Vanquis Cards

iddeson

I pay mine and my husbands vanquis cards and we owe £3k on each card. I intend to pay £200 each month off each card and my question is; would I be better paying £200 off each card or say £300 to one and £100 to the other until the first ones paid off then pay all the £400 on the remaining card? Ideally I would transfer the balances to a lower interest rate card but unfortunately I can't get one!
Thanks

grumbler

If the interest rate is the same then it makes no difference as long as you pay at least minimum payment to each.

ETA: the minimum payment depends on your interest rate, but even for the lowest rate I see it is 3.5% that makes £105 for £3K balance.

YorkshireBoy

grumbler wrote: »

If the interest rate is the same then it makes no difference as long as you pay at least minimum payment to each.

There may be a benefit in making a bigger dent in the husband's debt though?

The OP has said she can't get another BT card. Maybe the husband can...once his debt is reduced?

Then again, with around £90 a month interest being added to each account it'll be a while before either debt is reduced significantly!

Curr946

Do yourself a favor and pay ever last penny you have to these cards. You must be paying some amount of interest.

iddeson

Thanks for your advice everyone. I think I prefer the idea of hitting one card first so I think I'll do that unless I get any better ideas.Thanks again, much appreciated.