Pay minium payment or more?

shedi123

Going to apply for another card now and intend on paying off my balance of 6k within the new interest free period. When applying should I, when filling out the application enter my monthly payment to be the minimum payment and then up it to what i actually intend on paying monthly OR enter how much i do intend on paying.
Basically what i'm asking, does telling the credit card company that you will pay the balance off in the interest free period effect their decision? They won't make any money from me as it would be paid off before they can charge me interest...

debtdestroyer007

that wont make a diff in the decision process at all

jonesMUFCforever

shedi123 wrote: »

Going to apply for another card now and intend on paying off my balance of 6k within the new interest free period. When applying should I, when filling out the application enter my monthly payment to be the minimum payment and then up it to what i actually intend on paying monthly OR enter how much i do intend on paying.
Basically what i'm asking, does telling the credit card company that you will pay the balance off in the interest free period effect their decision? They won't make any money from me as it would be paid off before they can charge me interest...

What about the balance transfer fee or does that not count?

shedi123

yes i know there will be the transfer fee but just wondered if the pay back amount effected the decision.

Paul_Herring

but just wondered if the pay back amount effected the decision.

In the grand scheme of things (i.e. the other things they look at like current credit available, current credit used, stability factors etc.) it's unlikely to make a substantial difference either way.

That said (and this is probably what you're asking for,) it's a coin toss anyway:
1) They may view a greater monthly amount more favourably, since it indicates you think you're able to commit more, and thus present a lesser risk, however
2) They may view the minimum payment more favourable, since it indicates that you may exceed the 0% promotion and end up earning them money after that.

But since all you're doing is expressing intent, they're not likely to place a greater weighting on this particular aspect of your application.

In short - it probably doesn't matter.