Would this balance transfer idea work?

[AlexCabot]

I've posted before regarding my debt free ambition and I have another, probably silly, question!

My current debts are credit card A with a balance of £1500 (limit £2700) and quite a high interest rate.

Also, three catalogues with a total balance of around £700 - also very high interest rates.

I'm currently snowballing using the debt payoff app.

I've been accepted for credit card B which has a limit of £4500 and a 0% balance transfer offer for 28 months.

My plan was to transfer the balance from card A to B as it will save me a lot of interest and I'm planning to have it paid off within 12 months.

Would it make sense to pay off the catalogues with card A and then transfer the whole balance to card B?

It would consolidate my debts and they'd all be interest free so I could pay it all off quicker.

Does this make sense? Thanks in advance for any advice, as someone who has spent their entire adult life in debt I'm trying to do this sensibly!

Yes it makes sense, do it

Makes perfect sense!!

Absolutely makes sense!

Yes because then all of your debt is not accruing interest.

A lot of places won’t let you pay off credit with another form of credit (unless it’s a balance transfer), so you might find you aren’t able to pay the catalogues with a credit card. You could look into a cash transfer from card A to your bank account, pay the catalogues with that, and then transfer card A balance to card B, but this would have more fees involved so might not be as worth it.

Well that was easy! Thanks, I've never had much money sense (clearly!) so I have been second guessing myself.

I shall do it!

I have checked and the catalogues do accept credit cards as payment.

Yes, definitely do this. That will mean all your debt would be set at 0% which will be quicker to pay it off. Good luck 🙂