Balance Transfer Advice

Piperk

Good afternoon, 

I am looking for a bit of advice. I have 4750 on my Barclaycard where I am paying 22% interest. I have another credit card with MBNA where they are offering a balance transfer: 0% for 12 months with a 5% fee. I have also looked at potential other options, NatWest are offering 0%, 23 months, 3.49% fee or 0%, 14 months with no balance transfer. 

Will my credit rating be affected differently with transferring to my existing MBNA vs making a new application to NatWest?

Which offer would people stick with?

Thank you so much

MorningcoffeeIV

Your file would show a new search and account, if successful.   A lender would then take a view on whether this makes you a higher risk.

Go the option which is most financially beneficial.   If you're declined for a new card, go with the MBNA offer.

Piperk

One further thing I just wanted to add - will it look worse to have 4 credit cards rather than the 3 I would have if I didn't open up the Natwest one. The Barclaycard will have a zero balance, the capital one a 6k, and the MBNA would have 6k with the balance transfer. Otherwise it'll be BC - 0, C1 - 6, MBNA - 1, NATWEST 5. 

MorningcoffeeIV

Again, it all depends. 4 cards isn't a lot, unless you have limits which would cause lenders concern.

But with your large amount of borrowing, an extra card would help with utilisation. However, you may struggle to get a decent card with that debt. 

Piperk

Ok, thank you. Have been pre-approved for the NatWest one so maybe I'll go for the zero balance transfer. Thanks so much. I am hoping to clear everything asap!