Balance Transer - How much have I saved?

vjp1

Hi, I've just been accepted for a 0% balance transfer credit card. Could anyone advise me how I work out how much I have saved myself by doing this? Thanks xx

:j Excited because I've never even switched gas/electricity before!!

[Deleted User]

You've saved the interest you could have paid for however many months you would have had the balance at the interest bearing rate , compared to the period you would now have it at 0%, less any fee you have paid for the balance transfer, and any associated interest on the fee.

bearcat16

I have a feeling this post is to illustrate how some people expect us to psychically know all the details of their financially circumstances and advise them without them supplying any relevant information!

Very good, if so!

(If not, and this is a genuine thread, Lord help us)

planteria

it really is impossible to explain..
it is all about the cost that you will have avoided by moving the debt to a new card with an interest free period.
but noone here knows how long your piece of string is;)

chattychappy

Nothing.... until you've transferred an interest-bearing balance to it!

Pyscho factors can kick in. If clearing the balance on your old card tempts you to spend more, you won't have saved anything - and the whole enterprise could cost you!

1) what is the balance on your existing card?
2) what is the interest rate you are paying?
3) how much are you spending on this card each month?
4) how much are you paying each month?