Nationwide credit card- help- newbie

cashcred

Hi there,

I currently have £1,400 which i need to pay off. I was thinking of getting a nationwide credit card to pay this, as i can get a credit limit of upto £1,800.

I have roughly £250, disposable income after pay, but i need to swiftly pay the fee of 1,400 off.

I am new to credit cards, i would be able to pay off roughly £150 a month, but please can someone tell me how they work etc.

grumbler

Do you have to pay £1400 off immediately? If not, what's the APR?
Is it only Nationwide card that you can get?

cashcred

grumbler wrote: »

Do you have to pay £1400 off immediately? If not, what's the APR?
Is it only Nationwide card that you can get?

As soon as possible really.

grumbler

You have not answered the second question.
With Nationwide it will cost you 2.5%=£35 to withdraw £1400 and then about 2.1% every month if your APR on cash advances is 27.9%.

The minimum monthly payment is "...any default charges and interest due on your statement plus 1% of the remaining statement balance, or ... £25, whichever is higher."

cashcred

0% on balance transfers for 26 months
(2.4% balance transfer fee applies - minimum £5.00 fee)
0% on purchases for 12 months
Earn cashback - collect 0.5% cashback on anything you buy in pounds sterling
Unlimited commission-free purchases abroad
Representative Example:
15.9% APR Representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 15.9% p.a. (variable)



Here's the one i have applied for

grumbler

If you have another card you can draw cash from it, then transfer the balance to NW to avoid paying interest. If you don't have another card 0% on BTs is of no use for you. Neither is 0% on purchases if you have to pay £1400 off ASAP.

APR you quote is representative, i.e. yours can be higher. However, it's pretty much irrelevant as it's on purchases. I posted above the one I see for cash advances.

cashcred

so how much am i likely to be paying back a month? after i use the 1400

grumbler

How much you pay is entirely up to you provided that you pay at least the minimum payment.
And you don't need a university degree to calculate the minimum payment as per the post #4 above. For the full first month it will be
(1400+35)*(2.1%+1%)=~£45