Minimum payments

bunking_off

Has anyone drawn up a table of the minimum monthly payments that each 0% card asks for?

I've noticed that these vary dramatically - Virgin (MBNA) seem to be happy with a fiver, whereas for a similar stooze pot the likes of Mint are wanting £100+ to be repaid per month.

Was playing with the figures yesterday, and noticed that for my particular circumstance (tending to BT £10k at a go, net gain is the 5.6% I save on my mortgage), for a 9 month BT this element is actually more material than whether there's a BT fee payable.

-For the cards which charge a BT fee, typically I have to pay the £50 cap, ie 0.5% of the stooze pot.
-For cards requiring larger minimum repayments, that can be 5% per month, meaning that by month 9 my stooze pot's only 66% the size of what it started life as.

The figures for the overall gain work out at a net gain of 3.4% with no BT but 5% minimum payment, 3.6% with a £50 fee but only a fiver repayment.


(Incidentally, on a 6 month BT the tables are turned at 2.4%/2.3% respectively)

YorkshireBoy

bunking_off wrote:

Has anyone drawn up a table of the minimum monthly payments that each 0% card asks for?

The only one that I'm aware of is at https://www.stoozing.com/0fees.htm

bunking_off

Thanks YorkshireBoy...that's useful but doesn't go into the degree of detail I was after. E.g. both Virgin & Mint are marked as 2.25%. However, the issue is 2.25% of what - there's nuances e.g. Virgin is actually the lesser of 2.25% or "interests & fees" plus £5. As a real example of the difference it makes, my Virgin card is at approx £10k and I have to pay £5, Mint £6500 and I have to pay £144.

I'd actually got my earlier analysis slightly out, because I was thinking back to the old days when some cards had minimum repayments of 5%. At 2.25%, it works out that a card charging £50 for a BT then wanting only £5/month repayment works out pretty much identical to a card not charging a fee then wanting 2.25%/month minimum repayment (for a £10k stooze, for my particular circumstances - yours will vary according to what benefit you get from your stooze pot)