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Balance Transfer
nelsonapril
Posts: 6 Forumite
in Credit cards
Can anyone help. I have got £9500.00 on a virgin credit card with 0% interest which is about to expire the end of next month. One of my other credit card companies the Halifax have offered me a balance transfer rate of 7.92% for the life of the balance with a 3% handling fee. Can anyone tell me roughly how much the montly payments on this would be.
thanks
thanks
0
Comments
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The monthly payments will be independent of the interest rate.
Transferring £9500 will create a bill of £9785 with a 3% fee.
Assuming you paid nothing this would cost nearly £800 a year in interest, reducing as the debt is paid down.0 -
Assuming no PPI, the minimum payment will be 1% of the balance, so around £98 per month...with only £36 coming off the balance (the other £62 being interest at 0.6372% per month).nelsonapril wrote: »Can anyone tell me roughly how much the montly payments on this would be.0
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