Merge balances or keep separate?

twinkletoes221289

Hi, looking for some advice regarding 0% balance credit cards.

I have a Barclaycard with a balance of £3053. I am paying £105 p/m and will clear the balance at approx June 2028 (before the 0% period ends).

I also have an M&S credit card with a balance of c£1300. I pay £100 p/m and will clear the balance at approx February 2027 (again before the 0% period ends).

HSBC have offered me a balance transfer card at 0% for 35 months. Am I better to merge both amounts of debt to the one card or keep them separate and continue paying as I have been?

eskbanker

'Better' in what way?

twinkletoes221289

https://forums.moneysavingexpert.com/discussion/comment/81872112#Comment_81872112

I suppose from a credit score perspective. I know by keeping the balances separate I’ll clear them quicker. But do lenders view it more favourably if all debt is combined?

GrumpyDil

Assuming there is a balance transfer fee surely you'd be better off not having to pay that .

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81872125#Comment_81872125

Surely it wouldn't make any difference to how long it takes to clear the debt if all three cards would be at 0%, unless you slowed down on the larger card simply because you could?

Lenders will generally be interested in total debt, total available credit, and affordability, so rearranging the number of cards won't affect their view of your situation, although it would be seen negatively in the short term while you had access to more credit in total.

twinkletoes221289

https://forums.moneysavingexpert.com/discussion/comment/81872147#Comment_81872147

No B/T fee.

grumpy_codger

https://forums.moneysavingexpert.com/discussion/comment/81872197#Comment_81872197

Sure?

Regardless, "Balances can’t be transferred from all cards, for example those issued by members of the HSBC Group, including HSBC UK, first direct and M&S Bank." - Balance Transfer Card | Interest Free Transfers - HSBC UK

martinbainbridge1975

might be worth checking the fee, usually 3.49% with HSBC