£1500 on my credit card... advice needed asap!!

magoo27

Hi,

I have £1500 on my barclaycard credit card which is due to run out of the 0% intro period.

Do I:

a) pay the £1500 off with savings I currently have
b) transfer the full £1500 to another credit card and pay the 3% transfer rate and pay it off in May 2009?!

Need to decide asap so I dont get charged the £17 interest, cheers!!

bethanyrayne

You will pay £45 if you transfer but have savings for an extra 12 Months you decide!

On an ordinary savings account after tax not a lot in it.

YorkshireBoy

magoo27 wrote: »

Do I:

a) pay the £1500 off with savings I currently have
b) transfer the full £1500 to another credit card and pay the 3% transfer rate and pay it off in May 2009?!

Assuming this is your only 'debt', run your figures through the stoozing calculator at:

http://www.stoozing.com/calc.htm

If you get a bigger limit than you need, and assuming it's an MBNA run card you're considering, you could even increase your savings account balance.

If you have other debts, don't bother with stoozing it. Instead, concentrate on keeping your credit file in tip-top order.