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Credit Card Shuffle - what to do
SparciaM
Posts: 586 Forumite
in Credit cards
Ok I have 6 Credit Cards, but need to shuffle them around to make the best use. See below:
Mint CC 0% for 9 months balance £1800 (limit £2500)
Egg CC 0% (runs out June) balance £2700 (limit £4500)
Amex CC 15% balance £700 (limit £1500)
Amazon CC 9.9% balance £700 (limit £7000)
Virgin CC 0% for 15 months (just applied, been accepted) limit: £4400
FD CC 5.9% for 5 years (pre approved and applied and accepted) limit: £3500
So, Obviously I need to move the Egg, Amex and Amazon balances elsewhere. Question is: Do I move all to Virgin for 15 months 0% and then in 9 months and 15 months time, try and get another card at 0% - or do I move 95% of £3500 to FD for the 5 year deal and the rest to the 0% deal?!?
I'm trying to look at the long run and the short run. I know I can't clear the balances off within 15 months, but can do it well within 5 years.
I guess I'm wondering if it's worth the risk to stay at 0% hoping that I'd get another 0% card in 15 months, or cutting losses and putting everything at 5.9% and not think about it.
My credit file is quite good - as I've never been rejected for a CC and my lowest limit on any card is £1500.
Mint CC 0% for 9 months balance £1800 (limit £2500)
Egg CC 0% (runs out June) balance £2700 (limit £4500)
Amex CC 15% balance £700 (limit £1500)
Amazon CC 9.9% balance £700 (limit £7000)
Virgin CC 0% for 15 months (just applied, been accepted) limit: £4400
FD CC 5.9% for 5 years (pre approved and applied and accepted) limit: £3500
So, Obviously I need to move the Egg, Amex and Amazon balances elsewhere. Question is: Do I move all to Virgin for 15 months 0% and then in 9 months and 15 months time, try and get another card at 0% - or do I move 95% of £3500 to FD for the 5 year deal and the rest to the 0% deal?!?
I'm trying to look at the long run and the short run. I know I can't clear the balances off within 15 months, but can do it well within 5 years.
I guess I'm wondering if it's worth the risk to stay at 0% hoping that I'd get another 0% card in 15 months, or cutting losses and putting everything at 5.9% and not think about it.
My credit file is quite good - as I've never been rejected for a CC and my lowest limit on any card is £1500.
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