Sorry, bit confused - Have I got this right please ?

Lynford

If I transfer:
1) Virgin CC
2) Barclaycard
3) Cahoot loan

Over to this M&S card

Then does that mean I pay nothing to transfer the balances, and for as long as the transferred balances remain, I only pay 3.9% interest on the money I have transferred.

(I will be cutting up the card so that I can't spend any more on it !!!)

Thanks for your help:D

gem4

Hi,
Have a look at the credit card calculator at http://www.whatsthecost.com/creditCard.aspx

I have a cahoot loan at 5.7% fixed interest which will end in 10/08.

To put my figures in the calculator with the minimum payment it says I will never pay it off and the balance will get bigger and bigger.:eek:
If I choose to pay the same payment that I make to cahoot now it will be cleared by 10/08 which is exactly the same date as my cahoot loan, so there would be little point in my moving the debt over.

If you are considering only paying a minimum payment you could end up with a similar scenario.

grumbler

Lynford wrote:

...does that mean I pay nothing to transfer the balances,

Yes - to transfer the CC balances. How are you going to transfer the loan balance?