Capital One CC Maths Help Please

jet77

Hi,

Can someone help me work this out please?

I have a s/der cc on a ridiculously high interest rate of 34% with an outstanding balance of £1,750.

I applied for the 6 month 0% interest with Capital One with the intention of transferring £1.5k of the s/der balance over ... obviously paying the 3% fee!

Wasn't sure I was going to get approved, but I have been :T BUT the credit limit is £750.

Soooo my question is does it still work out better to transfer the £750 at 0% and pay off as much as I can in the 6 months despite the 3% fee.

Sorry if this is a no brainer, but going round in circles trying to figure it out!!

Thanks,

Jet x

[Deleted User]

No. You should transfer the £750 and then pay as much as you can off the remaining balance on the Santander card, whilst making min payments plus £1 on the Cap One.

Wyndham

I can try

1750 @ 34% is £595 a year, or £297.50 for 6 months.

If you use the whole of your 750, this would leave

1000 @ 34% which is £340 for a year, or £170 for 6 months.

your £750 transfer would be liable for a 3% fee which is £22.50. Add this to the £170 you're paying on the other £1000, and the total is £192.50.

£297.50 (what you'd pay if you do nothing) minus £192.50 (what you'd pay if you move £750) is £105.

Sounds worthwhile to me?