie76

I have two credit cards, one Barclaycard with a balance of £4230 and am currently paying £250 per month and a Capital One with a balance of £1550 and currently pay £154 per month. I think interest on both cards is about 30%.

I have a three balance transfer options with Barclaycard 0% with a 1.9% fee until 1 Jan 17 (option 1), 0% with a 2.4% fee until 1 May 17 (option 2) or 6.9% plus a 2.9% fee until paid in full (option 3).

So it is my intention to transfer the Capital One £1550 to Barclaycard and increase the amount I pay to £400-450 per month, but was wondering would option 2 or 3 would be the best?

Thanks.

KRB2725

They will allocate payments to the balance with highest interest. f you transfer the Cap One balance to Barclaycard, you may find that Cap One give you an offer and you can transfer some of the higher interest Barclaycard balance back to them.

I would probably go for Option 2 with the intention to transfer again to another card when the promo is due to end.