Credit card help please

PeacefulWaters

Tomothy123 wrote: »

Thanks everyone for the advice.
I did read the T&C's but I was just more confused, so came here for it to be explained in more laymans terms.
Direct debit is already set up to pay the minimum repayment... I was just curious if I could pay less per month, but obviously that's not an option!
Thanks again

But you can pay more. And perhaps get out of debt.

CakeCrusader

Tomothy123 wrote: »

Thanks everyone for the advice.
I did read the T&C's but I was just more confused, so came here for it to be explained in more laymans terms.
Direct debit is already set up to pay the minimum repayment... I was just curious if I could pay less per month, but obviously that's not an option!
Thanks again

NOOOOOO!!! Never pay less than the minimum payment, always pay more. Also check your statements really carefully because if they have smacked a charge on for something (say a late payment fee), you'll need to pay this in addition to the minimum balance or they will slap more fees on your account until you cotton on.

I use a standing order rather than a direct debit so I can pay more than the minimum balance. I'm using a balance transfer to clear the balance from my current card (interest rate on the transfer card is a lot lower than on my current card), not to put it on hold, but each to their own.

Superscrooge

Tomothy123 wrote: »

Direct debit is already set up to pay the minimum repayment... I was just curious if I could pay less per month, but obviously that's not an option!
Thanks again

It's called 'minimum payment' for a reason.
The clue is in the name!

PixelPound

It's also good to read T&C's for how they handle DD's. Some cards will instruct the DD irrespective of what you pay. I have had cards go into positive because they have taken a DD after I have cleared the balance. Some will always take DD on a balance and some won't if you have already made a payment above the minimum between the statement date and the due date.

You might not get a good BT option at the end, or because of your existing card debt another provider may well give a lower limit meaning you can't transfer the whole amount across. Really you should be looking to it as an opportunity to pay off some of the balance without incurring interest, rather than a debt you aim to never pay off but merely juggle from card to card.

Manal_Qardouz

Hello i hope you're good could you tell me how can i posting in this forum please and thank you so much about your help

SHill

Oh your first payment will include the balance transfer fee.
You stated in your post that you transferred £3751 but their will be a fee of (im guessing 2.99%) which will added to the £3751 so making a total balance owed a little more that £3751.
You need to make sure that you set up automatic direct debit to pay the minimum so you don't get stung for missed payments then your promotional 0% balance rate is not jeopardised.
Go back to the cc company or go your online account and see and check if set up minimum payment.
However the longer you pay off the balance then you put yourself at risk of ever increasing debt. Just pay a steady amount be consistent and watch your spending in other areas of your life. If you can pay more than brilliant. It will all help.
I've calculated if only pay off £50.00 a month to pay off £3751 debt it will take you a little over 6 years but only if you had 0% rate for all that time. I don't recall seeing a credit card do that just yet.