2 cards repay 1 first or both slowly

robti

Hi parents have a credit card each on different accounts with lloyds one with £2000 and the other with £1000, they want them cleared but cant do it all at once so do they repay 1 first paying the minimum on the other or pay them both equally.

Hope you understand.

Thanks

themull1

What are the interest rates on the cards?

SimonD316

Normal advice is minimum payment plus £1 on the card with the lower APR, then as much as possible on the higher one.

robti

Hi thanks for the quick reply, sorry don't know the interest rates at the moment but they are both on the same Lloyds gold cards and repaying the same interest

CLAPTON

robti wrote: »

Hi thanks for the quick reply, sorry don't know the interest rates at the moment but they are both on the same Lloyds gold cards and repaying the same interest

if indeed they are paying the same interest on a 2,000 debt and a 1,000 debt then the APR of the smaller must be twice the larger

however best simply find out the facts

robti

Thanks gave them a call and they don't know the interest rates all they can tell me is they both have the same cards signed up for at the same time and both have the same credit limit

Robert