Best way for multiple balance transfers?

peterc2609

Hi All,

Bit of a complicated (in my mind) balance transfer issue.

I have a couple of cards:

Virgin Atlantic (MBNA); 12k limit, £0 debt; interest free balance transfer till Apr 2017, fee 3.0%. Money transfer 0% till April 2017, fee 3.0%

MBNA Rewards Platinum; 13400 limit, £4500 debt, interest free balance transfer till Dec 2017, fee 4.5%. Money transfer 0% till Oct 2017, fee 5.0%

Barclaycard; 14000 limit, 11000 debt, 6.9% balance transfer till paid in full.

American Express British Airways Premium Plus; 15800 limit, £4800 debt. No transfer offers.

So I want to mainly get rid of my British Airways debt, and get the rest of the balances on interest free for as long as poss.

My first thought was to pay the MBNA Rewards debt of 4500 off with my Amex BA card. I'd then have my MBNA Reward Card with £0 debt and a long interest free period, which I could then transfer into... not sure whether its allowed though, so don't want to end up with a large sum on my BA card, which I then cant transfer elsewhere...

Any ideas?

redux

I don't think the balance transfers on the MBNA cards are that attractive, with the high fee for a relatively short time.

If the balances are gradually reducing, I'd be as tempted or more to transfer one of the others to the Barclaycard for the time being. At least it's steady at that rate long term, and helps avoid panic about new transfers every few months.

Could you apply for a new card with a 24 month fee free transfer, or up to 40 months with a fee, and just close the Virgin account, and treat the other MBNA as unused reserve, in case they make a better balance transfer offer later?

Use the MSE credit card eligibility checker, or join the MSE credit club, to find your chances of getting a new card.

If you go for a Tesco balance transfer card for example, apply via Topcashback.

If you can't get a new card, then it might have to be the MBNA Pt. 4.5% fee for 15 months is better than 3% fee for 6 months.

Also, if the aggregate balance is gradually increasing all the time, post in the debt free wannabe forum for helpful non-judgmental advice where you can cut some spending.

peterc2609

I think it will have to be the MBNA 4.5% one. But I gues my main question is how to free up the funds to transfer things over to it...

Is it a good idea to pay the 4500 with my BA Amex, and then balance transfer that elsewhere?