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Advice needed - credit card interest
McCreary
Posts: 138 Forumite
in Credit cards
Hello,
Mrs McMcreary has put a rather large work expense on a credit card thinking that it had a 0% interest deal on it when there isn't. We are going to have to wait a couple of months to have this reimbursed. However, in the the meantime we are going to end up getting a statement which we cannot pay. What options do you think we can do to avoid the 17% interest? The credit card company we are with are offering cash transfers into a bank account for 0% but I'm not sure how this works?
Your thoughts would be appreciated.
Thanks
Mrs McMcreary has put a rather large work expense on a credit card thinking that it had a 0% interest deal on it when there isn't. We are going to have to wait a couple of months to have this reimbursed. However, in the the meantime we are going to end up getting a statement which we cannot pay. What options do you think we can do to avoid the 17% interest? The credit card company we are with are offering cash transfers into a bank account for 0% but I'm not sure how this works?
Your thoughts would be appreciated.
Thanks
'The journey home, is never too far...'
'Wasting money is an insult to people who don't have any'
Reducing my spending, one month at a time...
'Wasting money is an insult to people who don't have any'
Reducing my spending, one month at a time...
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Comments
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You need only pay the minimum until you get the money to pay it back.
Without knowing what card what interest rate and how much the transaction is for we are in the dark.0 -
would also be useful to how much the MT fee is going to be.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Just be better than you were yesterday.0 -
jonesMUFCforever wrote: »You need only pay the minimum until you get the money to pay it back.
Without knowing what card what interest rate and how much the transaction is for we are in the dark.
Hello, it's the Hilton Honours Credit Card so it has a high interest rate. I was considering a balance transfer as we won't get the money back until the end of September.
Thanks.'The journey home, is never too far...'
'Wasting money is an insult to people who don't have any'
Reducing my spending, one month at a time...0 -
17% isn't "high". In fact its lower than many standard rates these days.Hello, it's the Hilton Honours Credit Card so it has a high interest rate. I was considering a balance transfer as we won't get the money back until the end of September.
Thanks.
It equates to around 1.3% per month, so around 2% for the 6 weeks to the end of September.
So can you borrow (via overdraft for example), or balance transfer/money transfer to/from another other card for less than this?0 -
YorkshireBoy wrote: »17% isn't "high". In fact its lower than many standard rates these days.
It equates to around 1.3% per month, so around 2% for the 6 weeks to the end of September.
So can you borrow (via overdraft for example), or balance transfer/money transfer to/from another other card for less than this?
Thanks for the explanation - we will just keep it where it is and pay the interest as necessary.'The journey home, is never too far...'
'Wasting money is an insult to people who don't have any'
Reducing my spending, one month at a time...0
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