How many balance transfer cards are advisable

JimmyChew

Hi All,

I'm looking for some advice on credit cards & balance transfer cards.

As it stands ATM I have a Barclays Credit Card with a APR of 30% in which I owe £2250, I also have a Halifax Balance Transfer Card in which I owe £950, and the 0% balance transfer expires in December 2017.

ATM I am trying to clear the debt on the Barclay Card as this is the one with the massively higher APR, however the interest charge on this card is £85pm, I am paying £100 pm to this card, so the overall amount i owe hardly decreasing month to month.

Would it be advisable to take out another balance transfer card (I have seen a Tesco Card 24 month 0%, 0% fee that would suit me), so in transferring part of the Barclay Card debt thus reducing the interest each month hence paying more of the total balance (if i keep my payments at £100).

However this would mean that i would have 3 Credit Cards (1 normal, 2 balance transfers) is this advisable?

Any help or advise is much apperciated

MallyGirl

if your circumstances mean they will let you have the card then it would make sense to do so. I have more cards than that.
try the eligibility checker to see if you are likely to get it.