Quick CC Dilemma

Devo

Hi

I currently have £4100 of CC debt as follows:

£3000 on Egg Card (limit £3000)
£1100 on Barclaycard (limit £4100)

Now...it's my Egg card anniversary next month and so I can get 0% interest for 5 months of transferred balances. I was going to clear my Egg balance and then transfer £3000 onto it to take advantage of the 0%. However, I was then in the meantime going to try and clear the remaining balance on my Barclaycard (£1100 over 5 months) and then transfer the remaining balance back from the Egg Card onto my Barclaycard to take advantage of the 6.9% life-of-balance offer on the Barclaycard. This would have been fine, but I have just looked at Barclaycard terms etc and the 6.9% balance offer is only on till 31st July 2005. My question is therefore do I forget the 0% offer from Egg and try and get all my balance on my Barclaycard at 6.9% before 31st Juky or do I put as much as possible on the Egg Card (£3000) for the 5 months interest free?

Hope that all makes sense? Thanks in advance...

Chadsman

It depends on how long you think it will take to clear the debt completely and what rate Egg are charging you outside of the anniversary offer.
As a rough guide I would *estimate* that if you think you can clear the debt in under a year I would use the Egg anniversary offer (and at the end of the anniversary promotion find out if any other of your CC providers can offer you a better rate if you BT).
If you think it would take longer than a year I would use Barclaycard's LOB 6.9% offer. I would also see if what was possible with a bit of juggling to clear the Egg debt so you can take advantage of the 0% anniversary offer. Even if you cant clear Egg completely you can still BT any remaining credit and get 0% on THAT amount tho when you make repayments this cheaper debt will be paid off first leaving the more expensive debt.
Another thing worth considering is that Barclaycard may come up with another LOB offer at some point in the future.
HTH.

Devo

I'm estimating that it will take me more than a year to clear all balances, but the difficulty I have is that my Egg limit is not sufficient enough to take all the balance (£4100). I have asked for a higher limit online, but get refused. I was going to put the £3000 on the Egg card onto the Barclaycard this week (just to clear it) and then transfer the £3000 back to the Egg card in July (so it will be at 0% for 5 months). Then I was going to clear the remaining Barclaycard balance (£1100) during this 5 month period and then decide nearer the time the most efficient interest rate for the remaining balance on the Egg card. If only Barclaycards offer was still open then I would transfer the remainder back and pay it off at 6.9% :mad:

OMAR

No, do what you are planning...Barclaycard always has an existing customer offer so dont fret

Devo

Let's hope so Omar... I'll just be relieved to get rid of one aspect of the debt and get concentrating on the other :rotfl: