30%apr to 27.5% what's the savings.

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Dandytf
Dandytf Posts: 4,820 Forumite
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in Credit cards
Cap 1 276@30% apr

Is it worthwhile t/ferrying to Tesco bank@27.5 apr.

Not a great deal of savings I think though I could then close Cap 1 card.

What other mser's think?
Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb

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  • molerat
    molerat Posts: 31,861 Forumite
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    £276 ?? The difference will hardly be noticeable, about 50p a month if the balance is not reduced.
  • Paully232000
    Paully232000 Posts: 2,108 Forumite
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    Also, is there a balance transfer fee to take into consideration?
  • Dandytf
    Dandytf Posts: 4,820 Forumite
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    Thanks for the replays which make sense, I didn't; get the chance to check balance t/ferr fee visa Tesco before I posted.

    I posted as I intend to bring both Cap 1 and Tesco to 0 balances if possible next 3mths.

    I think I maybe more motivated if I t/fer to Tesco and close Cap. Card as I've recently got a 1000 limit via Luma, it's my way of avoiding multiple high limits which I did have prior to 2011.
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Dandytf
    Dandytf Posts: 4,820 Forumite
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    Tesco 3% minimum balance t/fer fee.

    Is it more sensible to continue to pay off Cap 1 then close i.e. No balance t/fer required?
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • TheShape
    TheShape Posts: 1,779 Forumite
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    Dandytf wrote: »
    Tesco 3% minimum balance t/fer fee.

    Is it more sensible to continue to pay off Cap 1 then close i.e. No balance t/fer required?

    You'll pay £8.28 to transfer the balance. If you're paying it off in the next three months that will be more than you'd save by transferring.
  • Dandytf
    Dandytf Posts: 4,820 Forumite
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    thanks for all replys

    That's all my questions answered this evening.

    I'll continue to pay cp1 with intention of closing it approx 2-3 months.

    I set myself a 'limit' of no where near 1 months wage with total cc usage.

    At least ive managed to get into my emergency only mindset this year, e.g. 1 tyre Luma card. Approx 50 paid 1 or 2 months time.
    Cap 1 took the biggest use earlier this year during bathroom emergancy.

    Tesco card is 137 -25 minimum payment If I find extra 10 or more that will also reduce.
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Paully232000
    Paully232000 Posts: 2,108 Forumite
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    Dandytf wrote: »
    Thanks for the replays which make sense, I didn't; get the chance to check balance t/ferr fee visa Tesco before I posted.

    I posted as I intend to bring both Cap 1 and Tesco to 0 balances if possible next 3mths.

    I think I maybe more motivated if I t/fer to Tesco and close Cap. Card as I've recently got a 1000 limit via Luma, it's my way of avoiding multiple high limits which I did have prior to 2011.

    Not worth the transfer, just keep paying the card you currently have if you intend to pay it off in about 3 months.
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