Which to pay off first??

anelson · 5 December 2017 at 4:49PM

Hi

I currently have 2 credit cards, 1 with a 30 month 0% balance transfer term and the other with an 18 month 0% balance transfer term. My question which one should I focus on first and allocate the most money too each month?

Any advice would be gratefully received
Thanks

[Deleted User] · 5 December 2017 at 4:51PM

The one that expires first, unless there was a soaring chasm between the go to rates on each.

Anthorn · 5 December 2017 at 10:00PM

In contrast to MSE I will always go for the one which can be paid off the quickest because the benefit seen in overall spending will be realised quicker. So if both cards were taken out at the same time the 18 month one.

jamesperrett · 5 December 2017 at 10:05PM

If you can be disciplined put the money in a high interest regular savings account each month and only pay off the credit card when the 0% period is about to run out. Of course, you will still have to pay the minimum payment on the cards but you could end up with some decent extra interest as the best regular savings accounts pay up to 5%.