0% interest about to end with barclaycard

millertime_2

ok, so my interest free is due to end in april and i need to work out how ill pay the interest back

its 18.9%, so i know thats split over the 12 months

my question is...do i pay my minimum fee (say 2.25% i think it is) and interest is added to the balance thats left, which i pay 2.25% of next month, or do i pay the 2.25% each month as WELL as (18.9%/12)?

thats gonna fair add up!

SeduLOUs

If you can't clear if in time the best (cheapest( thing to do would be to try and get a different transfer card that you can move the balance to instead.

thebritishbloke

How much do you owe and how much can you afford to repay each month?

YorkshireBoy

If you've been carrying an interest bearing balance since your last statement (ie the 0% rate ended on the previous statement date), then very roughly you will incur 1.5% interest on the average balance that month.

This will be added to your last statement balance and your minimum payment will be the greater of:

2.25% of the new balance, or

1% plus interest of 1.5% (1.5% being roughly a 1/12th of 18.9% APR)

So your minimum payment will be 2.5%, it being greater than 2.25%

Expect your balance to remain pretty static unless you pay significantly more than 2.5% each month.

As above, if at all possible get it transferred to another 0% BT card. Even if you pay a 3% fee, you'll be 'in profit' after 6-8 weeks.

PeacefulWaters

Do you actually have a plan to clear the debt at some point?

Thrugelmir

PeacefulWaters wrote: »

Do you actually have a plan to clear the debt at some point?

Starting now may be the best approach.