Help please!

Miss_Spendalot_2

LiquidStool wrote: »

well, i've just found out that the APR is 16.9% I used the formulae above and i'm obviously an idiot because my answer is an daily interest rate of 125.74% - i'm kinda hoping thats wrong??:rotfl:

that is more like £1.25 a day ;-)

LiquidStool

Miss_Spendalot wrote: »

What is stopping you transferring you balance to another card ? If you just transfer the balance of £2715.81 then just pay off the remaining balance on the next statement date.
Not sure what your Apr is when the 0% offer ends but if it 16.9% and it has ended you will probably be looking at a minimum payment of around £38 ish If you wait until next statement date that is. Whatever you do though do not wait around for your next statement date to find another BT card..

Hey Miss_Spendalot.... you were bang on with the APR so if somebody can confirm your £38ish figure im sorted, thanks :-)

LiquidStool

Miss_Spendalot wrote: »

that is more like £1.25 a day ;-)

oh lolololololololool - i'll put away the loo roll then! so does your original £38ish figure still hold true?

Miss_Spendalot_2

LiquidStool wrote: »

oh lolololololololool - i'll put away the loo roll then! so does your original £38ish figure still hold true?

Probably about £38 ish for a month yeah :-) and about £1.25ish for a day..

LiquidStool

angelina7 wrote: »

Im in total agreement with Miss spendalot and Dixon, just open a new 0% card and transfer the balance across. No need to even speak to Tescos about it as from experience they will try and stop you moving. When your Tescos statement comes through pay off anything outstanding and then make sure you call them to close the account, and again they will try to stop you closing but be persistant.

Hey Angelina7

I have no annual fees on my tesco card, why would i wish to close the account? And is it true i can't transfer from say a mastercard to another mastercard?

Miss_Spendalot_2

LiquidStool wrote: »

Hey Angelina7

I have no annual fees on my tesco card, why would i wish to close the account? And is it true i can't transfer from say a mastercard to another mastercard?

Closing the account is a good thing to do so that you do not use it again as it will hold no benefits for you.. And you can transfer a balance to another mastercard as long as it is not from the same provider x

dixon-bainbridge

LiquidStool wrote: »

Hey Angelina7

I have no annual fees on my tesco card, why would i wish to close the account? And is it true i can't transfer from say a mastercard to another mastercard?

If you have a transferred everything to a new card and your Tesco one will now start charging you interest if you use it, why would you not want to close it?

Even if you don't use it and leave it dormant you will still have an amount of credit against your name - might make difference when applying for new credit, or it might not - I would close any unused credit card accounts if it was me

LiquidStool

Miss_Spendalot wrote: »

Probably about £38 ish for a month yeah :-) and about £1.25ish for a day..

So my monthly would be £38ish + £1.25ish a day? every day? so that would make my total monthly payment £75ish a month?? or am i not understanding this......?

Miss_Spendalot_2

LiquidStool wrote: »

So my monthly would be £38ish + £1.25ish a day? every day? so that would make my total monthly payment £75ish a month?? or am i not understanding this......?

No it is not £38 plus £1.25 a day if you calculate them they add up to about the same amount.. so it would be £38 if you hold out for the next statement. The £1.25 was a average daily charge..

LiquidStool

dixon-bainbridge wrote: »

If you have a transferred everything to a new card and your Tesco one will now start charging you interest if you use it, why would you not want to close it?

Even if you don't use it and leave it dormant you will still have an amount of credit against your name - might make difference when applying for new credit, or it might not - I would close any unused credit card accounts if it was me

ah i see your point about that..... but i do need a credit card that i can use to make purchases on and if im right, i shouldn't use my new credit card to make purchases if i've done a transfer? and would it be wise to clear my existing balance on my new card before i make the transfer?