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balance transfer query
northern_monkey_3
Posts: 7 Forumite
in Credit cards
i have £1400 on one of my cards which I intend to bal transfer
anyone good at maths?
i have 2 options
- 0% bal trans fee but 5.9% rate
- 3% bal trans fee (£42) however better rate of 3.9%
I intend to pay off at £150 a month
i reckon 2nd might be best but am i right?
thanks in advance
ben
anyone good at maths?
i have 2 options
- 0% bal trans fee but 5.9% rate
- 3% bal trans fee (£42) however better rate of 3.9%
I intend to pay off at £150 a month
i reckon 2nd might be best but am i right?
thanks in advance
ben
0
Comments
-
to repay 1400 at 5.9% paying 150 per month will take about just over 9.6 months and cost approx 1440
to repay 1400 at 3.9% etc will take just over than 9.5 months and cost 1,425 but you also pay bt fee of 420 -
I have written a Balance Transfer Calculator designed to answer questions like this. It should help.
ClarimanAuthor of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk0
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