What card should I pay off - AMEX or BCARD?

pm85

*title should read "balance transfer" not "pay off"

I'm trying to cut down my CC payments at the moment, I've been accepted by MBNA for a Plantinum card, I think its 36 months interest free and they are giving me £5800 limit

The balances I have are...

BA AMEX Card - Approx £8500 - payment this month is £338 (I think rate is 22%)
BCARD Platinum - Approx £6900 - payment is £155 a month - interest only deal ends next month (I think moves to 19%)

I was originally planning to pay off as much of the BCARD as I could, but I'm thinking it might be better to pay off as much of the AMEX as I can, would appreciate some advice on this!

I am planning to pay a lump sum off around December too

Thanks!

Willing2Learn

Assuming the MBNA is a balance transfer card, I would transfer from the card with the highest APR. (you will need to confirm the APR for each card)

pm85

Thanks for the advice

It does not say on my statement, but BA website for the card says 22.9% APR

BCARD site says the card will move to 19.9 APR

So best to balance transfer as much as I can from the AMEX?

Willing2Learn

I am assuming the APRs you are quoting are for your contract and not the representative ones quoted to everyone on their website?

And yes, if the AMEX card has a higher APR, you should transfer your balance from it, to save the most money.

pm85

Should I call both lenders and have them confirm the APR I am being charged before I make the decision?

My monthly AMEX statement does not confirm the APR

Willing2Learn

Yes - Definitely yes!

pm85

AMEX just confirmed "The apr on the account for goods and services is 22.95%"

Waiting to hear from BCARD, but assuming its going to be 19.9%, you think I am best transferring as much as the AMEX as I can and letting the BCARD go onto the 19.9%?

Willing2Learn

pm85 wrote: »

AMEX just confirmed "The apr on the account for goods and services is 22.95%"

Waiting to hear from BCARD, but assuming its going to be 19.9%, you think I am best transferring as much as the AMEX as I can and letting the BCARD go onto the 19.9%?

I'd wait for confirmation first from BCARD. But yes, transfer from the account with the highest confirmed APR...

pm85

BCARD is 17.8%!

So I will transfer as much as I can from the AMEX!

macman

Surely the rate is shown on your contract?