Advice needed please

gormless

I'm a self employed engineer, but had all my tools stolen from my van. I can replace them with either an Egg bt at 1.9% with £50 bt fee now, or use an anniversary bt with 2.5% bt but 0% interest in june. The amount is around £8000. I can probably get by with borrowing stuff till june though will lose work, but would paying interest leave me better off in the long run. I can repay in full by august anyway.

thanks

YorkshireBoy

gormless wrote:

...will lose work...

This, in itself, should answer your question. However...

I can replace them with either an Egg bt at 1.9% with £50 bt fee now...

Making minimum payments until the end of July will cost you £37 in interest*. Add in the £50 BT fee and the total cost is £87. As a self-employed engineer, you'll make more than this in a day - won't you?

...or use an anniversary bt with 2.5% bt but 0% interest in june.

2.5% of £8K is £200.


* According to http://www.whatsthecost.com/creditCard.aspx

gormless

Thanks YB I'll do the transfer now. Much obliged for your number crunching on my behalf. You're a star :A