Which balance transfer deal?

dorsw

Hello people, 

Looking for some advice. Been offered two deals on a balance transfer of £3800 (current card 23.66%) 

First is 0% for 20 months - fee 3.5%

Second 3.9% for 36months fee 0% 
 Which is better option? I’m currently snowballing debt repayments so likely to be minimum repayments on this until repayed other parts. 

Thanks for help! 

SuperAllyB

Only you know how quick your snowball will get around to this debt, which makes a big difference to any answer. You also have to weigh up the risk of whether or not transfer options will be available at the 20 month stage if the debt hasn't been cleared.

[Deleted User]

Why not just do the maths?
£3800 BT at 3.5% fee is £133 on your balance = £3933 / 20 months = £196.65 a month to clear in full in 20 months
£3800 BT at 3.9% interest over 3 years will cost you £228.66 in interest = £111.91 a month to clear in full in 36 months
If you can afford 200 quid a month, take the first one, if you can't, take the second and maybe try and pay more than the minimum