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Credit Cards which way to move?

Last post Wed, Feb 15 2012, 1:14 PM by fledge. 4 replies.
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  •  Wed, Feb 15 2012, 1:14 PM

    Re: Credit Cards which way to move?

    If £3000 was transferred to a virgin card at 0% does anyone know what the minmum payment would be each month? Tried looking on their website but it's not clear.

    Regards

    • Post Points: 5
  •  Tue, Feb 14 2012, 5:44 PM

    Re: Credit Cards which way to move?

    Depending on the provider it would be between 3% and 5% of the outstanding balance so yes it would be between £90 and £150 per month, but if it is interest free I would try and keep the repayment as high as possible and clear the debt as quickly as possible....even if it is interest free.

    You may also find that it is only interest free on balance transfers from only 1 card and not from multiple sources. if the money on the card comes from different sources you will likely incur interest on a portion of the balance

    • Post Points: 20
  •  Tue, Feb 14 2012, 5:02 PM

    Re: Credit Cards which way to move?

    Are you saying the minumum payment would be £150 a month?
    • Post Points: 20
  •  Tue, Feb 14 2012, 4:41 PM

    Re: Credit Cards which way to move?

    I think it is still 5% of the outstanding debt.
    • Post Points: 20
  •  Tue, Feb 14 2012, 4:27 PM

    Credit Cards which way to move?

    Can someone offer some advice?

    I have a 0% interest card for 20 months and want to transfer some money from another account onto it.

    Can someone tell me if i transfer £3000 what the monthly minimum payment would be? Does anyone know how this is calculated?

    Regards

    • Post Points: 20