Would you use savings to pay credit card?

[positively9something]

I owe around 3 k my credit card (this was to help with me moving house not just being careless with money) I have got around 3 k in savings would you:

1. use my last bit of savings to pay off the credit card (then have no savings for emergencies)

2. balance transfer to a 0% card which will only cost me £21 but then I will keep my savings and pay the money back out of my monthly salary which will leave me abit short

3. pay back part of my credit card 1-2 k and still balance transfer and pay back a smaller amount per month out of my salary

2 or 3

Check how long the zero rate lasts for on the card you're transferring to.

Will you be able to pay it back out of your salary before the rate shoots up?

1. Then for the time limit pay as much as you can. Then 3.

I'd pay off the credit card with savings (you're probably paying more in interest on the CC than you're getting on savings) then put the money you would've been using each month to pay your CC back into savings.

What wally said

Use savings to pay off credit card. Put the money you would have paid the credit card company into your savings to build it back up.

With interest rates these days it rarely makes sense to have savings and debt.

I'm a card tart, changing from one 0% deal to another

Yes there is a transfer fee but this is usually less than a night out and I like having cash in savings for emergencies

My card balance is now less than £500 and I probably will pay it off at the end of this 0% deal but it was originally for a new to me car as my last car died, I needed one to get to work (shift worker in multiple locations) and it was cheaper than a car loan

Plus my savings are offset against my mortgage so it made sense

Interest rate on the card = Approx 20%
Interest rate on the savings = Approx 0%
its a no brainer

The credit card is 0% interest for 18 months so I will
Not pay any interest if I pay it back before then

I'm confused- if I've read this correctly- you've got 18 month interest free on your current card and you are considering transferring to another one?

Why?

Put aside whatever you can over the next 18 months and use it to pay what you can at the end of the interest free period and either pay the remainder with your savings or get another 0% deal.

No Bear the OP is saying she could transfer to a 0% card.

I'd do what Magpie says.

There's a good section on money saving expert about why it never makes sense to have debt and savings if you can afford to pay off the debts - mainly because you never know if your circumstances are going to change and if you cannot be able to afford a debt that is more damaging than not being able to use any savings (ie having a good credit rating can be useful in times of crisis).

Sorry for my horrible grammar there. .. currently multi tasking talking to overly excited 11 year old!

3 sounds safest to me. I worry,like Chunderella, that no accessible cash savings would mean you wound up dealing with emergencies by using the credit card. I also worry you might not be able to stick to the repayments under Option 2. Be very realistic about how much you can pay off each month,set up a standing order from your bank account to the new credit card and pay off the rest from your savings now. Moving house always seems to be more expensive than you expect. I calculate carefully what I need and then double it!

I would do 1. Then put the card away as your emergency plan.
I know you feel safe having savings, but if you pay the card off you have the option to use it again if shit does happen.
If it doesn't at least you saved the transfer fee.

I'd pay of around £1000-£1500 from savings. Then transfer rest to interest free card and pay it off monthly as much as I could afford without cutting back hugely.