0% Money transfer question

NI2018

I have a virgin Credit card with 3.5k limit and £950 owing. The APR is 23% on this card. 

I received an email for 12 month 0% balance and money transfer with a 4% fee. 

I have 2 other balances owing on other cards coming to around £900. APR on these is 29% + 31%. 

Would it make sense to take an £1800 money transfer and just pay the outstanding Virgin balance? (Along with clearing the other 2 CC balances?)

Or am I missing something?

Mark_d

Whether it would make sense depends on how quickly you are able to pay off your debt.  I'd be trying to repay the debts in a matter of weeks, so interest at 23% would be cheaper than the 4% fee.

Why not transfer the debts on your 29% and 31% card onto your 23% card?  This appears to be a no-brainer

Nasqueron

Whether it makes sense depends on whether you could pay the debts or not, clearly you haven't been able to if you are paying interest currently.

There is no reason this wouldn't work unless Virgin did something stupid like allocate the payment to the MT offer - they should always allocate to the debt with most interest.

As such, £1800 + £72 fee = £156 a month to repay in full before the offer ends - is that affordable for you? How much interest is charged on the balances at the moment per month and how much are you paying off?