Should I do this?

hulahoop09

Hiya

Okay so I have £300 on a cato which was on a BNPL and will shortly be charged to my account and also approx £150 of interest. I will then also continue to accrue interest til my account is clear. The interest is 49.9% apr (they put this up from when I first opened the account despite me being a good customer no missed payments etc). I have funds available on a CC which the apr is 2.078% per month. I have worked out if I paid the £300 item on my cato with the CC then I would be halving the interest approx and I would be able to clear in approx 10 months.

Would you recommend to do this rather than leaving for the cato to charge to my account charge the interest accrued then interest each month? I think I know the answer but need reassurance!! Lol.

Thanks!!

Little_Miss_Uni-Debt

Is there a fee for transferring the £300 over?

Work out the costs over 10months. Keeping it on the catalogue card vs transfer interest + transfer fee.

Go for the cheapest (then cut up the catalogue card! )

Barbeduk

49.9% :eek:. They are utter barstewards.

Def move the debt. Then close the account. Can you get a better rate on a new card?

hulahoop09

Its a home shopping cato the other stuff I will finish paying in one year, it made more sense to pay this amount on the card before they charge the interest. I would have paid it all off using the card but unfortunately I dont have enough funds available.

Thanks for the replies!