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Minimum Monthly Payment

Tina_D
Tina_D Posts: 47 Forumite
in Loans
Hi,
I've been reading Martins tips on turning a credit card debt into a loan. I am just about to build an extension on my house and want to borrow approx £15000. I am unsure whether to go this way round or apply for the cheapest personal loan. I have applied for a m7s card in readiness. What I would like to know is, if I got it all right and ended up with £15000 on a m&s card at 3.9% life of balance how much would the minimum monthly payment be? The monthly payment is a consideration.
Thanks
Tina

Comments

  • mrcow
    mrcow Posts: 15,170 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    From their website, minimum payment is 3% so £450 per month.
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Just a small clarification: 3% of the current balance, so minimum payments will slowly go down every month.
    Also, I hope you understand that you cannot just use M&S card for spending. 3.9% is on balance transfers. You must use some other card(s) and transfer the balance(s).
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