Minimum monthly payments on 0% BT CCs

Darth_Calculus

Hi,

Does anyone know what the minimum monthly payments are on the 0% balance transfer credit cards?

Ideally, I would like to transfer as much as possible to a 0% card, and then pay as little off per month, so I can concentrate on paying down the remaining balance on the other cards I have.

I have looked at the websites for the Abbey and Tesco 0% cards, and I can't seem to find this information on there, and was hoping that if anyone had taken out these cards, whether they would mind posting this information, as I think its quite an important bit of information when determining which card to go for.

Sorry if this has already been posted, I had a look, but could not find anything.

Cheers, DC.

NickX

Darth_Calculus wrote: »

Does anyone know what the minimum monthly payments are on the 0% balance transfer credit cards?

Hi Darth_Calculus,

This varies from provider to provider. Usually it is between 2% and 3% of the outstanding balance.

However, MBNA operate differently and for all their cards the Minimum Payment is fixed at £25 duing the promotional period. I think this would be beneficial on your situation.

Check out this link to find the list of cards that are run by MBNA ;

http://www.stoozing.com/cards.htm

Hope life stays good on the dark side

Darth_Calculus

Thanks Nick, that is very helpful. :beer:

I should have also explained that I have a Virgin (MBNA) credit card which is coming to an end, and I would need to move the balance off of this, and on to another CC provider.

Is it only MBNA that offer a very low monthly payment? If I have an MBNA card, I dont think that I will be able to transfer the balance to another one, so if I am going for a non MBNA card, does this mean that I will have to pay 2-3% minimum payment?

I guess I could transfer to the Abbey, and have a few months at paying a higher amount, and then apply for another 0% MBNA card, transfer my credit limit from my Virgin card to this new card, and then transfer the debt back from the Abbey card to the new MBNA card. Is this doable?

NickX

Darth_Calculus wrote: »

Is it only MBNA that offer a very low monthly payment?

I believe that it is only MBNA run cards that offer this low monthly payment. The others all tend to be a % of the outstanding balance.

NickX

Darth_Calculus wrote: »

apply for another 0% MBNA card, transfer my credit limit from my Virgin card to this new card, and then transfer the debt back from the Abbey card to the new MBNA card. Is this doable?

Yes, you are allowed multiple MBNA cards provided they are slightly different (e.g. a Virgin card and an Alliance & Leicester card). They will also allow exactly what you suggest and move the Credit Limit across from one card to another, so I think this may be your best plan at the present time.

Darth_Calculus

Cheers Nick.

I have gone for a Halifax Plus credit card. Its 12 months 0%, but has a minimum payment of only 1%, rather than 2.25%, which equates to a £75 p/m payment difference, which I can use to reduce other debts.

I'll see about transfering back to an MBNA card in the next few months.

DC

NickX

Darth_Calculus wrote: »

I have gone for a Halifax Plus credit card. Its 12 months 0%, but has a minimum payment of only 1%, rather than 2.25%, which equates to a £75 p/m payment difference, which I can use to reduce other debts.

Good Call :beer:

I had forgotten that Halifax had reduced their Minimum Payments to 1% so glad you found it.

Good Luck.

Milarky

Darth_Calculus wrote: »

I have looked at the websites for the Abbey and Tesco 0% cards, and I can't seem to find this information on there.

So they've 'hidden' it in the Summary Boxes then?