0% and balance transfer cards

patch9495

Morning All,


I am seeking some advice regarding my current situation.


I currently have 2.7k on a 0% credit card until January 2021, and am currently making the minimum payments and stoozing the money elsewhere. I have more than enough in savings to cover the debt once 0% expires


We are looking at booking a 1.5k holiday next year which will be going on the 0% card however with 0% running out in Jan 2021 I am unsure which route to take.


Credit limit on this card is 5k


1) Pay holiday on this card taking balance to 4.2k. Keep making minimum payments and apply for balance transfer card closer to Jan 2021. 80+% credit utilisation with this approach


2) Apply for a second 0% card and place holiday on this. Pay 2.7k debt on card 1 once Jan 2021 rolls around and keep making minimum payments on card 2


3)Any other suggestions


Thanks in advance

[Deleted User]

Assuming both 1 and 2 have the same fees, if any, then it would make sense to get the longest promo period you can.

MallyGirl

Is the current 0% on purchases or balance transfers?

patch9495

MallyGirl wrote: »

Is the current 0% on purchases or balance transfers?

Just purchases