C
Cowzer
Guest
Hi,
The usual credit card debt story, I’m afraid, hoping you can help with my balance transfer confusion.
I was approved a few months ago for a second credit card (from MBNA), with a credit limit of 10,000 and a 1.9% balance transfer (six months) offer. Why didn’t I shop around for a 0% offer? Because I’m plain stupid.
I immediately transferred 5,000 from the first credit card to the MBNA card, but then made the fatal mistake of spending another 4,000 on the MBNA card. I’m now aware of just how stupid and costly this was, having failed (again, stupidly) to read the terms and conditions properly.
Since then I have been able to put 2,000 back in to the MBNA account (not a loan luckily, money I was due), which leaves it like this:
MBNA card –
5,000 owed on balance transfer (about three months to go)
2,000 owed on purchases
3,000 left for another balance transfer???
I still owe 2,500 on the first card, but I’m completely confused now about what I can do with the second card.
Is that 3,000 still available to me to do another balance transfer from the first card?
The interest on the first card is higher than the MBNA card, but obviously the interest on the MBNA purchases is highest of all (can’t remember the exact figure, but it’s scary).
Can any one advise me on the best course of action here, what should I tackle first? I’m completely confused.
Thanks for your help.
The usual credit card debt story, I’m afraid, hoping you can help with my balance transfer confusion.
I was approved a few months ago for a second credit card (from MBNA), with a credit limit of 10,000 and a 1.9% balance transfer (six months) offer. Why didn’t I shop around for a 0% offer? Because I’m plain stupid.
I immediately transferred 5,000 from the first credit card to the MBNA card, but then made the fatal mistake of spending another 4,000 on the MBNA card. I’m now aware of just how stupid and costly this was, having failed (again, stupidly) to read the terms and conditions properly.
Since then I have been able to put 2,000 back in to the MBNA account (not a loan luckily, money I was due), which leaves it like this:
MBNA card –
5,000 owed on balance transfer (about three months to go)
2,000 owed on purchases
3,000 left for another balance transfer???
I still owe 2,500 on the first card, but I’m completely confused now about what I can do with the second card.
Is that 3,000 still available to me to do another balance transfer from the first card?
The interest on the first card is higher than the MBNA card, but obviously the interest on the MBNA purchases is highest of all (can’t remember the exact figure, but it’s scary).
Can any one advise me on the best course of action here, what should I tackle first? I’m completely confused.
Thanks for your help.