Credit card balance transfer Q/help please?

[DeficiencyDeficient]

I have balances spread across three cards. The interest free periods end this month, tesco ends tomorrow.

Santander - this balance isn't interest free at the moment.
Limit 10,100
Balance 4048.49
Current monthly payment 150

Tesco
Limit 8,800
Balance 2,401.52
Current monthly payment 30

Halifax
Limit 11,500
Balance 9,244.61
Current monthly payment 100

My question is, if I move a balance from one card, that amount becomes interest free, but the previous amount doesn't. If I move the previous amount, will it move that 'old' portion of money and not the new balance, leaving the old one there to accrue interest?

How do I move this money around in the best way please? And maybe spread it a bit better to get the best from the minimum payment amounts? I fucked up on that last year. If possible I'd like to reduce the min payments so I can overpay on each and get it cleared.

Thank you for any help 🙏

It may be simpler and cheaper to refinance them all into a personal loan. How long have you been servicing the debt?

A bit over a year.

The main thing I need to know is if the amounts are separate to each other.

So if I move the Tesco balance to the Santander, can I then move the 4084 to tesco and leave the just transferred 2401 there and they both then have no interest for a year?

Then move the Halifax balance from Halifax to the other two.

I need to look at what will be best where because of amounts left on the cards.

But all three are offering 0% for a year. I just need to jig it about.

I just looked at a loan on my bank app, I'd be paying more per month and an extra 2-2.5k than if I just balance transfer next year too, if I can't get it paid off in the next year.

any money paid to a credit card balance is used to pay off the most expensive debt first

Can i move
Santander to tesco
Tesco to Santander
Split Halifax between Tesco and Santander?

Thanks but that doesn't help me with what I need to move where.

Your welcome, I won’t bother next time

Yeah I wouldn't either if I wasn't answering the question asked 🤷‍♀️

I’m surprised anyone will help you if you’re that rude
if you use your brain to think about my answer you will realise how it can help you rather than expecting people to wipe your bum for you

Hiya, so this is how it works, IME

Card one, you have a balance of £1k on 5% interest. They offer you a 0% deal on £2k (because you have enough credit limit).

So say you move £1k on their 0% offer you will now have 2 balances on that one card:

Balance 1 £1k @ 5% interest, you'll be charged this every month until it's paid off
Balance 2 £2k @ 0% you'll be charged the minimum payment every month but no interest (until the interest free period is over)

So your monthly payment will be amount 1 (£1k) min payment, card 1 interest (whatever 5% is) and card 2 min payment but no interest

Let me look at all your balances now and see what I think.

Don't forget to factor in the transfer fees too, usually around 5%. That will be several hundred pounds on these balances.

I'm not quite sure what you are asking. If your accounts are still showing that you can do a 0% balance transfer then you can. That is not the same as the existing 0% deal you have ie if your deal finishes in June 26 it doesn't necessarily mean you can do further 0% transfers to that card until that date. You need to check with the card provider, if it's not obvious on your app etc.

Santander - this balance isn't interest free at the moment.
Limit 10,100
Balance 4048.49
Current monthly payment 150

So this is the one you need to move to interest only ASAP. You have enough of a limit to move this to your Tesco card. Bear in mind the fee will be 3-5% to transfer. But then you should add the £150 a month payment to the Tesco payment, making your Tesco payment £180 a month but all on 0%, meaning it will repay £180 per month of the capital. You'll need to work out the amount you'll need to pay per month to pay it off in the interest free period.

Tesco
Limit 8,800
Balance 2,401.52
Current monthly payment 30

As above, move Santander balance here.

Halifax
Limit 11,500
Balance 9,244.61
Current monthly payment 100
Is this on 0% or not? If so leave it or up the payments if you can.

Thanks, I just have to suck that up.

My current 0% periods are expiring.

You asked

Can i move
Santander to tesco YES AS MY PREVIOUS POST

Tesco to Santander YES BUT ONLY IF YOU HAVE A 0% BALANCE OFFER WHICH YOU PROBABLY DON'T AS IT'S NOT ON 0% RIGHT NOW

Split Halifax between Tesco and Santander?
WHAT'S THE POINT IF SANTANDER ISN'T ON 0%?

Thank you

All three 0% balance transfer periods expire this month, as I balanced transferred in October last year. This is why I need to jig them all around.

Sometimes you'll move a balance and have no 0% deals but give it a week and one will suddenly appear on your account.

So in your position I'd be looking for another 0% deal to move the Halifax one to. Or 2 cards, you can split the payments. So if you get an M&S card, for example, with a £5k limit they'll let you transfer a percentage (not the whole £5k usually) so you could transfer £4.5k of the Halifax balance there and then get another 0% card to transfer the rest of that balance. Halifax don't care, they just want the balance paid off.

Make sure you have direct debits set up for the min payments (or more) on all of them because if you default at all the 0% is over.

Ah, I see what you're saying now, your Tesco 0% expires as well in October?

Ok, in which case don't move the Santander one there!

You need 3 new 0% cards I think. Or move one to another card and see if a 0% deal pops up on the card that now has a zero balance, that can happen.

Santander are offing me a 0% balance transfer

Get another 0% transfer balance card, move one existing (1st) to that, then the second existing (2nd) to the first (1st), etc.

I don't know but don't think it will be possible to swap back and fore between two cards and get the 0% balance transfer both ways on part transfers, read the small print?

I think 3 x new 0% cards are the answer OP. Or more if you can't get the credit limits you need and split it across as many as you need to.

Bear in mind sometimes banks have the same licences so won't let you move amongst each other, eg Origin and Vanquis, see here

https://www.uswitch.com/credit-cards/guides/who-owns-your-credit-card/

So if Santander are offering it'll work as per my first post:

Balance 1, with interest = £ per month
Balance 2, 0% = min per month until the 0% expires

But you ideally want to move the interest balance to somewhere with 0%!