Is it worth doing a balance transfer?

Smits

Hi, i stupidly signed up to a credit card with vanquis a couple of years ago when i was talking to the salesman for a while. I originally never had any intention on using it except in emergencies.

Anyway, in short i've spent my limit of £500 quid (not a lot i know) and now i'm working again i'm starting to pay it back at around £30 a month, if not more.

My question is would it be worth getting a balance transfer to save myself any money? A friend told me vanquis is really high interest at 39.9% APR and i shouldn't pay that for my first card.

Realistically providing i keep my job i will aim to clear the debt pretty quick.

YorkshireBoy

39.9% APR is an annual rate (that's what the A in APR stands for).
Being as there are 12 months in a year, the monthly rate (very approximately) is a 1/12th of this, ie 3.33%.

So, if you pay a 3% BT fee (cheaper fees are available) to transfer the debt to a 0% card, can you see that from month two onwards you're saving money?

Does that answer your question as to whether it's "worth doing"?

Foxy-Stoat_3

Why is it that your friend has told you the APR on this card, did you not realise this after signing up and receiving statements?

Just over pay on the card as much as you can, but more than £30 a month though.