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Balance transfer
Webpro
Posts: 5 Forumite
in Credit cards
Ok, post this before but can't find post! I have £3500 credit limit, near limit, offered 0% card but with only 1500 limit. Do I transfer this amount, higher Apr though 34%, present card is 19% but as near limit I'm paying monthly fee and interest? The issue is that I'll have two cards to pay off and I don't think i could pay the 1500 off before end of 0% offer. Alternative is to take another loan out, incorporate present depts on this!
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Comments
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https://forums.moneysavingexpert.com/discussion/6238183/credit-card-transfer#latestWebpro said:Ok, post this before but can't find post!
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What is this monthly fee are you paying? Very few cards have monthly fees.
Paying two cards is not an issue, if you're paying less interest overall.0 -
Transfer what you can (typically 90% + fees) to lower card, hit the more expensive card as much as you can, with interest reduced you will pay off more of the balance each time and pay the minimum on the other (or minimum + nominal sum like £10) and in 12-18 months you will be in a better position to pay them both off0
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