Which is the better offer?

[GMcxo]

Hi,

I know this is probably a silly question but the Halifax app doesn't explain things at all to make it easy! Which is the best offer for a balance transfer on a credit card? Looking to transfer £700 from my Halifax credit card to my Vanquis card.

Thank you.

0% for 12 months. A fee of 3% means a one off charge of £21 for £700.

My rough calculations show that 4.9% interest on £700 would be around £35 per year for 3 years, so £105 for the term. I haven’t taken into account any compound interest so you would actually be charged a bit more.

A better option can be found on this easy to use calculator for the best credit card for you

www.moneysupermarket.com/credit-cards/balance-transfer/

If you can pay the £700 off over 12 months, the first offer will be cheaper.

If you can't, the second one might be, depending on how much interest would be payable after the offer ends.