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Credit cards
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letsgetdebtfree2023
Posts: 3 Newbie

in Credit cards
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
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
0
Comments
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as they are all interest free I would look to clear the 11 and 12 month cards before interest becomes chargeable2
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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.0
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Thanks all0
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letsgetdebtfree2023 said: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
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 that0
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