Which offer should I choose?

sarahdh

Hi,

After a long time working hard and paying a lot of money off our credit cards. My husband has finally been sent a balance transfer off by Barclaycard.

The balance on his Barclaycard is currently £902.15 APR 27.9% :eek:

He wants to transfer his MBNA card balance £3364.86 APR 27.9%

He has a choice of two offers:

0% until August 2008, 27.9% after, 2.5% fee applies

6.9% until paid off, no fee

Any ideas which one is best to take?

CLAPTON

if he can clear the debt before august 2008 then take the 0% offer, if he can't then do the 6.9% offer

why does he transfer both CC debts to the new card?

sarahdh

Thanks,

It's not a new card, it's an offer from his current Barclaycard. I think he'll probably go for the 6.9% but I'm a bit confused how they'll work it out when he gets his monthly statement and minimum payment.

Also, when he pays money off the balance, which one will get paid off first. The 6.9% balance, or the 27.9% balance?

CLAPTON

they will subtract payments from the lowest APR component (i.e. the 6.9% ) and not the 27.9%

probaly best to clear the card first if possible ... can be BT it to the MBNA card? and then once the barcalycard is clear then BT back.

However simply BTing the MBNA to barcalycard will still save him interest

speedbird1973

Call Barclaycard and tell them you want to cancel.

Get put through to the "customer loyaly" dept (english call centre)

Tell them Barclaycard have given you a 0% offer for 12 months

Tell them you'd rather save the BT fee if

1) you can crystalise your existing Barclaycard debt at 6.9%
2) you can BT the MBNA debt fee free 6.9%

job's a goodun