CC question re. Capital 1 APR

iPeteM_2 · 11 January 2018 at 10:09AM

Hi there.

I currently have a Capital 1 credit card with a 0% APR, £1500 limit. I've maxed out the limit (I know) and am paying back the minumum every month. However, my 0% APR introductory rate is ending, going up to a 30% APR. Can you tell me what my minimum monthly fee will be now, if I keep my spending the same (i.e. don't repay any of the £1500)?

Also, I see 30% APR is very bad, which would be the best credit card to get, in order to bank transfer the £1500 debt to Capital 1, in order the repay the new card at a more reasonable level?

I know this is pretty irresponsible of me, I will work towards paying it off in the future. Your advice is greatly appreciated.

Thanks.

Dobbibill · 11 January 2018 at 10:20AM

Your minimum payment would depend on the T&Cs with Cap 1 - some cards are 1% plus interest & charges, others are different.

To keep spending would be foolish - if you use a CC, only put spending on it you would have done anyway with your debit card and then pay off in full.

There isn't a best card as such, any balance transfer card offering 0% promo offer would suit.

Have a look at the eligibility checker to see the likelihood of being accepted. (it is only a guide and never guaranteed)
https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=2.819185.1370069363.1515183781-1037682649.1480869123

There is normally a BT fee to do a BT though so make sure that isn't going to be more than the interest you would pay before it's cleared otherwise it is pointless moving it.

Don't beat yourself up about being irresponsible, everyone does things they reconsider in hindsight. How you deal with it going forward is more important and will define you/your relationship with money & finances.

iPeteM_2 · 11 January 2018 at 10:23AM

Thanks for the advice

A4445 · 11 January 2018 at 10:56AM

I've worked out the minimum to be around £48 a month, if the APR is 30% the simple rate is 2.2% per month plus 1%.

Candyapple · 11 January 2018 at 12:21PM

Why did you choose a Capital One card in the first place? Do you realise that they are subprime lenders?

Assuming that you have a poor credit history and Cap One were the only card providers willing to give you a card, then your chance of getting a further 0% balance transfer card elsewhere are slim to none. In which case, you had better look to pay off as much as you can until you clear the debt otherwise you'll find yourself clearing the minimum payment each month and paying a tiny amount off your debt due to the high APR.

As in post #2, enter your details into the eligibility checker to see what the results say.

BoGoF · 11 January 2018 at 12:27PM

If you can't get a balance transfer card you need to be paying more than the minimum or this will take you several years to clear.

tastyhog · 11 January 2018 at 3:40PM

Candyapple wrote: »

Why did you choose a Capital One card in the first place? Do you realise that they are subprime lenders?

Assuming that you have a poor credit history and Cap One were the only card providers willing to give you a card, then your chance of getting a further 0% balance transfer card elsewhere are slim to none. In which case, you had better look to pay off as much as you can until you clear the debt otherwise you'll find yourself clearing the minimum payment each month and paying a tiny amount off your debt due to the high APR.

As in post #2, enter your details into the eligibility checker to see what the results say.

maybe it was the only card with a 0% term that they could get and their plans to pay it back in full have failed for whatever reason.

what has being a subprime lender got to do with availing yourself of a 0% interest term?

vacheron · 11 January 2018 at 4:04PM

Candyapple wrote: »

Why did you choose a Capital One card in the first place? Do you realise that they are subprime lenders?

Wow, I was completely unaware of this. I had a Capital One cashback card a few years ago, good interest rate, high cashback and a more than decent credit limit.

Had you not informed me of this I would have spent the rest of my life in ignorance that I had a "sub prime" credit card on my file!

msallen · 11 January 2018 at 4:50PM

Candyapple wrote: »

Why did you choose a Capital One card in the first place? Do you realise that they are subprime lenders?

Really? I wonder if they know that I have a cashback card of theirs with an £18K limit.

SnowTiger · 11 January 2018 at 4:55PM

vacheron wrote: »

Wow, I was completely unaware of this. I had a Capital One cashback card a few years ago, good interest rate, high cashback and a more than decent credit limit.

Had you not informed me of this I would have spent the rest of my life in ignorance that I had a "sub prime" credit card on my file!

I think Capital One lost its way here in the UK a few years ago.

I remember when they offered about half a dozen cards with a mix of features: low APR, cashback, balance transfers and credit building.

Now they only offer two cards: one for bad credit and an unexciting balance transfer card.

What is a sub-prime card?

Aqua is considered sub-prime, but one of its cards offers .5% cashback on purchases and free foreign spending.

I have an old type Natwest Platinum card. It's platinum, so it must be a prime card.

It offers me no incentives to use it.

A4445 · 11 January 2018 at 5:46PM

I've got a Capital One non credit builder card £7250 limit. Standard APR is 19.9%. It offers 6.9% on balance transfers no fees for life of balance. They don't offer the card anymore.

I've also got a Natwest Platinum, it never offers me anything either, hardly ever use it!

CC question re. Capital 1 APR

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