credit card payment method help needed

kandkt

decided to take the bull by the horns and pay off my creditcard £7200
ive been paying the minimum now at £140 pcm.
the bank have ok'd a loan over 5 years which will cost me an extra £2000
at approx £200 per month however on my wage i could feasibly increase my credit card payment upto £250 per month if this would cost me less can someone give me an idea of the cheaper/better option out of the two i've been looking for a card calculator which would let me input a fixed sum but havent been able to find one. i have a poor credit rating so card swapping isnt an option i really want to know how long it would take and how much it would cost if i just increased my monthly credit card payment or if anyone knows of a calculator which would allow me to input a fixed ammount.
any help would be greatly appreciated.

jonesMUFCforever

What is the APR on the card and on the loan you have been offered?

In theory your idea of paying the card off is a good one because otherwise it might have taken you 35 years or so to repay just by making minimum payments!

kandkt

hiya sorry dont know what the apr is, minimum payment is 2% or £5.00 (higher of the two) balance is £7196 current payment is about £144 //1.167% for purchases and 2.075% for cash.
meeting my account manager tomorrow so need to make a decision soon cheers.

jonesMUFCforever

You need to find out before the meeting.
Google for apr tables - should give you a pretty good idea.