monthly payent

[blondieb]

im jiggling my finances round to reduce debt, and have managed to get a card with 0 interest for 9 months on balance transfers, if i transfer 3000 to this card what will the payments be a month
thanks

[Ethel]

I don't know - different cards have different minimum repayments.

What is the percentage for minimum repayment? If it is 2%, the repayment will be �60 per month, reducing slightly

[bednobs]

or if you wanted to pay it off before the interest free period finishes, it wil be 333.33 pm

[Ethel]

Better to put the �333.33 per month in to an interest paying account though.

[blondieb]

not sure what the minimum is but if its 60, its better than the 85 im paying at moment, after the 9 months are up ill change again, i cant afford to pay 333 a month , howeve from may when my bank loans paid i could afford to pay more maybe 150 a month

[blondieb]

thanks for the replys very helpful,

[Ethel]

blondieb - what credit card is it? I'll look on the website for the minimum payment rates.

Don't forget that you usually have to pay a fee to transfer a balance these days - usually 3% which is �90 on �3000

[raysparx1]

Not always the best thing to do, they will charge you a percentage for the balance transfer, sometimes you will be worse off. and remember never pay just the minimum amount, if you had �1000 on a card and paid the minimum amount it would take nearly 20 years to pay it all.

[raysparx1]

Snap Ethel. :-)

[blondieb]

its a barclaycard with interest free on bal transfers till july i do know its got a 3pcnt rate to transfer tho,

[Ethel]

There are 12 different barclaycards on offer - with different rates.

:(

[morelegend]

http://www.moneysavingexpert.com/


Look there for financial advice.

Very good for lotsa things.

D T H ?

[factor-fiction]

If you do a balance transfer make sure you cut your card up to stop you spending on it as you may incur high interest rates. This is because any payments you make will be set against your balance transfer amount first and therefore your purchases will incur interest.
Good luck with your startegy but unless you pay some more of the balance off each month you could come unstuck eventually.