MBNA Balance Transfer 5.9%

flowery1

Hi there
Can anyone tell me what the APR is for this cards on balances done within the 60 days terms?

I want to transfer £6800 to this card and want to know what I will need to pay each month to pay off the balance within 4 years as from the research i've done it seems cheaper than a loan ?

Pls can anyone help.
Thanks

Husna

I was looking at the same card.

Its 5.9% for the life of the balance, and you DON'T have to pay WITHIN 4 years. You can go over 4 years.

Be aware, with this card you can't transfer balances from other MBNA cards, including Virgin.

rushal

Whats the minimum payment on the MBNA?

If its 2% then paying £136 per month, will be paid by Jan 2015

If its 2.5% then paying £170 per month, will be paid by Dec 2013

If its 3% then paying £204 per month, will be paid by April 2013

If its 5% then paying £340 per month, will be paid by Dec 2011

It really depends on your required min payment......

rushal

Ok, just checked its 1% of the statement balance.

If you were to just pay the min then it would look like this:

If its 1% then paying £68 per month, will be paid by Sept 2021

My advice would be to stick to the 2.5% per month which will give you a monthly payment of £170.

Obviously, if you can you should pay more than this...

JimmyTheWig

If it's 5.9% interest plus 4% super balance transfer fee then the APR will be more than 5.9%.
Ignoring compound interest, if paid off over 4 years it's more like 7.9% APR.

rushal

Whoops, fogot about the balance transfer fee.

Still, if you keep to the £170 you'll still pay it off before the 4 years are up anyway.