Which balance transfer deal

[Floordilemma]

I have approx £5k credit card debt.

Been paying minimum for years, which the occasion top up.

The only time the balance has increased in the last 4 years is when I've done a balance transfer and got a 4% fee (approx).

My 0% is up end of this month. Am I better off with:

• 0% 33 months 2.9% fee

• 0% 22 months no fee

I'd like to pay more than the minimum to get it cleared, but the way things are financially at the ,moment I'm not sure how possible that is.

Sorry for the formatting, my phone is going mad.

I'm edging towards 22 months, saving £145 on fees. But worried about what 0% deals will be available in 22 months.

Is £145 more or less than 11x your monthly minimum repayment?
My minimum monthly payment is £25 a month on all 3 0% cards i've ever had, so that £145 would have been spent after 6 months into the extra 11 months of 0%, meaning you get 5 months extra at minimum payment without interest.
I'd definitely take the 33 months personally.

How much do you pay off each month?

Personally I would go for the zero fee as probability is there will be another zero fee available when it expires, as there usually is somewhere. Plus your balance will be less so the impact of a % transfer fee will be less.

This, but check the minimum payment for each if your budget is really tight. However if you can only pay the minimum This won't clear all the balance in even 33 months, minimum is usually between 1 and 2.5% of the balance so even if you pay 2.5% by standing order to keep the payment level you'd only pay off half to three quarters depending on which deal you take. And I you pay the minimum by direct debit it will reduce and you'll barely make a dent in the balance.

Can you increase your income, sell anything, cut other costs or try other tweaks to make a little extra money to pay the balance down? Eg transfer your bank account for free money? Look on Moneysavingexpert.com for detail.

However, you will probably be able to get another deal, they've been around since before the 2008 crash so won't necessarily go away just because interest rates are rising. Banks make money due to the fees and people not bothering to switch again at the end of the deal but if you're on it, there's usually no need to pay any fees or interest to use credit cards sns and in fact can make quite a bit of money out of it if you know what you're doing.