0% Balances v Long Term Balances

cozasmom

I currently have about £14k on 4 different credit cards all on O%. I have been looking at transfering some onto long term balance at lower interest rate. I do have the option of anniversary balances at 0% on egg and Post office but transfer fee 3% and only 5 months interest free which means have to move again and then pay more balance transfers. One thing I am concerned about is due to current climate do you think eventually the lower rate on long terms balances will disappear and then we could be left with a restriction on 0% balances and end up paying high rates of interst. I know we dont have crystal ball but just wanted to discuss this with you serious money people out there. If I have to move at 3% twice in the year might as well get stability of long terms rate... what do you think....

readhead50

Of course a 3% fee for a 5 month 0% offer adds up to 7.2%pa, so I would always opt for a fixed for life if available between 3.9 & 6.9%. They are often available with no fee, but even with a fee, it's only once. The only exceptions to this being 12 months ish offers at 0%.

cozasmom

Many thanks - my feelings exactly - I have just been offered 5.9% from First Direct for 5 years. and Barclaycard 6.9% for life of the debt. Plus a couple of other options at 0% for 12 months- so will juggle with figures and see what comes out best. Thanks again.