Balance transfer

Mrs_1981

I have 2 debts that I’ve been repaying on 2 separate 0% balance cards. One of the offers has just come to an end so I have completed a transfer to a new 0% card. I’ve just realised that the my other 0% card offer is due to run out in Feb.
Is it better to transfer the remaining debt to the new card (so both debts are in one card) before the introductory 0% offer runs out, or wait until Feb to see if there are better offers? 

Thank you!!

Ebe_Scrooge

Oh for a crystal ball

As far as it goes, you may as well make the most of the existing 0% period, then transfer to another card in February.  But of course, who knows what the financial landscape will look like then?  Lenders may significantly tighten their lending criteria, meaning you may not be able to get a card.  It's a gamble either way.  My gut feeling (though I'm no expert on the matter) would be that credit will start to become harder to come by, what with recent world events and interest rate rises.

Are you not going to be able to clear the card by February?  This should always be the plan when taking out any 0% deal, for this very reason - it's never wise to just assume you'll be able to do another BT at the end of the promotional period.

Mrs_1981

Thanks for the reply- I’m not going to be able to clear the card by Feb. My new 0% balance transfer offer is for 32 months. There is enough room on the credit limit allow for the money to be transferred over however the 90 day period for transfers will end later this month. 

If only we did have a crystal ball!!

[Deleted User]

Bird in the hand and all that

When you say ends later this month, today is the last day of the month, do you mean 90 days is up at some point in November? I would do the transfer now.

Work out what you can pay as a minimum on the new one with the two transfers active, then transfer as much as you want off the card ending in Feb, pay off the rest of it over the next 3 months so it's cleared down.

E.g. you have £6000 on the card, you move £5100 to the new card, you pay £300 a month Nov, Dec, Jan and card is cleared, then the £300 a month goes towards the longer card

alfred64

I agree with transferring what is necessary to the new card before the 0% offer ends. 32 months is a long interest free period and giving up 4 months on the existing card is negligible in the circumstance.