Which one to overpay?

lynseydee

Which credit card would I be better overpaying, one where the interest rate is 18.32% but I pay 2.5% of the balance every month or another card where the interest rate is 17.95% but only 1% of the balance is taken every month?

glawster_2

Neither, get a 0% BT card and balance transfer onto that, or if you can't pay back in a year get Barclaycard's 6.9% lifetime offer for balance transfers.

If you can't get new cards overpay both, if only by a pound, it's better for your credit rating. But if you must pay off the higher interest first, so the 18.32%

opinions4u

another card where the interest rate is 17.95% but only 1% of the balance is
taken every month?

Is the balance increasing on this card then? Or do you mean the minimum payment is interest plus 1% of the balance?

You might need to edit your signature too!

elantan

deff pay off the higher percentage rate but try and pay a bit more than the minimum on the other card as well ... if you cant transfer them that is

lynseydee

opinions4u wrote: »

Is the balance increasing on this card then? Or do you mean the minimum payment is interest plus 1% of the balance?

You might need to edit your signature too!

elantan wrote: »

deff pay off the higher percentage rate but try and pay a bit more than the minimum on the other card as well ... if you cant transfer them that is

Opinions4u, the balance is coming down slowly on that card and I do mean that my minimum payment is 1% of the amount owed.

I know I need to edit my signature, the reason I originally did it was so I could keep upto date where I was with my debt

Elantan, will definately pay off what I can extra off the 18.32% card. Have a couple of cards where I could see if I could transfer them to a better rate. Not sure if we could get any better deals with other credit cards but will look into it.

blacksta

Million dollar question -