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CC v "repayment account"
Mule
Posts: 74 Forumite
Hi
Just had a call from one of my CC companies offering me a repayment account. Not heard of this before - has anyone else? I am nearing my limit (£6000) on my CC and paying 15.9% purchases and 21% cash advance (have transferred as much as I can onto two low LOB cards and can only make min payments each month i.e. it's a struggle). The account will work as follows:
Current balance of £5700 transferred to repayment account
Current card reduced to limit of £100 (from £6000) - would cut this up anyway.
New interest rate of 11%
Have to make a minimum payment every month by s/o but can overpay at any time.
Does anyone else have experience of this type of arrangement? It sounds like a good idea to me. I'm pleasantly surprised they phoned up to offer it - after all it's less interest in their pockets each month.
Just had a call from one of my CC companies offering me a repayment account. Not heard of this before - has anyone else? I am nearing my limit (£6000) on my CC and paying 15.9% purchases and 21% cash advance (have transferred as much as I can onto two low LOB cards and can only make min payments each month i.e. it's a struggle). The account will work as follows:
Current balance of £5700 transferred to repayment account
Current card reduced to limit of £100 (from £6000) - would cut this up anyway.
New interest rate of 11%
Have to make a minimum payment every month by s/o but can overpay at any time.
Does anyone else have experience of this type of arrangement? It sounds like a good idea to me. I'm pleasantly surprised they phoned up to offer it - after all it's less interest in their pockets each month.
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Comments
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Sorry it's 11.9% for the repayment account.0
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Just realised this should probably be in the CC thread!! Don't know how to move it! Feel free .......0
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only moderators can move threads but you can delete all 3 posts on this thread.0
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Thanks homer!
How do I delete?!0
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