Transferring balance

magpies79

So i get 0% balance transfers and how they work But just wanted some advice on a Vanquis credit card I have so I’m carry a balance at the min of around 2k this was unfortunately due to wife being off work ill she’s now back at work and we are working on paying it down.

 I also have a marbles card that use to be a 0% but no longer is but doesn’t have a balance with a limit of 3,500.
now the vanquis is a really high apr card I believe not somewhere far off 59% it’s one I’ve always cleared in full but I’m now making over payments to clear 

now the marbles card is like 25% apr and does say I can balance transfer but at there current apr rate so should I do that and just continue to pay off from the marbles it has a 3% fee for transferring or is that not a good idea again paying probably an extra 100 a month above the minimum payment just thought this would help me clear it sooner I don’t currently have any good offers for another 0% card at the moment
thanks for your help  

[Deleted User]

It depends on how quickly you'll pay down the debt, and whether the relative APRs and the fee is worth it. How long will it take to clear the 2k (and check what the APRs are).

In the meantime, prioritise the highest rate debt. Don't send overpayments to the lowest rate debt as you're currently doing.

magpies79

Appreciate the reply Overtime is available at work and have done a few nights here and there my thinking is isn’t it better on a 27% card rather then a potentially 60% I’m paying at the very least £200 a month off it but of course interest  is taking up quite a lot so hence why I was thinking move to lower interest card
and continue to pay off at 200 a month and more where possible

 this is my only debt other then my mortgage and have a Argos with 200 on it currently on a 0% for 6 months and will be paid off before incurring interest so
the Vanquis is my highest apr debt and one that receives the highest payments to pay off as quickly as possible 
again appreciate the help 

SusieT

Vanquis balance transfered 2000.00
Transfer fee 60.00
Month 1 interest at 27% approx 46.00


Vanquis balance with no transfer 2000.00
Month 1 interest at 59% approx 100.00

Other than the fee being an additional £60 in the first month, you will be saving around £50 a month in interest, depending on the exact amounts and payments etc.

magpies79

Really appreciate it I’m absolutely terrible at working out so it’s a no brainier really looking at that as I’ve mention I’m throwing any spare cash at it the 200 a month is without me doing overtime as well so the plan is to be more when ever possible 
Thanks