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Balance transfer large balance
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If one card has an interest rate significantly higher than the other you will save more by transfering to that card first regardless of the balance. To try and increase the chances of getting further 0% cards in the future, always pay a few £ over the minimum payment as that will show on the credit report and helps later on when you have several months showing.Daylight82 said:Just to update any interested parties.I got £1500 limit on a 9 month 0% interest and also accepted on £3000 on a 26 month 0% too (despite 20% chance on eligibility checker!).I’ll now bounce £4500 from my largest balance to this and it will ease the interest a lot.Thanks again for the advice everyoneCredit card debt - NIL
Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
Mortgage 64,513/100,000 End Nov 2035
2022 all rolling into new mortgage + extra to finish house. 125,000 End 20361 -
I have done a few transfers between Lloyds and MBNA and never found there was a conflict on interest.maj1987 said:I’m sure mbna are part of the Lloyds group so that might hinder a transfer between the two just a thought.0 -
Can I ask a supplementary to this please?I have now bounced as much as I can from my highest interest rate card (MBNA) to the new 0% cards. Thank you all for the advice on that.MBNA have now offered me a balance transfer of 0% for 12 months for a 5% fee. Am I right in thinking it would be wise to move as much of my other interest-bearing card (Barclaycard) to this 0% offer?0
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If the interest you are likely to pay will out-weigh the 5% fee then yes, it's worthwhile.Daylight82 said:Can I ask a supplementary to this please?I have now bounced as much as I can from my highest interest rate card (MBNA) to the new 0% cards. Thank you all for the advice on that.MBNA have now offered me a balance transfer of 0% for 12 months for a 5% fee. Am I right in thinking it would be wise to move as much of my other interest-bearing card (Barclaycard) to this 0% offer?
Do plan ahead to make sure you can pay off all balances within the various promo periods if possible.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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