Which credit card?

PinkPanther82

Hi everyone

I'm new here although I have often read the Forum before.
Just after a bit advice as maths isn't my strong point!

I have a Capital One card @ 34.9%
My balance is £500.

I also have a Vanuis card @ 34.9%

My question is, I will need to put my car insurance on the credit card next month. It's £390.

Should I put it on the Capital One card, which will take my balance to £890....... or do I put it on the Vanquis card which I owe nothing on?

Which way would I pay the least interest, if it takes me 2 months to clear one, or both cards?

Very grateful for any help!:D

PinkPanther

[Deleted User]

Your interest would be the same if they're the same rate. It may however make a difference to your total minimum payments depending on how they are calculated.

System

wouldn't the interest be the same either way? I guess one thing you could do is if you buy it at a certain date, you get 56 days credit free, so, if you can pay it off in 2 months like you say you could pay it off without paying any interest? I don't know how to work that day out, but it might be closer on one of them

PinkPanther82

Thank you both for your replys - much appreciated

blacksta

all the best

chattychappy

If they allow you to split the payment, then put half and half. Then clear the Vanquis part in full and you will benefit from an interest free period.

Actually you say you can clear the full amount in 2 months. Can you put it on Vanquis just after a statement date? Then it will be a month before the charge appears and you will get time to pay after that. If you clear in full there will be no interest.

(Assuming Vanquis works like other cards..)