Which is the best deal for me - Should I stay or should I go???

SuzieGirl

Hi

I have £2700 outstanding on my M & S &MORE card with a 3.9% life of balance interest rate. I transferred this debt FROM Barclaycard a while ago with no balance transfer fee.

Now Barclaycard are offering me 0.9% until Jan 09 but with a 3% transfer fee.

Maths is beyond me! Which deal leaves me better off by Jan 09? Should I go back to Barclaycard?

Thanks for your help

Suzie

CLAPTON

how much are you paying off each month?

SuzieGirl

thanks for your reply

I've just been paying the minimum (which has been around £80) while I concentrate on higher interest debt I have. I expect to be able to up my repayments in about 6 months time to £100 pm. I plan to do this regardless of whether I move the debt or not.

Thanks for your help!
Suzie

CLAPTON

If you continue to pay 80 per month then by dec 2008 you will have paid about 107 in interest

if you go back to barclaycard you will pay 3% = 81 plus interest of £24 =total of 105

plus all the hasssle of changing plus finding a new deal in dec 2008 etc.

I would stay where you are if i were you

SuzieGirl

Hi Clapton

Thanks so much for your help and your advice. Seems pretty sound to me - I'll stay where I am!

Thanks again
Suzie

W1zz

CLAPTON wrote: »

plus all the hasssle of changing plus finding a new deal in dec 2008 etc.

And this new deal would probably involve another transfer fee (£1.5K remaining approx @ 3% fee would be an extra £45) and the likelihood of any 3.9% LOB rates being offered then is very remote. Currently the lowest are about 5.9% LOB and interest rates are on the up.

Like CLAPON says, best stay where you are.