Can someone please work out some maths for me

ti1980

Hiya everyone, thanks for reading.

Its almost time for me to move some balances around again, they are going down much faster than my pre-MSE days so I'm very grateful.

I have some options on the cards I own now and would like some advice before I go ahead and do some BTs.
How much interest will I pay on the following transactions?

1. A BT of £5000 to a card that is at 5.9% for 6 months with a fee of 2% (no cap), the min payment is 3%.
With this one, I intend to pay it off by in full when the 6 months is up.

2. A BT of £5000 to a card that is at 1.9% for 6 months with a fee of 3% (capped at £75), the min payment is 3%.
With this one, I intend to pay it off by in full when the 6 months is up.

3. A BT of £5000 to a card that is at 5.9% for the life of balance with a fee of 2% (no cap), the min payment is 3%.
With this one, I intend to just make the min monthly repayments for now, until all my other cards are paid off. This one will probably take 18 months to clear.

Thanks in advance for your help. :beer:

grumbler

http://www.whatsthecost.com/stoozing.aspx

P.S. After re-reading your post I think this calculator suits you better: http://www.whatsthecost.com/creditCard.aspx, although you can use the first one with 0% savings interest rate.

ti1980

Hi, thanks for that.
One thing is that I don't know how to calculate how the fees affect the payments and it won't let me do that with those calculators.

grumbler

AFAIK usually the fee is added to the balance, so you cannot transfer the full credit limit. The first payment is the fee plus (in your case) 3%. The next payments are 3%. I am not sure that this is correct for all CCs though.