Pay off new balance 0% or old balance?

Swarby

Hi there, I just recently did a balance transfer for as much as i could to a 0% card for 6 months (balance on that of £1150 at 0%)

My old credit card now only has a roughly £350 balance but still incurs interest.

In an ideal world yes I'd pay off both, but with a limited budget, which card should i prioritize paying off? Paying off the new card will clear off the balance quicker, but paying more off the old card pays off interest which is more debt.

The obviously is probably obvious but I can't seem to think this one through logically!

Many thanks

YorkshireBoy

Pay off the interest bearing £350 first. If this is going to take more than, say, 3-4 months, and the interest rate is high, consider BTing the £350 debt to another 0% card...same position as you're in now with 2 cards, but both will be at 0%.

Terry_Towelling

Whatever you do, don't forget to meet at least the minimum payment requirements of both cards by the due dates each month

Craig1981

setup a direct debit to pay the minimum on the 0% card, and as much as you can afford on the £350 one.