Transfer or pay balance off

onlyfoolsandparking

This has got me pondering! I am in the unfortunate position where I have to shuffle my balances around on my credit cards and look for the best deals for maybe the next 24 months.


I am good at it and keep most of my balances on all my cards at 0%. (1 long term 3.9% big balance)


Currently I have £1900 on a card which is at 0% till 31/08 i would have paid this off in this month of august but circumstances are a bit against me (Boiler blew up!!!)


I currently have £11900 on a card (long term 3.9%) with a credit limit of £16700 my question is do i transfer the £1900 on to it taking it up to £13800? or pay it off, could do it in 6 months approx.


I don't like being close to limits and i recently put £2500 across to this card, i don't want to pay "full fat" interest on the £1900 but i,m also not keen on taking my balance closer to the £16700 (although its still a way off i guess)


What would others do? I don't use the "big balance" card at all by the way.

Lonire

Can you transfer it to a zero percent?

If not I would check the interest rate post offer and compare it against how much you would need to pay to maintain both versus how much on the one low rate long term.

I generally transfer to lowest rate as the post offer interest usually shoots way up and the 6 months to pay off may become longer than that.

[Deleted User]

It depends on the fee you'll pay for the transfer v the interest you'll pay over the 6 months.

onlyfoolsandparking

Lonire wrote: »

Can you transfer it to a zero percent?

If not I would check the interest rate post offer and compare it against how much you would need to pay to maintain both versus how much on the one low rate long term.

I generally transfer to lowest rate as the post offer interest usually shoots way up and the 6 months to pay off may become longer than that.

I could transfer to 0% with a 3% fee but i am saving that card for a big B/T i will need around March next year if that makes any sense

onlyfoolsandparking

Deleted_User wrote: »

It depends on the fee you'll pay for the transfer v the interest you'll pay over the 6 months.

There's no fee to transfer over to the 3.9% long term deal, I'm just wondering if taking it closer to my limit is a bad thing?

onlyfoolsandparking

Think I'll transfer over to the 3.9% card, it will give me more flexibility and also I wont have to pay the £300ish for the next 6 months.


Thanks for the replies though.

[Deleted User]

The boiler is a small part of a bigger problem here.

You’re carrying a balance of nigh on £12k on a single card. That’s a big problem in itself.

onlyfoolsandparking

!!! wrote: »

The boiler is a small part of a bigger problem here.

You’re carrying a balance of nigh on £12k on a single card. That’s a big problem in itself.

How presumptuous of you, how is that a big problem??

[Deleted User]

How is £12k of unsecured debt an issue do you mean?

onlyfoolsandparking

Issue, problem whatever you want to call it, explain to me how it's a BIG problem??

[Deleted User]

Because £12k is no small sum of unsecured debt to be owing