Really 0%?? Help!

Charliebear84_2

Hi, We need to do a balance transfer ASAP as we have left it too long and are now being stung with interest. Anyhow, having found the list of 0% BT cards we are stumped at the minimum payment small print. We fully understand there needs to be a minimum payment on the new BT card but if it's 0% interest for X months why then does it say minimum payment PLUS £5-£25 or X% ???? So confused! Can anyone help us understand please. Thanks:)

Hazzinho

I never even bother reading that section, you will pay whatever the minimum payment is without interest getting added during the promotional period (seems to be around 2% balance), you will save money regardless of the minimum payment. Be careful which card you get, if it's just BT only you'll get interest added to any purchases you make. I generally use Halifax and Barclaycard who offer 0% on BT and purchases for the duration. Also make a note of the BT fee, it will be around 3% of your BT balance.

kloana

Charliebear84 wrote: »

Hi, We need to do a balance transfer ASAP as we have left it too long and are now being stung with interest. Anyhow, having found the list of 0% BT cards we are stumped at the minimum payment small print. We fully understand there needs to be a minimum payment on the new BT card but if it's 0% interest for X months why then does it say minimum payment PLUS £5-£25 or X% ???? So confused! Can anyone help us understand please. Thanks:)

I've noticed that many long-term 0% deals do require a minimum £25.00 payment (or more if £25.00 exceeds 3% of the balance, but obviously less if your balance is less than £25.00).

For example on an MBNA/Virgin card, which I used to have, if you have a balance of £500, your minimum payment will be £25, even though 3% is only £15. My Tesco card does the same, but I always pay it off in full anyway.

It's still interest free.