2nd balance transfer but different rate = good move?

slobberchopsbrucie

I'd appreciate some advise.

I am paying off a balance transfer with Barclaycard 4.8% interest until repaid (£1360 to go).

They have recently offered me another chance to transfer a balance at 6.9% until repaid. I fancy going for this as my other card is charging 17.9% on purchases (£1230 to pay back).

I need to know if this would be a good move as I know interest mounts up until the cheapest debt is paid off. Can't quite get my head around the sums. Could someone please help me out with this?

Thanking you in advance.

Bokkens

If you have the second balance transfered to the same card you will have two debts on one card that are almost the same size.
If you pay only £100 per month to the card this will start to pay off the debt with the lowest interest rate ie.£1360 at 4.8%.
This would take nearly 14 months during this time the second debt (£1230 at 6.9% is going to have 14 months of interest added to it before your £100 starts reducing it you would have to pay in interest approximately £99 extra.

RavingMad

It's good in that both rates are low when compared to standard variable rates of normal cards.

Could you not get a new card and BT onto that instead?