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Posts: 1
Registered: ‎08-09-2017
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0% interest but don't know where to begin with repayment

 
All 4 of my credit cards right now have 0% interest and none of them have interest that hits before June 2018. The June 2018 one also happens to be the one with the smallest balance. Balances are Quicksilver, $8400, Barclay Priceline $6000, Cap. 1 Spark $3000 and Chase Slate $2500. I have an extra $550 a month after paying minimums to apply to balances. Should I focus on one at a time or should I just spread an equal amount across all 4 so they all drop lower each month? And if one at a time which balance first? Should I pay off Quicksilver then move other balances there when offered another 0% interest offer. I'm so confused. The $8400 card's interest kicks in February 2019. 
 
Don't worry I've learned my lesson, I've stopped using them as of last week  And I don't plan on getting myself into this mess ever again. Any advice please and thank you! 
Established Contributor
Posts: 616
Registered: ‎05-05-2017
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Re: 0% interest but don't know where to begin with repayment

If you're paying 0% now you probably want to knock out the one where the APR kicks in earliest so you're still paying no interest when it does. Then do the next one. Try to beat the grace period on zeroing those balances.
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Posts: 422
Registered: ‎04-26-2017
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Re: 0% interest but don't know where to begin with repayment

[ Edited ]
If you're able to pay off all debts before APR kicks in, I would start with the lowest balance.  If not, I would start with the highest APR.  Now if you have good self control, pool the money into a high interest paying checking or savings account, then make your decision in May 2018.

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