Help Please - Some Techie Advice :)

NickX

Well it doesn't look as though there is a Minimum Interest Charge, so we are looking at 15.9% on the £15 charge.

Until November 2009 is approximately 14 months, so an estimate of the interest you will pay is :

15 * 0.159 * (14/12) = £2.78

This is a total figure and would be about 20p per month, so I wouldn't worry too much about this.

The 95% limit is the maximum that you can Balance Transfer. 95% of £600 is £570. So you are fine to Balance Transfer.

Lets say you transfer the £500, they add the £15 fee, so your total balance is £515.

Your Minimum Payment is the greater of £5 or 2.25% of the balance. 2.25% of £515 is £11.59.

£11.59 is greater than £5 so this would be your Minimum Payment.

Hope this makes sense.

computergenieuk

Thank you ever so much for all your help. Without any of the help you have all provided i would have been caught out. A huge thank you to you all

Rite well i think that all of it now lol.

Purchase £500 of goods on my LloydsTSB card transfer it to my Mint Card with the £15 fee my balance will show as £515, pay the minimum payment each month which you say is £11.59 but i will pay £15.00 each month then 1 month before the 0% offer finishes i will pay the remaining balance of £320 plus the interest on the 15% fee which is about 2.78 will so balance to pay on October 2009 will be approx £322 i beleive.

Now that seems very good going. I will pay 1 month before the offer ends so they cant say oh payment took longer to process so we charged you interest lol, you never know so i will do that to be on the safe side.

Rite anything you think i should check to make sure there are no more catches?, i think i have covered it all but as this is new to me maybe someone knows of another possible catch

Thank you

NickX

Just to say that I missed the fact that the 2.25% Minimum Payment is rounded down to the nearest pound, so your first Minimum Payment is £11 rather than £11.59.

I think you have it sussed. Crucial things are to make sure you make the Minimum Payment before the Due Date and that you repay the entire balance before the 0% deal expires.

Also as you know don't spend on the card, just use it for Balance Transfer.

Good Luck.

computergenieuk

Thank you, I think we could now say ..................


Case Closed! :T

KiKi

Sorry CGUK, I did get your message and only just had the chance to reply. I concur with NickX!

KiKi

computergenieuk

KiKi wrote: »

Sorry CGUK, I did get your message and only just had the chance to reply. I concur with NickX!

KiKi

It's Ok,

Thanks to all of you.

Nice to know that you also agree with KiKi two opinions are better than one.

Thank you,
CGUK

computergenieuk

Hi,

I have another question lol. I think it maybe another catch but not sure what it exactly means. Everything seems on board now apart from this i just noticed.

Mint says in agreement:

---

We charge interest on any interest you owe at the same rate which applies to the category of transaction on which the interest
was charged.

---

Basically the 3% fee which is going to be £15 and as they charge interest on the fee which we worked out would be about £2.78 interest by November 2009, but with that in mind when they say the above does that mean they will charge interest on the £2.78 (which is interest)?

Thank you,
Mat

NickX

computergenieuk wrote: »

Basically the 3% fee which is going to be £15 and as they charge interest on the fee which we worked out would be about £2.78 interest by November 2009, but with that in mind when they say the above does that mean they will charge interest on the £2.78 (which is interest)?

Interest on Interest means that they are compounding the interest. This is generally known as Compound Interest rather than Simple Interest where interest is not charged on the interest.

The APR is a compound figure, so we have already taken this into account by using the 15.9% APR figure.

computergenieuk

Thank you

You got a little concerned then, Just cant wait to get card now lol.

svensjr

Hi CGUK,

Just taken a look at my mint card statement and I'm not being charged interest on the transfer fee - perhaps the condition you mentioned is there to cover their backs, but not applied in practice...