Transferring Balances and Monthly Payment Workings

Melvyn

I'm looking to transfer some debt, but not the full amounts outstanding, from two credit cards onto two different ones to take advantage of cheaper rates - 20.95% APR is silly interest.

What I'm wondering is if I am going to end up paying four lots of big monthly payments instead of two in the month I do it - do the card firms work out again what you owe during the month depending on whats outstanding or will I end up paying what the current bill tells me I'm due to pay next time whatever?

Hope that makes sense, I can't afford paying nearly a thousand pounds out instead of about five hundred in one month. If thats the way it works is there a way of avoiding it?

Tixy

In the month you make the transfer you won't have anything to pay on the new cards - as the first statement won't be generated for usually 4weeks, and then you have around 3 weeks to make your payment.

Melvyn

Thanks that makes it a bit easier.

Id almost forgotten about the credit card debt until I had a look at the direct debits, frightening what it costs you.

Melvyn

Is there a best time of the month to do the transfer, I think it must be better doing it just after you've paid your bill?