Should I transfer.

Blondie90

Please can someone help me!! I'm currently paying interest on 2 credit cards (please dont judge) but one of them has sent me a bal transfer offer of 0% until june 2021 and I have the available balance to do the whole amount of the other card but should I do it or not?? 

[Deleted User]

Why would you not want to do it?

Blondie90

I've not done it before so I wasnt sure if it is the right thing to do with fees etc 🙈

onlyfoolsandparking

Absolutely its the right thing to do, yes the fees are adding more to the debt but it will save you a lot more than you lose by paying the fee over paying 'full fat' interest.

tlc678910

Yes and when it has all gone through and a statement has been produced so it's done and dusted look out for the card that is now empty sending you offers.  You can then transfer the interest bearing amount to the empty card. The card has to pay off the most expensive debt first so (after a statement has run) if you have £1000at 29% and £2000 at 0% and balance transfer £1000 They have to pay off the 29% not the 0%.  If you do this then all your debt will be at 0%.

Just a note that a card won't usually let you balance transfer right up to your limit but when you ask for the transfer in the app or website it will tell you how much you can transfer.  If you can't do it all just do what you can.

[Deleted User]

I’d do it, provided you DO NOT (excuse the caps) spend on the card and EITHER pay it off before the end of 0% or transfer to another card. The fees charged will be dwarfed by the savings you will make.

Blondie90

No I dont want to spend on either of them I want to get rid of them! I was stupid and got myself in a mess and have learnt my lesson and now want to work to being debt free.... thank you all for your advice started the transfer of one card to the other and yes will now look for offers too also transfer the other amount that is on the other card if an offer comes in from my provider.