0% Credit Card

[dan_almond]

Hi All,

I have a credit card with balance of X, wife has one with 1/2 X. Both effectively coming to the end of the 0% promotional period. Both card with different banks.

We are wanting to roll the dept over for another 30 odd months 0%, whilst also adding a few more thousand to it, to fund part of a house refurb.

Is it best we pay off both cards in full (which we can) and then take out 1 (or 2 if we need) to cover the total level of funding we need?

Conscious that if we apply for another card as we currently stand, presumably the bank takes into account current levels of debt, as well as current lending amount offered.

I welcome your thoughts.

Dan

[Classy6]

IMO it's a bit of how long's a piece string scenario with regards to current debt levels and applying for another card. Each lender has umpteen million things that they use to decide if your suitable for one of their products.

I imagine most would normally apply for another card and transfer the balance, typically incurring a fee of the total balance of approx 3%. Then most probably wouldn't be able to repay in full and have no choice.

Personally I think if you can afford to pay back the balance in full on both cards and apply for another card with a decent 0% period that would be cheaper option, especially depending on current debt levels ~3% fee on x2 cards it could be £££'s that could otherwise be spent elsewhere.