Calling all you BT Guru's

Littlemiss-lotsofdebt

Hi guys

I've currently got 3 credit cards, one of which is 0% until January 07.

Virgin 2000 @ 13.9%
Barclaycard 2000 @ 21.9% and 4600 @ 12.9%

Virgin have offered me 0% for 9 months if I transfer a balance, and I was thinking of transferring the 2000 @ 21.9% from Barclaycard. This will cost me £40 transfer fee.

The plan is then to chuck a minimum of £250.00 a month at the Virgin as this will then be my highest APR, and pay Barclaycard the minimum payment.

My calculations are that my miniumum payments will be:

Virgin 2.25% minimum - £90 - plan to pay £250
Barclaycard 2% minimum - £92.00 - plan to pay minimum

Are my figures correct and I am barking up the right tree or just barking mad? lol

grumbler

You cannot transfer "£2000 @ 21.9%" from Barclays. If you make a £2000 BT you will have 2000 @ 21.9% and 2600 @ 12.9% left after this.

Cannot you transfer more? If your Virgin credit limit is not big enough, try asking them to increase it.

P.S.

• I assumed that you have one barclaycard with two different balances.
• If you transfer at least £4600 you can concentrate on repaying the most expensive 21.9% debt. Otherwise you cannot repay it until you finish with 12.9%.
• IMHO it is madness to draw cash from a CC, particularly such huge amonts and when you are not able to repay this balance until other less expensive balance is repaid...

dazed

Littlemiss-lotsofdebt wrote:

My calculations are that my miniumum payments will be:

Virgin 2.25% minimum - £90 - plan to pay £250

Possibly not.

Depends on your individual payment setup. They have up to 7 minimum payment calculations.

The 'norm' is fees + charges + interest = min payment or if less than 5£ minimum payment will be 5£.

you will pay the £40 charge in your monthly payment in your statement shown after you complete the BT.

Hope this makes sense ?