Balance transfer

[white66]

Hi, I'm hoping for some advice. I have a few thousand pound on a credit card and the 0% is about to run out. I have a CC that is offering 2 deals- the first is 0% for 12 months the other is 4% for the lifetime of the balance. Which would be better I really want to tackle this debt instead of moving it around all the time

How quickly can you pay it off? If you can clear it in 12 months then I would go for the 0% deal. If you can't, what rate does that revert to after the 12 months? I expect it will be a lot higher than 4% and might well wipe out any benefit of the 0% period.

0% for 12 months.

Reason being your other card - the one the money is currently on - is likely to offer you a 0% transfer deal again if you don't use it for a while so if you had some balance left at the end of the 12 months you transfer it back.

I've done this a few times between cards.

I should say there's a small gamble that they offer you a 0% but I always have had it.

Thanks for your messages, I don't think I can guarantee to pay it off in 12 months then it's at 23% interest, but like you say I could probably transfer it back by then!