Can someone just check my maths please

[Deleted User]

Looking at paying off a Car Loan (balance at £2000, no penalty) with an IF life of balance card:
http://if.com/info/rates_other_products.asp#LifeOfBalanceCC

Im assuming that I can pay it off with the credit card?

Anyway, its a 4.95% card and im wondering what the interest would be on that per-month?

Now the min-repayment is 2% so thats at £40 + any interest.

Currently the loan is £101 per-month, does this sound like a good idea to do?

Thanks

kingkano

Are you intending just to pay the minimum repayment??

grumbler

Deathwish wrote:

Im assuming that I can pay it off with the credit card?

This could be more difficult than you assume. See Super BTs and Stoozing links in the blue box above.

Anyway, its a 4.95% card and im wondering what the interest would be on that per-month?

0.4%

Now the min-repayment is 2% so thats at £40 + any interest.

Minimum payment includes interest, although you can always pay more. With minimum payments it will take 186 months :eek: to repay £2000 and will cost £473 in interest: http://www.whatsthecost.com/creditCard.aspx

Danger! Avoid Minimum Repayments

[Deleted User]

I wouldn't pay just the minimum payment fee, rather a set fee for the duration.

I will look into those links and have a think.

Thanks