Balance transfers to M&S Card?

Ricky_

Hi, I'm wondering if anyone can offer any advice?
I've been accepted for an M&S Shopping plus card 0% purchases for 20 months and 0% BT for 20 months at 2.9% fee and they've given me an indicative limit of £6500. I have the following amounts outstanding:
Capital One £2080 @ 27.9% repay £140 per month limit £3900
Virgin Money £2180 @ 0% until March 2021 repay £115 per month - limit £3600
Barclay loan £572 unsure of % has have 11 months left pay £49

Obviously I'm going to transfer the Capital One balance but I was also thinking of transferring half of the virgin money balance and doing a money transfer (currently offering me to do it at 3.4 % until 28/01/2020) to clear the Barclay loan and have it closed quicker. I just don't know if that's a good idea or if there's a better way to do it than what I'm thinking. I can comfortably afford these repayments I'm making each month so I'm not looking to reduce my repayments or anything I'm just thinking of a way around the bank loan being paid off early and that extra £49 going towards CC balances.
What way would you do it?
Thanks in anticipation.

Ben8282

Obviously clear the Capital One card.
Don't see the point of partially clearing the Virgin card by paying a 2.9% fee to gain an extra 4 months.
Something is wrong with your figures for the Barclays loan - please double check what you have written.
Are you sure Virgin are offering 3.4% money transfers? Their offers of 2% and 4% for differing periods are pretty standard. I assume the date stated is the offer expiry date for making the money transfer. Regardless of this, it is probably not worth your while to repay this loan at this point by doing the money transfer.

Ricky_

Thanks for the reply. My Barclay loan settlement as of today is £572.38. I pay £48.95 each month and my final payment is Dec 2020. The money transfer is the offer on my Virgin App I think it must be just their offer to my personal circumstances maybe? You are correct with the expiration date for making the transfer. Another thought was to maybe pay the loan off this month and just pay a minimum payment to the Virgin card this month and next.

Ben8282

Depending on whether the Dec 19 payment to the Barclays loan has already been made or not, you have either 12 or 13 more payments to make not 11 hence the confusion.
How long is the Virgin 3.4% money transfer for?
I don't believe that you will actually save any interest as a result of this repaying the Barclays loan now. However, if the motive is to reduce monthly repayments rather than to save interest that is another matter.

Ricky_

Thanks for the clear up, there's no real reason other than the fact I am hoping to apply for a mortgage in the next 2 or 3 years or so therefore was just thinking I might look a little more attractive to lenders with an older closed account when the time comes if that's something they might take into account. So just looking to clear all balances as quickly as possible.

Ben8282

Ricky_ wrote: »

Thanks for the clear up, there's no real reason other than the fact I am hoping to apply for a mortgage in the next 2 or 3 years or so therefore was just thinking I might look a little more attractive to lenders with an older closed account when the time comes if that's something they might take into account. So just looking to clear all balances as quickly as possible.

Don't close any credit card accounts for the purpose of making yourself look more attractive to mortgage lenders.
Your loan account will be closed by then anyway and closing it now won't make it older. The account age will in fact be older if you allow it to run it's full term (if that is of any real importance which I doubt it is). If for example the loan was taken over 48 months and you close it now it will close with an account age of 36 months but if you allow it to run it's full term it will close with an account age of 48 months.
There is no reason to be clearing balances NOW for a mortgage application to be made in 2 - 3 years time. Just reduce the balances about 3 months before you make the application.