Balance Transfer Advice Please

Fidge2872

Hello, please could I have some friendly, non judgmental, simple advice regarding 0% balance transfer cards.
I currently have 2 credit cards - HSBC current balance £3460.60, credit limit £3500.00, direct debit set up to pay min payment monthly approx. £75 & Barclaycard current balance £4732.69, credit limit £5300.00, direct debit set up at £120.00 per month. The APR on both cards is 17.9%
I did a soft search on money supermarket to transfer £3200 & got 10/10 chance of approval for aqua & marble credit cards (0% for 5 & 6 months) & 9.5/10 for fluid (0% for 9 months)
I’d like advice on what to do please? If I apply for another credit card, how would I manage 3 monthly payments, just pay min on each? Would transferring a certain amount from my current cards reduce the monthly payment? Or am I better just staying as I am chipping away at my current cards? I am currently paying £500 a month on debt as have a loan too & will be going onto statutory maternity pay soon so won’t have much money left each month once I’ve paid my debts (my partner is paying the house bills)
Thank you in advance & please by kind, I know I have been stupid getting into debt but I am trying to get out of it :-)

jonesMUFCforever

Before doing anything have you a plan to increase repayments to pay off the debts?
Is there a transfer fee on the cards you have looked at? If so you won't be saving much overall.Why do I say that - because if you don't pay say the Aqua and Marble cards APR will rocket to about 35% - double what you are paying now.

Have you thought about applying for a personal loan?
This might be better if you did a joint loan because then you get to use both salaries which might get you a better APR?
EG Tesco loans at 2.9% for £8500 works out at £153.
This would seem to be be within your budget.

tlc678910

Hi,
I think the cards you have looked at will not be right for you because the 0% terms are very short and will end when you are on maternity leave. Reverting to a very high rate.

Have you looked at all the information on credit cards on this (mse) site? https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/

It might be worth checking eligibility and applying for better cards and offers I.e. much longer offers - yeats in some cases) If the eligibility chance is 8/10 for example that is still a good chance for a much better product.

If you have money on three cards then you will need to make payments to all three but the payments on any you move money from will be smaller. You can look up how repayments are calculated but can be for example be 1% of the balance owing plus that months interest.

You need to be careful of the card where you said the repayment is direct debit of £120 a month. If you spend on the card or the interest goes up so that there is a shortfall in your payment you will get negative markers/penalties on your account. (unless you mean it will automatically adjust to minimum payment)

When you get a 0% offer ensure you always pay at least the minimum or else you will lose the 0% offer. The cards always recommend making the first payment manually unless you can see the direct debit has been set up in good time for it to be taken.
Good luck!

Fidge2872

Thank you both so much, I really appreciate your advice & will keep on chipping away at my debt for the time being (& live in hope of a lottery win :-) )