I currently have a Vanquis card. Credit limit £1000 and currently sitting at £940 used on it. Paying it off every month via minimum payment direct debit plus extra when I can. due to the high APR nothing really seems to make a dent in the balance. I have been pre-approved for some Capital One cards and wondering if it’s worth it to switch and do a balance transfer from Vanquis to a new one. (I’ll be honest that I am not good at working out interest rates etc so I am stuck with what to do!)
Capital One Classic Complete Card. 34.9% APR (so not much less than Vanquis 39.9%). 0% balance transfer for 4 months. 3% balance transfer fee
I also have the option of other Capital One cards but they are more credit builder ones (23%APR) and don’t have balance transfer option so thinking there’s no point considering any of those options.
Is it worth doing to balance transfer or should I just stay where I am and continue paying off Vanquis at the current rate?