Should I balance transfer?

rosiedee

Hi Folks,
I posted this on the credit card forum earlier and basically the only reply was someone teling me I'm overspending! Tell me something I don't know. I've been a DFW since May and have already reduced debts by a fair bit. I'm trying to get my credit card rates down so I can pay the debt off quicker. MBNA is the last thorn in my side, all the rest are fairly low rates.




Join Date: May 2007
Post Count: 61
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Should I balance transfer?
At the moment I have £4500 on my MBNA card at 19.9%. I also have an Egg card credit limit £6900 with a balance of £5100 at 5.9% life of balance. They are currently offering me a balance transfer of 1.9% until August, which means I could transfer about £1600 or a little more to my Egg card. I have tried applying for another card with a LOB but was declined. Would it be worth doing this? Also I have two loans which finish in May and June which will free up just under £400 which I can then throw at the cards. Any advice would be gratefully received.

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Mozette

Definitely BT, assume you've checked you'll still get the good rate of course.

stapeley

Seems ok , but be sure to cut up the card after you transfer .

CLAPTON

any BT fees payable?

when you have both the LOB and the 1.9% which is is paid off with your monthly payment?

whats the APR after the 1.9% deal runs out?

roomontheend

IF you balance transfer even with the 3% fee it's still going to be better than the 19% you are currently pay. I would also set up a reminder to email yourself when it is about to finish. Best of luck