I think i may have made a mistake !!!

Roysterfivenine

I've recently applied, and been accepted, for the BA Amex card so i can take advantage of their 4.9% life of balane transfer policy.

My LloydsTSB Classic Credit Card from which the balance was transfered had a minimum payment of 2%, which made my current owings on the card quite easy to manage. But today i had a worrying thought. What if the AMEX card isnt 2% but 3%?? That would indeed throw a spanner in my financial sums each month, as of course my repayments will be higher.

So does anyone know what the minimum repayment percentage is for the BA Amex card?

I dont think the balance transfer has gone through yet (im going to check in a minute). But if it hasnt and some can confirms on this good board that it is indeed higher than 2%, would i be able to stop the transfer??

Gaaaah, bloody money

Thanks alot for your help guys, i really appreciate it.

.Roy

(PS: I know its not good to pay only the minimum but i was going to do so for 6 months, just to sort something else out first )

Lorian

http://www.americanexpress.com/uk/britishairpartnerpage/britishairways.shtml

Look at footnote 6 - bad news I guess.

Roysterfivenine

ahhhh !!!!!!, how did i miss that ??

I best phone them and see if i can stop it.

*sighs* trust me

Thanks again for your help

grumbler

Roysterfivenine wrote:

...My LloydsTSB Classic Credit Card from which the balance was transfered had a minimum payment of 2%, which made my current owings on the card quite easy to manage.

I don't think that it is correct to use good term 'manage' when you make minimum payments. Sorry, but IMHO making 2% min payments is the worst way of 'managing' your finances.

Roysterfivenine wrote:

...I best phone them and see if i can stop it...

Read my reply to the similar question and think again ...

YorkshireBoy

grumbler wrote:

Sorry, but IMHO making 2% min payments is the worst way of managing your finances.

I agree it's not 'good' grumbler, but if OP is snowballing higher APR debts elsewhere then it might be the best overall strategy in the short term.

grumbler

YorkshireBoy wrote:

I agree it's not 'good' grumbler, but if OP is snowballing higher APR debts elsewhere then it might be the best overall strategy in the short term.

Do you mean higher APR debt that cannot be transferred to 4.9%? If yes, then I can imagine such situation. However, this deserves more carefull consideration before desicion is made.

Roysterfivenine

grumbler wrote:

I don't think that it is correct to use good term 'manage' when you make minimum payments. Sorry, but IMHO making 2% min payments is the worst way of 'managing' your finances.Read my reply to the similar question and think again ...

Thanks for your reply, but i did say in my original post that i wasnt going to be paying minimum forever, it was just for a 6 month spell to sort something out and because i have worked it all out quite tightly, the extra 1% minimum payment could effectively rock the boat.

grumbler

I am sorry, I missed you Post Scriptum

Roysterfivenine

No problem, easy mistake to make

Anyway, no luck. It went through on the 1st of this month so no going back now.

Funny thing is that my previous LloydsTSB credit card hasnt been updated yet with the (what now should be) zero balance !!