Is it worth the fee?

hampshirebabe

I'm not sure how to work this out, I've just got a new card with a £4000 limit. Its 4.9% life of balance and I want to switch some money from a card I've got which is 6.9% life of balance, but there's a 3% fee, which I make to be £120. I cant pay it off for a while, maybe a couple of years, is it worth switching?

Phoenix79_2

At 6.9% paying £180 per month, it will take 24 months to clear (£125.88 being the 24th payment). Total interest charged will be £268

At 4.9% paying £180 per month it will take 24 months to clear (£44.08 being the 24th payment) Total interest charged will be £183. Plus £120 BT fee = £303

I may be a few pennies out.