Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • LTB77
    • By LTB77 13th Feb 18, 8:10 AM
    • 1Posts
    • 0Thanks
    LTB77
    0% Credit Cards
    • #1
    • 13th Feb 18, 8:10 AM
    0% Credit Cards 13th Feb 18 at 8:10 AM
    Morning, advice needed please!


    I have 20k spread over 3 credit cards, all now 0% cards following transfers, what is the best way to pay these off? I know 'Snowballing' is the most efficient way when dealing with %'s of higher or lower cards, but as mine are all 0% do I just try to pay off the lowest and then apply the 'Snowballing' method to the remaining cards, or do I pay an even amount to all 3 cards monthly?


    advice much appreciated.
Page 1
    • Nile
    • By Nile 13th Feb 18, 10:55 AM
    • 14,288 Posts
    • 14,251 Thanks
    Nile
    • #2
    • 13th Feb 18, 10:55 AM
    • #2
    • 13th Feb 18, 10:55 AM
    Hi, we move threads if we think theyll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email forumteam@moneysavingexpert.com.

    Ive moved your thread from the I wanna board to the Credit Cards board, where it is better suited.

    Regards

    Nile
    Hi, I'm the Board Guide on the In my home (includes DIY) and the I wanna buy-it or do-it boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. However, do remember that Board Guides don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of moneysavingexpert.com.

    10 Dec 2007 - Led Zeppelin - I was there. I wear my 50 (gold/red/white) blood donations pin badge with pride. Give blood, save a life.
    • zx81
    • By zx81 13th Feb 18, 10:58 AM
    • 16,832 Posts
    • 17,838 Thanks
    zx81
    • #3
    • 13th Feb 18, 10:58 AM
    • #3
    • 13th Feb 18, 10:58 AM
    I would focus on the one whose promo ends first. If they are similar, the one has the highest go to rate.
    • adindas
    • By adindas 13th Feb 18, 11:08 AM
    • 3,529 Posts
    • 2,192 Thanks
    adindas
    • #4
    • 13th Feb 18, 11:08 AM
    • #4
    • 13th Feb 18, 11:08 AM
    Morning, advice needed please!


    I have 20k spread over 3 credit cards, all now 0% cards following transfers, what is the best way to pay these off? I know 'Snowballing' is the most efficient way when dealing with %'s of higher or lower cards, but as mine are all 0% do I just try to pay off the lowest and then apply the 'Snowballing' method to the remaining cards, or do I pay an even amount to all 3 cards monthly?


    advice much appreciated.
    Originally posted by LTB77
    If you could still have a good chance to get 0% on BT card then apply a new one. But your current debt on a Credit card will be taken into the equation, so it might be difficult to get the new one.

    If you still have capacity in the current BT card, then move the highest interest + BT fee equivalent to the lower interest Creditcard.

    You will need to include the BT into the equation when making that decision as you still need to pay this amount.
    • msallen
    • By msallen 13th Feb 18, 11:19 AM
    • 806 Posts
    • 891 Thanks
    msallen
    • #5
    • 13th Feb 18, 11:19 AM
    • #5
    • 13th Feb 18, 11:19 AM
    If you could still have a good chance to get 0% on BT card then apply a new one. But your current debt on a Credit card will be taken into the equation, so it might be difficult to get the new one.

    If you still have capacity in the current BT card, then move the highest interest + BT fee equivalent to the lower interest Creditcard.

    You will need to include the BT into the equation when making that decision as you still need to pay this amount.
    Originally posted by adindas
    Ignore this "advice" as you're already paying 0%.

    You should either follow the advice above and pay more off the one that reverts to normal APR soonest, or else you could "stooze" by paying the minimum on them all and save up what you would have paid off into an account that pays you interest until its time to repay. However only do this if you're sure you won't be tempted to spend the cash you save.
    • adindas
    • By adindas 13th Feb 18, 11:35 AM
    • 3,529 Posts
    • 2,192 Thanks
    adindas
    • #6
    • 13th Feb 18, 11:35 AM
    • #6
    • 13th Feb 18, 11:35 AM
    Ignore this "advice" as you're already paying 0%.

    You should either follow the advice above and pay more off the one that reverts to normal APR soonest, or else you could "stooze" by paying the minimum on them all and save up what you would have paid off into an account that pays you interest until its time to repay. However only do this if you're sure you won't be tempted to spend the cash you save.
    Originally posted by msallen
    Mind to highlight which of my advice is wrong ??

    I am not advocating people to get more debt. But the OP has not mentioned when the 0% period will end. What about if it is less than three months (say)?

    If the OP could get a new 0% card it is the best of all alternatives as it will extend the period of paying no interest at all which might speed up the payment of the loan. But of course, it will need self-control & determination.

    I also mention that getting a new card is not easy as the current debt will be taken into consideration.
    Last edited by adindas; 13-02-2018 at 11:42 AM.
    • msallen
    • By msallen 13th Feb 18, 12:25 PM
    • 806 Posts
    • 891 Thanks
    msallen
    • #7
    • 13th Feb 18, 12:25 PM
    • #7
    • 13th Feb 18, 12:25 PM
    Mind to highlight which of my advice is wrong ??

    I am not advocating people to get more debt. But the OP has not mentioned when the 0% period will end. What about if it is less than three months (say)?
    Originally posted by adindas
    And what if its 2 years (say)? There is no reason, other than to attempt to justify your earlier comment, to assume it is such a short period when the OP says "all now 0% cards following transfers".

    There is absolutely no point in advocating transferring the balance and paying the associated fee unless there is a need to do so. That would be the polar opposite of money saving.

    If and when one of the 0% deals is coming to an end, if it is not able to be paid off at that time, then look for a new BT deal.
    • adindas
    • By adindas 13th Feb 18, 1:12 PM
    • 3,529 Posts
    • 2,192 Thanks
    adindas
    • #8
    • 13th Feb 18, 1:12 PM
    • #8
    • 13th Feb 18, 1:12 PM
    And what if its 2 years (say)? There is no reason, other than to attempt to justify your earlier comment, to assume it is such a short period when the OP says "all now 0% cards following transfers".

    There is absolutely no point in advocating transferring the balance and paying the associated fee unless there is a need to do so. That would be the polar opposite of money saving.

    If and when one of the 0% deals is coming to an end, if it is not able to be paid off at that time, then look for a new BT deal.
    Originally posted by msallen
    Two years (your assumption) paying no interest is better than 3 months (say), is it not?

    But there is no info on whether it is two years or 3 months. Like any other decision making, you will not apply the thing if it will not benefit you. I fully believe that the OP will be capable enough to arrive at a decision not to apply for a credit card if there is no benefit of doing this.

    How could you be so sure about BT Fee ??
    I currently have 20k+ spread around several CCs by doing BTs. All of them are longer than 24 months and I pay 0 (repeat zero pounds ) enough ??
    Some people here also got the same deal.

    Even there is a BT fee, if it is 0% interest for 2years(say) it is still better than paying interest on the CC if the )% introductory period has ended.

    If the OP could get that it will be saving him money in term of interest...

    But I have mentioned clearly I am not advocating people to get more into debt. But it will work for people with self-discipline, self-determination.
    Last edited by adindas; 13-02-2018 at 2:28 PM.
    • msallen
    • By msallen 13th Feb 18, 2:21 PM
    • 806 Posts
    • 891 Thanks
    msallen
    • #9
    • 13th Feb 18, 2:21 PM
    • #9
    • 13th Feb 18, 2:21 PM
    As you clearly avoided the main point, that there was no reason to suspect the OP was nearing the end of a 0% period (quite the opposite in fact), but instead restated "if the )% introductory period has ended" which has no bearing on this thread, I shan't be responding to you pathetic attempts at self justification any further. If you want to get a last word in to boost your ego by feeling you've "won" then go for it. Enjoy.

    To the OP - my apologies for the digression. I will just reinforce the point. Don't waste time and money on a balance transfer if you don't need to.
    • adindas
    • By adindas 13th Feb 18, 3:46 PM
    • 3,529 Posts
    • 2,192 Thanks
    adindas
    Ignore this "advice" as you're already paying 0%..
    Originally posted by msallen
    Just to remind you are the person who is being rude first without respecting other people opinion. By the end of the day, It is all about personal opinion. I have mine you have yours.

    I shan't be responding to you pathetic attempts at self justification any further. If you want to get a last word in to boost your ego by feeling you've "won" then go for it. Enjoy.

    If you want to get a last word in to boost your ego by feeling you've "won" then go for it. Enjoy.
    .
    Originally posted by msallen
    You are now being rude again using that wording.pathetic attempts

    Is there any reward/prize/money for it? if there was I would go for it. Otherwise, I will let you feel you win if it makes you feel better. Happy with that?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

107Posts Today

1,705Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin