We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Paying off 0% interest balances on multiple cards
mwddrwg
Posts: 521 Forumite
in Credit cards
I have four credit cards open at the moment, three of them have a balance of roughly £2k each which are interest free until around Feb 2023.
My other card has a zero balance which I am keeping until I need to transfer a balance at the end of the interest free period on the other three.
I'm overpaying the minimum amount on each to get the balances down as quick as possible.
Would it be better for me to transfer all the balances onto the empty card now or keep going with three separate payments on each of the other cards?
My other card has a zero balance which I am keeping until I need to transfer a balance at the end of the interest free period on the other three.
I'm overpaying the minimum amount on each to get the balances down as quick as possible.
Would it be better for me to transfer all the balances onto the empty card now or keep going with three separate payments on each of the other cards?
In deep...
0
Comments
-
Only if there is some advantage for you - ie lower minimum payments in the event that times get hard, extending the promo period ot to increase the likelihood of another 0% offer from a cleared card..
Unless they all end at exactly the same time, overpay the ones ending earlier.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.9K Banking & Borrowing
- 252K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.4K Work, Benefits & Business
- 616.5K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards