What happens when my 0% deal ends?

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When my 0% Balance Transfer deal ends and if the amount is still on my card, what happens?

Around £5000 still remaining and the APR will be 16.9% (I think), so what sort of amount in £ interest will I be paying out after my first month of my new rate?
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  • LeeSouthEast
    LeeSouthEast Posts: 3,822 Forumite
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    If you only pay the minimum:

    It'll take you 568 months (that's over 47 years) to pay back £5,000 if you only pay the required minimum of 2.00% (£100). Over that period of time, you'll pay an additional £10,777.49 in interest (£15,777.49 in total).

    Play with your own figures here:
    http://www.whatsthecost.com/creditCard.aspx
    Starting Debt: ~£20,000 01/01/2009. DFD: 20/11/2009 :j
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  • DansMum_2
    DansMum_2 Posts: 948 Forumite
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    :eek: Stick it on another 0% card if you can!!!
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  • Any
    Any Posts: 7,944 Forumite
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    Your interest mothly will be (very roughly) £65...

    Try get another 0% deal.
  • GSXRCarlos
    GSXRCarlos Posts: 830 Forumite
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    definitely move it to another card, and get this one closed asap
  • unidentified
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    The minimum reqpayment has been quoted at 2% of the total balance, but they've only ever requested £25 a month.

    Am loathed to close it as it's a Virgin card and have heard of others closing then not being able to get one again. They seem to be a pretty good card with recurring deals too.

    What to do? Decisions decisions.
  • GSXRCarlos
    GSXRCarlos Posts: 830 Forumite
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    Ok, you can still transfer the balance to a new card, on a 0% deal, then keep your virgin one open, and treat it like a debit card, and pay off each month, therefore you won't incurr any interes at the 16.9% figure, and you can work on clearing the new CC off (don't forget you'll probably pay a fee of 3% on any balance transfer though)
  • Any
    Any Posts: 7,944 Forumite
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    It's Virgin? Why would you close it exactly? Noone advised you to close it.

    Virgin (and other MBNA cards) have the option the minimum payment capped at £25 which is great for people who find themselves in short term struggle to find any more - it's one of the very few cards that have repayment below 2%. Lee was only guessing as he had no further information from you.

    You can pay off as much as you want, £25 is only the amount you MUST pay off every month..
  • GSXRCarlos
    GSXRCarlos Posts: 830 Forumite
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    Any wrote: »
    It's Virgin? Why would you close it exactly? Noone advised you to close it.

    i did, just because i thought originally that they wanted a quick fix, but the OP wants to keep the card active

    hence my other post :beer:
  • Any
    Any Posts: 7,944 Forumite
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    GSXRCarlos wrote: »
    i did, just because i thought originally that they wanted a quick fix, but the OP wants to keep the card active

    hence my other post :beer:
    Sorry, I overlooked the end in your post.
  • unidentified
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    Well am unsure what to do, but open to advice.

    If I close, would be able to reapply again in 12 months time if I needed it, though may or may not get it.

    What does anyone else think? Keep it or close it?
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