How much will I pay in interest every month

[Wendy2]

I have a balance of �589 on my credit card. Apr is 13.9%. If I pay off the minimum very month which is 2% and the balance what will be the total amount I will pay in in interest every month. I really don't understand how it was as this is my first time of having a credit card and the interest free period ends by the end of this month. Thanks Wendy

[lisaj]

You'll pay about �6/mth in interest. �589 isn't that hard to earn, so pay it off earlier rather than paying the minimum payment - which will pay your bill off in around 5 years time when you've paid about double the bill in interest.

[Dave Potts]

There are so many interest-free credit card deals out there at the moment there's no reason why you should pay any interest at all at the end of your promotional period - just get another card and transfer the balance again. Check out the Motley Fool website for plenty of insightful financial tips and for a list of all the best interest-free deals currently on offer from credit card companies just click here - http://www.fool.co.uk/cards/cards.htm

[andy hughes]

Credit Card firm work on the basis that the majority of people are too idle to move their accounts,or pay them off. As Dave advises, there are plenty of firms who will give you an interest free deal if you transfer your balance to them - on the principle that you will stay with them because you'll be too idle to move again. beat them at their own game - keep an eye on the dates, and move your balance each time, and you should be able to clear your debt interest free.

[darth vader]

I've been doing it for nearly three years now and never paid a penny interest (have been as high as 6k debt at one time). The trick is to never miss a payment and always pay the minimum amount at least, to keep your credit record impeccable. Another snippet of info - most of them will allow you back (with the fancy 0% deal etc) if you closed your account with them more than 6 months ago. I have just got an egg card again, 2 years after i closed the account