Balance Transfer HELP!

Chris_O_2

Hey everybody!

Needing a little advice on doing a balance transfer and how it works afterwards. At the moment I have a Bank Of Scotland credit card with a limit of £2500 and available amount of around £25. Last month after having paid £50 payment, I recieved my new statement which showed of that £50, only £2.60 had came of the balance, the rest being interest. This was the first time I had a good look at a the statements and was shocked!!! :mad:
So I decided to have a look around at other cards and my best options involving a balance transfer. What I would like to do is transfer the balance of just under £2500 over the longest period possible at 0%.
What I would like to know is, do I still have a minimum payment each month on a new credit card, and if so, roughly what would that payment be????

Thanks for reading and look forward to hearing from everyone :T

Chris O

jwil

Yes, you will still have a minimum payment, and I think (though am not sure) that this would normally be 2-3% of the balance.

papalimabravo

You'll also have to pay a BT fee too.

ironlady2022

The Balance transfer fee will be a one off initial payment based on 3% on £2500, this would equate to £75 and if minimum payment is 5% then it would be £125 and it will dwindle down each month providing you do not spend on it. Applying and being successful in obtaining a 0% balance transfer card will be dependant on your yearly income, amount of debt, number of credit cards, limits on those cards, any overdrafts, late or missed payments. The latter 2 are a no go area really.

MFWannabe

You also need to think if you would be better of with a life of balance card instead; especially if you're not going to be able to pay off a 0% card in the 12 months or so interest free period