Best use of balance transfer offer

robinox

I’m determined to get free of debt by next Christmas and my main focus is on paying off my Lloyds and Barclaycard credit cards as soon as I can. I’ve now been accepted for a Halifax card with 0% balance transfers for 20 months, with a generous credit limit - just what I needed!

The debt I have on each of my current cards is roughly equal, as is the interest rate of 25%-ish on each. The credit limit on the Halifax card means I’m able to transfer the entire balance from one or the other of the two cards, or I could split it and reduce the balance on each.

Is it best to transfer the entire balance from one of the cards, or split the balance transfer between the two cards?

I hope this makes sense - thanks in advance for any advice on this!

[Deleted User]

Barclaycard are more likely to come up with an offer, so I would clear that.

Dobbibill

I agree with zx81. Although not guaranteed, they are known to be a little more generous with existing customer offers so if were me, I would take a chance on BC and cleaar that first.

robinox

Great, thanks for both answers. That sounds a sensible course of action...

redux

Fully clearing one or the other makes a bit more sense than a split, as the cleared card can then be used for current spending, cleared again each month in full, thus a bit more of the overall borrowing is interest free.