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Barclaycard to 0% virgin
pnl452
Posts: 2 Newbie
in Credit cards
Hello, I'm looking for help on credit cards. I don't have any as I don't believe in debt, but unfortunatley my daughter has got her self into a bit of debt.
She has a £2000 debt with Barclaycard which has a purchase rate of 14.9% and a cash rate off 27.9%, I am going to pay £100 per month off it. I paid this months £100 but £23.84 of that is interest.
Does this mean that for every £100 I pay only £76 will be paid off?
Would I be better off with a Virgin 0% balance transfer for 16 months. I reckon if I pay £125 per month, I can pay the £2000 off in the 16 months.
She has a £2000 debt with Barclaycard which has a purchase rate of 14.9% and a cash rate off 27.9%, I am going to pay £100 per month off it. I paid this months £100 but £23.84 of that is interest.
Does this mean that for every £100 I pay only £76 will be paid off?
Would I be better off with a Virgin 0% balance transfer for 16 months. I reckon if I pay £125 per month, I can pay the £2000 off in the 16 months.
0
Comments
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Yes, you are correct with those payments. A 0% card would be much cheaper if you can get one!0
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Would I be better off with a Virgin 0% balance transfer for 16 months. I reckon if I pay £125 per month, I can pay the £2000 off in the 16 months.
Yes definitely better to go with a 0% card. Remember though you will be charged a BT fee of approx 4% i.e. £80 on £2K, though min repayments each month is modest.0 -
What a nice Dad you are. Hopefully she has really dealt with the issues that surround her getting into debt and she isn't going to just run up more for you to bail her out of?!Piglet
Decluttering - 127/366
Digital/emails/photo decluttering - 5432/20240 -
The BT fee is 2.98% which I reckon is about £60.Yes definitely better to go with a 0% card. Remember though you will be charged a BT fee of approx 4% i.e. £80 on £2K, though min repayments each month is modest.
Pitlanepiglet - she is/was a good daughter, but unfortunatley has got a undisirable new boyfriend.
One other thing is that the Virgin card say they can't transfer from another MBNA card. How do I find out if Barclaycard is MBNA0 -
Thats 20 quid saved straight awayThe BT fee is 2.98% which I reckon is about £60.
One other thing is that the Virgin card say they can't transfer from another MBNA card. How do I find out if Barclaycard is MBNA
They are different providers...so no problem. Look towards the bottom of this page of CCs and respective providers.0
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