Need some maths help please re: BTs

ti1980

I have been told by Monument that I can do another BT at 0% with a 2.5% fee. I can transfer up to £3400 and that would be at 0% until Jan 1 2007.
Alternatively I have 2 cards that are clear that I could use to do BTs, and they are 5.9% for 6 months with no fee and 1.9% for 6 months with a 3% fee capped at £75.

Anyone got any rough figures as to how much it would cost me for the 6 months before I decide what to do?

Thanks in advance.

nomoneytoday

ti1980 wrote:

I have been told by Monument that I can do another BT at 0% with a 2.5% fee. I can transfer up to £3400 and that would be at 0% until Jan 1 2007.
Alternatively I have 2 cards that are clear that I could use to do BTs, and they are 5.9% for 6 months with no fee and 1.9% for 6 months with a 3% fee capped at £75.

Anyone got any rough figures as to how much it would cost me for the 6 months before I decide what to do?

Thanks in advance.

£3400 x 2.5% BT fee = £85 charge, no interest over 9 months
£3400 x 5.9% = Approx £200 interest per year (flat rate)
£3400 x 1.9% = £64.60 per year int + £75 charge

I would go for the interest free, 2.5% BT charge as over 9 months thats all its gonna cost. The exact amount of interest and rate will depend on how much / how little you pay back monthly. Without that you can't work out total costs...

Me_Myself_2

Monument Fee £85 Interest £0 = Total £85 (for 9+ months)
5.9% card - Fee £0, Interest £100 (approx 6 mths) = Total £100 (goes up after 6m)
1.9% card - Fee £75, Interest £32 (approx 6 mths) = Total £107 (goes up after 6 m)

No contest - Monument wins.

BTW the difference is even greater, as I assume your other cards then revert to 'normal' interest rates.

ti1980

Brilliant, thank you both for the calculations.