end of 0% balance transfer period?

smugbear2007

i have debts that I am going to get rid of due to the fact they are annoying rather than worrying. I transferred some balances from a few credit cards when I got offered 0% balance transfers for 12months and took a new card out and got 18 months 0% on balances transferreed to that card too. so now I have all my credit card debt on 2 cards 0% which expires in May2013 and July 2013 respectively.

I am to make regular payments on these to get these down rather than lump them off in 1 go.

My question is this. assuming i only make the minimum payments until the 0% ends,will the minimum payment jump after the 0% period ends, or would it just stay roughly the same but I would be paying less of the balance off as the interest is higher?
does the end of the 0% period ending affect the minimum payment?

thanks

chattychappy

smugbear2007 wrote: »

My question is this. assuming i only make the minimum payments until the 0% ends,will the minimum payment jump after the 0% period ends, or would it just stay roughly the same but I would be paying less of the balance off as the interest is higher?
does the end of the 0% period ending affect the minimum payment?

You have to refer to the T+Cs of your card, the summary box or even the back of the statement. Cards vary.

Most of mine are now something like: Minimum = interest + fees + 1%, minimum £10.

If yours are the same, then your minimum will increase because of the interest element.

No need to pay just the minimum, of course.