Which card should I put my 2k on?

Forward_thinking

I am terrible with working out my finances and would love some advice!

I have just paid for a much needed holiday and put 6k on a card that I had just paid off. I think we're still paying it off with around 18% interest.

I have another card with £3k on it and am again paying around 17% interest.

I have £2k to immediately pay back towards our holiday. My gut instinct is to throw my 2k at the bigger amount ie. the card with 6k on that I have just put the holiday on.

However, it suddenly occurred to me tonight that if I use it to almost pay off the £3k card then soon it will be at 0 and I may be able to get them to do a balance transfer with a much lower interest rate.

I hope that makes sense : / Please could you give me your thoughts as I want to get paying these off very quickly.

Thank you so much!!

Nebulous2

What cards are they? If the second card is one that regularly makes special offers on BTs then I'd go for that. Bigger lenders such as Barclaycard and MBNA often do for me.

Are you continuing to spend on either of the cards? If so you'll be paying interest from the purchase date on all of that. Again that would lead me to the second card, as if you can clear it, use it for your spending, then pay in full every month, any additional purchases would be interest-free.

Would you qualify for another card with a 0% BT offer? Getting one and shifting debt to it would save you quite a bit of interest.

Forward_thinking

Thank you so much for replying. The cards are MBNA with £6k and Halifax with £3k. We aren't spending on them anymore and I really don't want to take out any more credit cards.

Barney_Rubble_0403

If you put the 2k on the Halifax card, how long would it take to pay the remaining 1k off?

That would leave a couple of possibilities. The money saved on paying off the halifax card could be put towards the MBNA card or already mentioned take out a 0% bt - some long ones out there - and concentrate on paying off the balance remaining before focusing on the bt card.