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0% credit card

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stevie54
stevie54 Posts: 1 Newbie
in Credit cards
How does this work.say I owe 5000 on a card.and pay only the min each month.which is no good what do you have to pay if transfered to 0% card.or it better getting a loan.please help just can't get my head round it.

Comments

  • plumber2009
    plumber2009 Posts: 304 Forumite
    You would still need to meet the minimum monthly payment however with a 0% offer you would be best paying as much off the balance as possible during this period.

    One the 0% offer expires then either move to another 0% offer or transfer to a loan, which ever is cheaper.
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    stevie54 wrote: »
    How does this work.say I owe 5000 on a card.and pay only the min each month.which is no good what do you have to pay if transfered to 0% card.
    Making minimum payments is never good - whether it's a 0% card or not. You have to pay as much as you can until you clear the debt.
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