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Confused
McFilly
Posts: 108 Forumite
I have a lower interest rate on my Alliance & Leicester credit card than on my Lloyds one but my monthly payments in relation to what I owe are higher? Why is this? I want to do a balance transfer as I have a low rate offer for 6 months on the A&L card but am put off by the fact that my monthly payments may be too much for me to afford. Can anyone advise whether I am interpreting this right please?
0
Comments
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Not all banks have the same minimum monthly payment rate.
My virgin card has a 1% mmp while LTSB has 3%
If i owed the same amount on each, i would be paying more on the LTSB card as their minimum rate is higher.
If you post up the balance, APR and balance transfer rate we should be able to tell you how much it will cost and from the mmp rate, what the payment would be. Don't forget that most cards only allow you to transfer up to 95% of the balance though.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110
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