Multiple credit cards



  • Hamiltonc
    Hamiltonc Posts: 68 Forumite
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    Thanks all, very helpful - fully understand highest Apr but the psychology aspect is very true too for low balances :)
  • Hi - I’m in a similar situation. I’ve got several cards and my 0% is expiring and/or has expired on most and I’m not eligible for any new cards. I’m doing the snowball approach at the moment in the hope of clearing a small balance quickly and hoping I’ll then get a 0% offer on that card. Psychologically I’m more likely to stick to the plan if I do this too. And again for the next balance I clear. I’ll probably switch to the avalanche method further along the line.

    I have downloaded a great app that helps work out the difference in interest you’ll save over time by using either avalanche or snowball. And it helps work out when you’ll become debt free if you stick to a certain level of debt repayment each month. It’s called Debt PayOff Planner.

    Like others have said, I’ve also fixed my payments on all cards to just above the minimum payment. 

    Good luck! 
  • Vinknut
    Vinknut Posts: 93 Forumite
    First Anniversary First Post Name Dropper
    edited 14 January at 9:58AM
    You also need to address why you've built up the debt in the first place.  If you don't tackle that issue, the order you tackle the balances in is irrelevant.
  • Dataless
    Dataless Posts: 41 Forumite
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    Hamiltonc said:
    I have multiple cards and the 0% is slowly expiring.

    As cards start to charge interest, what's the best way to prioritise?

    Thank you 
    My answer would be to check the MSE newsletter and look to transfer all of your debt to a 0% card for 27 months, you pay a fee of around 3% fee but zero percent interest, then you use the money saved and then some, to pare down the debt until you get rid of it.

    Otherwise you will fall into the money trap of being able to service the debt but not pay it off.

    Before my feces hit the fan I started doing all my spending on my cards and putting the money into savings account, out of sight out of mind, then I would pay off all the spending and double the minimum payment.  Pretty soon they were offering me higher credit balance.  I then used that offer with a zero percent card application, sometimes different cards were part of the same parent company but competing with each other.  I got my cards completely paid off and then used them for all spending again to get cashback or a bigger credit limit.  What they hope is that something bad will happen to you and you won't be able to pay it off, then they will refuse the zero percent and wham, they got you by the short and curlies.

    Get your credit card debt paid off and use the card only for section 75 purchases where you want added protection and pay that off within the month.

  • EssexHebridean
    EssexHebridean Posts: 21,297 Forumite
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    If looking for a balance transfer then it’s important to go through an eligibility checker, not just apply randomly. The MSE Credit Club (free) is as good a place as any to start - register there then see what it tells you about your chances of being accepted. Have a look and see if there is anything that will accept you with no fee, as that is the ideal, otherwise though a small fee will be better than you continuing to pay interest. Remember - even if you can shift £1000 of the balance, that’s an amount that isn’t racking up interest so don’t be holding out trying to shift whole balances. If the best chance you have is showing as 10% chance of acceptance then that’s a 1 in 10 chance so go for it. If you get turned down, then you give it 3 months and try again. If you get accepted, you give it 3 months and apply for another one and try to shift some more of the interest bearing debt. 
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