which interest rate is better?

leni

FOR LIFE - 5.9% p.a. variable for all balances transferred in the first 6 months or 0% interest for 6 months?

I have £2500 on cards that I need to pay off and I've got that spread over 3 cards! Less hassle with 1, I suppose?

YorkshireBoy

leni wrote:

FOR LIFE - 5.9% p.a. variable for all balances transferred in the first 6 months or 0% interest for 6 months?

I have £2500 on cards that I need to pay off and I've got that spread over 3 cards! Less hassle with 1, I suppose?

You've answered your own question really, but read Martin's balance transfer article here...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,

If you do decide to go down the 0% route (I've replied to your other post), you'll have to make sure you go for a BT fee-free card otherwise you'll incur 3 separate BT fees.

Joe_Bloggs

If there are no fees for the balance transfer then the 0% is best. Quote your cards, limits and balances if you want help in picking a good card to go for.
With a 0% deal you would probably have to pay a minimum payment of 2 to 3% of the capital outstanding per month (say £75 for 3%). This would reduce the debt to £2500 -6*75 = £2050. You would then have to find another 0% card or negotiate a life of balance deal. You could try negotiating with your existing lenders for the best deal. Some money at x% is better than none at all at y% for them.
Generally you can't spend on a 0% card as purchases are charged at a very high interest rate and repayments are only applied to the original funds transfered at 0%. You can't afford to pay extortionate credit card interest rates. You can't afford to live beyond your means for extended periods.
J_B. (Check the specific terms and conditions, don't make assumptions.)