HSBC Card :(

Karma

Hi :think:

I've almost managed to pay off my over-drafts but these aren't costing me much so I'm now going to concentrate more on paying off my HSBC credit card.

My card has a -£7000 balance (Yeah, I know it's bad and I'm stupid).

I'm trying to pay this card off with a payment of around £500 per month, but I'm getting nowhere because of their charges.

Repayment charge: £175
1.6% on purchases: £73
1.933% on cash: £63
Total charges: £311

So I'm only paying off £189 a month! I know I'm stupid for the purchases and cash but I do use the card at the end of the month if I'm running low.

I'm thinking about moving to a different card but I've no idea if the current credit crunch means I have no idea. If I could get another card, I've no idea which to look for.

Help! :mad:

ldn-100

If you are on the electoral roll, have a regular income and you have not been missing payments you find it easy enough to find another provider. As you have cash advance included in your balance it is essential to get the whole thing moved onto a 0% balance transfer card or a card with a long-term low rate.

CLAPTON

whats the repayment charge... are you over your credit limit...

Karma

The repayment is 2.5%, and I'm under my 9k limit.

Any thoughts on a good card?

CLAPTON

what is the 2.5% actually for ?... is it a one off are are you being charged it each month?

YorkshireBoy

Karma wrote: »

So I'm only paying off £189 a month!

Are you sure?

It looks like the £175 is the contractual 2.5% minimum payment on your £7,000 balance.

Because you've incurred £136 of interest, your £500 monthly payment is reducing the balance by £500 - £136 = £364, ie nearly twice what you thought, isn't it?

dhassen

What's this repayment charge? What's the minimum payment on the card?