Belfast Telegraph

Wednesday 16 April 2014

A question of money: What's the best way to pay off my credit cards?

Question: I have three credit cards with the same APR%. I pay £150 a month to each to cover the interest and a small part of the balance. What is the best way to pay off the amount I owe?

Answer: Virgin Money, Santander, Egg, Halifax, BT and Nationwide all do 0% balance transfers for existing credit card balances.

The lowest transfer balance fee of these is 2.98% with Virgin Money: the others charge 3%.

If you transfer all your balances to one of these cards, your repayments will pay off the balance rather than simply keeping track with the interest. It is important to avoid new interest charges by not using your new card for purchases or cash withdrawals.

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