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Credit cards

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Hi there 1 have 3 credit cards with balances on them 

1 is interest free for 29 months (no spare to transfer others )
2nd is 12 month’s interest free 
3rd 11 months interest free with lowest balance 

should I pay the lowest balance first over 11 months and pay as much as possible to clear and pay minimum on the others or should I pay as much as I can on the 3 

Comments

  • as they are all interest free I would look to clear the 11 and 12 month cards before interest becomes chargeable
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    As above - since they are all interest-free, attack them in order of promotion-expiry date, starting with the one that ends soonest.
    The other option is to pay the minimum to them all, and put money aside each month into an interest-paying savings account, then use that to clear the balance off each card in full just before the promotional rate expires.  You won't earn a huge amount of interest, but it's better than nothing.  Just make sure you're not tempted to dip into the savings for anything other than paying off the cards.
  • Thanks all 
  • DullGreyGuy
    DullGreyGuy Posts: 18,544 Forumite
    10,000 Posts Second Anniversary Name Dropper
    Hi there 1 have 3 credit cards with balances on them 

    1 is interest free for 29 months (no spare to transfer others )
    2nd is 12 month’s interest free 
    3rd 11 months interest free with lowest balance 

    should I pay the lowest balance first over 11 months and pay as much as possible to clear and pay minimum on the others or should I pay as much as I can on the 3 
    What interest rates do they revert to?
    Are you going to be able to pay them all off before the 0% ends?

    If you aren't going to be able to pay them all off then in principle I'd repay 3rd as others have said unless 2nd has a materially higher interest rate in which case I'd be focusing on that
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