Should I bother doing a balance transfer?

Reppyboyo

Hi,

I currently have a &More card with £750 on it, 0% period ends in mid December (just got the 6 week reminder).
Im currently pushing in £50 per week to pay it off, by end of December I should have £500 paid off leaving £250 to pay. Possibly more as I am also selling things on ebay to put toward paying the card off.
Im pondering if I should bother doing a transfer if I could have it paid off by end of Jan.
However, the only reason which is really convincing me to do it is that transferring would give me more leg room over Christmas.

Any thought/opinions on what I should do?

michilin27

Reppyboyo wrote: »

Hi,

I currently have a &More card with £750 on it, 0% period ends in mid December (just got the 6 week reminder).
Im currently pushing in £50 per week to pay it off, by end of December I should have £500 paid off leaving £250 to pay. Possibly more as I am also selling things on ebay to put toward paying the card off.
Im pondering if I should bother doing a transfer if I could have it paid off by end of Jan.
However, the only reason which is really convincing me to do it is that transferring would give me more leg room over Christmas.

Any thought/opinions on what I should do?

most companies will charge you a fee for doing the bt( usually between 2-3%),based on your balance of £250 the maximum fee of 3% would be £7.50

so if ur gonna get charged more interest the £7.50 between now and paying the card of an end of jan , then doing bt would be advisable in my humble opinion!

Reppyboyo

Possibly.
The interest would be 1.575% per month, I would be looking at a max of 2 months interest before fully paid off.
Depending on how much is in the card when they do begin charging interest, I dont think it would be much more than £30.