Is this any good?

Supermom

Hi,
I'm a bit confused when it comes to credit cards, but like everyone I'm desperate to save some money!

I've been offered a rate 2.9% on balance transfers from HSBC, this is for 24 months with a 2.5% fee, I have £3000 on a barclaycard (standard rate)will I save money on this?

And how much would this cost me in interest if I was to pay it off in a year and how much in two??

Sorry for asking so many questions

Thanks

sarahs999

IT sounds like a pretty good deal, although will you be able to pay it off within the two years? If not you should look for a similar 'life of balance' card, where they keept he rate the same til you pay it off. Really need to know what yuor HSBC rate is - when you say 'standard', what do you mean? But the short answer is yes, you'll save money. Someone else will be along with figures, I'm sure.

Supermom

Thanks sarah999,

fingers crossed I can pay it off in a year, but would love to know what it would cost in interest over the one year and over the two to compare, if anyone can help with some figures that would be great, maths is not really my strong point.

Thanks

Supermom

anyone else?

YorkshireBoy

£135 a month for 24 months, roughly £90 interest.

£270 a month for 12 months, roughly £46 interest.


http://www.makesenseofcards.co.uk/calcpay.html

Supermom

Thank you!!!