Credit Card Calculator?

Markus251

Hi all, I'm currently about 3.5k on a natwest credit card that is no longer interest free (started off as a 0% balance transfer for so many months).

I am now only making a few pounds more than the minimum payment each month.

I could try for another 0% balance transfer card but they never give enough of a limit to transfer the whole lot. So I'm thinking of a loan to cover it all. However, is there some sort of calculator out there which can tell me how long it would take to pay off my credit card I'd I only make the minimum payment, and how much I'd end up paying back? Just so I can see how much it differs to a personal loan etc

Any help appreciated.

A4445

There is a calculator at the bottom of this page.


https://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card

If the card is 18.9% Apr and he minimum payment is interest plus 1% your looking at a shocking 29 years to pay. Costing nearly £5k in interest.

MallyGirl

Markus251 wrote: »

I could try for another 0% balance transfer card but they never give enough of a limit to transfer the whole lot. So I'm thinking of a loan to cover it all.

I would get whatever you can at 0% and then throw every last penny at the interest incurring bit. Why pay interest on any that you don't have to?

blitzboy

If it helps, I've always found Barclaycard to be quite generous with their credit limits and also deal lengths. Even if it wasn't to quite meet the limit required, something at 0% is better than nothing.


Have you joined the MSE credit club to see what cards you would be likely to be accepted for?